May 25th, 2008
Scotiabank’s ScotiaOnline online banking application has a major flaw. If you schedule a bill to be paid in the future (it’ll be listed under “Pending Transactions”) and then after 6pm on the day that transaction is to occur delete that pending transaction it’ll still be processed as if you hadn’t deleted the pending transaction at all. This makes it clear that they’re not using the database that you see and the database they are using to actually process transactions can fall out of sync (many hours out of sync in fact).
I found this out on Friday when I deleted a pending transaction… a Visa bill payment for a few thousand dollars that was to come from my line of credit. Instead, since I had the cash, I deleted the pending transaction and paid it from my chequing account. The next day I found that the deleted pending transaction went through anyway… so Visa (well, TD Bank) got another few thousand dollars from me (I payed off my entire balance twice). Thanks Scotiabank… I didn’t have a use for a few grand anyway. Yet another reason why I probably shouldn’t bank at Scotiabank.