COVID-19 FAQs

Get answers to our most frequently asked questions.

If you need us, we’re here.

As every situation is different, we are committed to trying to work with all our customers on a case-by-case basis to help understand, and hopefully alleviate, financial hardships you may be experiencing as a result of COVID-19. Our support measures are flexible, including payment deferrals for mortgages and relief on credit products for those who qualify. Please contact us (or your Advisor or Relationship Manager) and we will work together to find a solution that will hopefully meet your unique needs.

We will continue to update this page with the latest information on our financial relief measures and answers to commonly asked questions.

I have questions about financial relief measures.

If you, or any member of your family, has become unemployed or experiences a material reduction in income due to COVID-19, you may be eligible to qualify for relief measures. On a case-by-case basis, we’ll be working with our customers to make sure that they find solutions that will help address financial hardships caused by COVID-19.

Scotiabank is here to help our customers navigate this uncertain time. For individual Canadians who are facing hardships as a result of COVID-19, we have a financial relief program in place that includes assistance with mortgages, personal loans, lines of credit and credit cards. If you’ve been affected, we want to hear about your situation and work together to find a solution.

Whether you reach us today, tomorrow, or later this week, we are here for you. You can reach out to your financial advisor or call our Contact Centre. Please understand that we are dealing with a higher-than-usual volume of calls right now. To enable us to dedicate resources where they are needed most, we ask our customers to give priority to those with urgent concerns. 

NOTE: If you are a Business Banking customer and need assistance, please connect with your Relationship Manager.

Mortgages:

Mortgage payment deferrals are available for customers experiencing hardship. A mortgage payment deferral means that you will not be required to make regular payments on your mortgage (principal, interest and property taxes, if applicable) for up to 6 months. During the time you defer your mortgage payments, interest will continue to accrue and will be added to the outstanding balance of the mortgage at the end of the deferral period. The amount is incorporated into the monthly payment when mortgage payments resume at the end of the deferral period. This means your payments will be slightly higher after the deferral period ends. You will pay more interest over the life of your mortgage, but a deferral will also help you with your short-term cash flow. If you have creditor insurance for your mortgage, you will continue to be charged for your Scotia Mortgage Protection insurance premiums in order to maintain your coverage.

If your mortgage payment includes an amount for property taxes, property taxes will continue to be paid during the deferral period if they become due.  If this results in a debit balance in your tax account, you will be charged interest at your mortgage interest rate on the debit balance.  Following the deferral period, the property tax component of your mortgage payment will be adjusted to include any shortfalls as part of our annual property tax administration process.  If you are paying property taxes directly to your municipality, you must continue to pay them as they become due during the deferral period.

To view the terms and conditions for mortgage deferrals, please click here.

Is a mortgage payment deferral the same as mortgage forgiveness?

No, they are different. A mortgage payment deferral means that payments are skipped for up to 6 months, during which interest is accrued to the outstanding balance of the mortgage. The amount is incorporated into the monthly payment when mortgage payments resume at the end of the deferral period. Mortgage forgiveness by comparison means that a lender cancels or forgives part of the debt. Scotiabank is extending mortgage payment deferrals, not mortgage forgiveness.

Am I eligible for a mortgage payment deferral?

Customers with an insured or uninsured mortgage who are affected by the impact of COVID-19, can seek relief from Scotiabank. Customers will answer a few questions without having to provide supporting documentation to prove hardship. Both your principal residence and up to 3 non-principal residence(s) may be eligible for mortgage payment deferrals.

No credit application is required, but please make sure all co-borrowers are present when you contact us.

Insured mortgages that are overdue for 90 days or more, as of March 1, 2020 are not eligible.


Is there a time limit to requesting a mortgage payment deferral?

A mortgage payment deferral is available at any time for customers experiencing financial hardship on a case-by-case basis.

To discuss a mortgage payment deferral, you can speak to a branch advisor or call our Contact Centre. There is no need to rush. Unless, you have a payment due in the next 7 days, we ask that you wait to reach out so we can help individuals with more urgent needs. We are currently experiencing unprecedented call volumes which are creating long wait times.

Personal Loans or Auto Loans:

On unsecured and secured term loans, you can defer up to 3 months of payments. If you choose to defer your payments, interest will continue to accrue, and 3 months of payments will be added at the end of your payment schedule. If you have an insured Scotia Plan Loan, your Scotia Plan Loan Protection Insurance premium is included with your loan payment and so is also deferred during the deferral period and your insurance coverage is not impacted during the deferral period. If you have an insured auto loan, your creditor insurance premiums will continue to be collected from your bank account in order to maintain your insurance coverage.

