Common Concerns

Protect your ScotiaCard and PIN

For any number of reasons, your debit card may fall into the hands of someone else but, without your PIN, your card is useless to them. Your PIN is your electronic signature that is the key to your accounts. Therefore, it is essential that you select a PIN that is not an easily recognizable numerical sequence (such as 1234) or an identifiable number based on your personal information (such as your birth date, address or telephone number). Further, do not write your PIN on a piece of paper that you keep in your wallet and never divulge your PIN to anyone. Protecting your PIN is the key to avoiding the fraudulent use of your ScotiaCard. For further information, please pick up our brochure Keep your money safe, Protect your PIN.

Review your statements

The account agreement you sign when you open an account informs you that, if you receive paper statements, you must notify the Bank of any errors or omissions within 30 days of the statement date and, if you have a passbook or the paperless record keeping option, you must notify the Bank of any errors or omissions within 60 days of the disputed entry. Failure to notify the Bank of any problems within these applicable time periods indicates that you agree with the contents of the statement and relinquish any right to claim reimbursement even if you later find forged, unauthorized or fraudulent entries. It is, therefore, important that you review your statements carefully when you receive them and notify the Bank immediately if you find a problem.

Prevent fraud

Remember the old adage: "If it seems too good to be true, it probably is." Criminals are getting increasingly sophisticated and the Internet has become one of their favourite instruments these days. Be cautious when buying or selling merchandise on the Internet. Be especially cautious if someone offers you a job as their agent through the Internet or if a foreign student tries to rent a room from you through the Internet. A criminal will usually send a cheque or wire transfer to you for more than the agreed upon amount and ask you to wire back a portion of those funds to them. Alarm bells should sound if anyone sends you a cheque for more than agreed upon amount and asks you to return a portion of the funds to them. If you have any doubts, discuss the situation with your banker.

Investment Responsibilities

The value of your investments can fluctuate based on a number of factors such as market and economic conditions or interest rates. For this reason, it is essential that you and your advisor work together to ensure that the investments you choose are suitable for you.

Your investment advisor is responsible for acting ethically and professionally in their dealings with you. They must also make certain that the advice they provide fits your financial situation, your investment goals and your tolerance for risk. To do so, they apply the Know Your Client (KYC) rule and obtain information from you about your financial situation, investment objectives and level of investment knowledge.

You are responsible for understanding the products and services you buy. Carefully read all correspondence you receive from your securities firm, including your account statements. You also need to ensure that your advisor is informed about your current financial situation and should be told about significant changes concerning your health, work or family.