Lines of Credit:

On unsecured and secured lines of credit, you can defer up to 3 months of minimum payments. If you choose to defer your payments, interest will continue to accrue and will be payable once the deferral period is over. Please note that if you have creditor insurance on your Line of Credit, premiums will continue to be charged to prevent interruption of coverage.

Credit Cards:

On secured and unsecured credit cards, you can defer your minimum payment for up to 3 months. If you choose to defer your payments, interest will continue to accrue on your outstanding balance and will be payable once the deferral period is over. Please note that if you have creditor insurance on your Credit Card, premiums will continue to be charged to prevent interruption of coverage.

Mortgage payment deferrals are available for customers experiencing hardship. Please click here

To request an auto loan payment deferral, please fill out this form to start the process. Request assistance.

For all other financial relief measures, you should contact your financial advisor or call 1-800-4-SCOTIA. As a reminder, wait times are longer-than-normal currently due to a high volume of calls.

Even though your credit score is not impacted if you accept one of these measures, you may want to speak to a financial advisor to ensure you understand the financial implications.  In some cases, there may be other options available to you, like restructuring your debt. For more details, please see the FAQ “What financial relief measures are in place to help me?”.

If you require money that you’ve invested in a TFSA, RRSP or GIC, we can work with you to get access to the funds that you need.

  • For TFSAs:
    The amount you withdraw will be added to your contribution room for 2021. There could be an impact to investment products within your TFSA depending on where the money is withdrawn from.
  • For RRSPs:
    Money you withdraw from your RSP will be added as income for the year and may be subject to withholding tax. You may need to talk to your accountant to understand the tax impact.

  • For GICs:
    We can work with you to understand early redemption options that might be available.

I have questions about financial implications to my business because of COVID-19.

Please visit our Business Banking FAQ’s to read the latest information related to all relief measures for business customers.

I have questions about how and where I should bank right now.

As the situation evolves rapidly, we will be adjusting our hours and in some cases there may be a need for us to close some of our branches. If a branch is required to be temporarily closed, we will post a sign on the door informing our customers and we will be looking to update the branch locator as often as we can.

 

You can complete many of your everyday banking needs from home, 24 hours a day, through online banking and our mobile banking app:

  • View account balances and transactions
  • Pay bills
  • Transfer money between your accounts
  • Send and receive Interac e-Transfers
  • Send a Scotia International Money Transfer
  • Deposit cheques (mobile banking app)

To get started:

For step-by-step instructions on how to bank on our mobile app, visit Scotiabank Digital Banking. You can learn how to log in for the first time, view your account informationpay a bill, convert to eStatements, and transfer money through an email transfer and internationally.

At this time all merchants are accepting credit and debit and our ABMs will continue to operate as normal. We are continuing to monitor the situation as needed to ensure that you are able to withdraw cash if you need it.

I have questions about Trip Cancellation and/or Trip Interruption Insurance included with my Scotiabank Credit Card.

Eligible expenses include, but are not limited to, the non-refundable portion of:

  • Airline tickets or similar transportation
  • Hotel bookings or similar accommodations
  • Package tour (excluding insurance premiums)

For a complete list of “Eligible Expenses”, please refer to the “Definitions” section of your Certificate of Insurance.

Below is a list of Scotiabank Credit Cards that include Trip Cancellation Insurance and/or Trip Interruption Insurance benefits, as well as links to the current Certificates of Insurance with full details of these coverages:

Trip Cancellation & Trip Interruption:

Scotiabank Passport Visa Infinite Card English

Scotiabank American Express Gold Card English

Scotiabank American Express Platinum Card English

Scotiabank Momentum Visa Infinite Card English

Trip Interruption Only:

Scotiabank GM Visa Infinite Card English

Scotiabank American Express Card English

As of March 13th, 2020, the Government of Canada has advised Canadians to avoid all non-essential travel outside of Canada in order to limit the spread of COVID-19.

Trip Cancellation/Interruption Insurance

As a result of the travel advisory, customers who have booked a trip prior to March 13th, 2020, may be eligible to submit a Trip Cancellation/Interruption claim for travel booked on eligible Scotiabank Credit Cards, subject to the conditions below.

Prior to making a claim, please first inquire with your travel provider regarding credits and/or refunds available. Coverage is only available for non-refundable expenses.

For Trip Cancellation/Interruption claims as a result of COVID-19 reasons, the following circumstances must be met:

  • The Government of Canada has declared an official travel advisory risk level of 3 (avoid non-essential travel) or risk level 4 (avoid all travel) for the travel destination
  • The trip was booked prior to the travel advisory being announced
  • Your eligible Scotiabank Credit Card was used to pay for at least 75% of the eligible cost of the trip and/or paid with Scotia Rewards Points
  • All of the other terms, conditions, limitations, and exclusions contained in the Certificate of Insurance are met

Any trip booked on or after March 13th, 2020, will not be eligible for Trip Cancellation/Interruption insurance while the travel advisory is in effect.

Travel Emergency Medical Insurance

As a result of the travel advisory, insured persons who started a trip prior to March 13th, 2020, may be eligible to submit a Travel Emergency Medical claim due to COVID-19 related illness, subject to the terms, conditions, limitations, and exclusions found in the Certificate of Insurance.

COVID-19 related Travel Emergency Medical claims will not be eligible for insured persons who proceed with travelling outside of Canada on or after March 13th, 2020, while the travel advisory is in effect.

Given the current situation, travel suppliers may be waiving cancellation/change fees. Be sure to contact your travel provider first to see if they will allow you to cancel your original booking and/or apply a credit towards future travel. Coverage is only available for non-refundable expenses.

If you do have a non-refundable expense claim, the insurer is focusing on helping customers with urgent and immediate travel issues as a priority. We ask that only customers who had planned on travelling in the next 3 weeks contact the insurer for assistance at this time. Those not travelling in the next 3 weeks, we ask that you please wait until after April 15th to contact the insurer for assistance.

Claims can be filed online by visiting www.scotia.assurant.com/en, or by calling Scotia Assist at:
 

Scotiabank American Express Credit Cards: 

1-877-391-7507 Canada and the United States

416-572-3636 Collect from other countries
 

Scotiabank Passport Visa Infinite Credit Cards: 

1-877-711-8286 Canada and the United States

613-634-6980 Collect from other countries
 

Scotiabank Momentum Visa Infinite & Scotiabank GM Visa Infinite Cards: 

1-800-263-0997 Canada and the United States

416-977-1552 Collect from other countries
 

When calling Scotia Assist for Trip Cancellation and/or Trip Interruption-related inquiries, please do not select the option for Travel Emergency Medical Assistance. This is for medical emergencies only.

I have questions about standalone Travel Insurance that I purchased from Scotiabank.

If you have a general question or inquiry about your travel insurance policy, you can contact the Scotia Insurance call centre at 1-855-753-4272, which is open from Monday to Friday, between 8 am to 8 pm (ET).

Scotia Travel Insurance is underwritten by Manulife (or The Manufacturer’s Life Insurance Company). If you need to make a claim or have a question about a claim you’ve submitted, we encourage you to:

  1. Refer to and review your travel insurance policy/certificate.
  2. Contact the claims centre 1-877-372-2989, Monday to Friday from 8 am to 8 pm (ET).
  3. To submit a claim for Scotia Travel Insurance, you can also visit scotialifefinancial.com/travel to download a claim form.

I have questions about my travel I booked using my Scotia Rewards points or through the Scotia Travel Rewards site.

For airline reservation changes or cancellations, please ensure you have checked the airline website as they are updating their change and cancellation policies on a regular basis. 

If you have confirmed that you are eligible for an airline waiver and wish to CANCEL, you can email ScotiaRewardsService.ca@hrgworldwide.com.

Please include only your Name (Cardholder Name), Traveler Name(s) and your Order ID in the email. The Scotia Rewards Travel Service will cancel your booking and provide a confirmation back to the email address you provided upon completion.

Note: Only Cancellation requests will be responded to. If you wish to change your booking or have any other inquiries, you must contact the Scotia Rewards Travel Service at 1-800-665-2582 (follow prompts for Travel).

For airline reservation changes or cancellations, please first ensure you have checked the airline website prior to calling to check what range of travel dates are eligible for changes or cancellations.  Please contact the Scotia Rewards Travel Service at 1-800-665-2582 to assist with your request.  If you are not within the airline policy, please continue to check daily as airlines are updating their waiver policies on a regular basis. 

At this time, the Scotia Rewards Travel Service fees normally incurred for booking, cancellation and modification are being waived for reservations impacted by the COVID-19 situation. Please note this does not include fees that may be incurred by the Travel Supplier. Please contact the Scotia Rewards Travel Service at 1-800-665-2582 to change or cancel your booking. 

If you have recently cancelled or modified your travel reservation made through Scotia Rewards Travel Service and were charged a fee, then you will be automatically refunded from March 9, 2020 onwards. There is no need to call the Scotia Rewards Travel Service.