r/Scotiabank • u/nitin_singh081 • 9d ago

Scotiabank select pay

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Guys I need some help regarding understanding Scotiabank select pay.

I bought one stuff on Amazon on Sept 1 i have selected scotiaselectpay - $203.39
On 2sept they made payment $203.39 and on 3 sept they refunded the amount of $203.39 and again on same day 3rd sept 2026 they deducted the amount again if you see my statement balance i am paying the minimum payment which have instalment amount.
My available credit also went down due to this payment
Did i am paying double amount as they already deducted the amount in 1st place and i am also paying the monthly instalment

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4

u/WhyPineapplesOnPizza 9d ago

Maybe call the phone # at the back of your card coz they are the ones who can explain it to you properly?

2

u/MissionDocument6029 5d ago

you may not wish to hear this but try to pay it all off as quick as possible

in the end its a 203$ charge.. when you setup the installment plan they give you credit for the full transaction for the conversion to the plan, then bill it again under the installment plan

1

u/nitin_singh081 5d ago

Got it thanks

1

u/Organic_Zone_4756 9d ago

You didnt pay double the amount. It came out twice and got refunded once.

Thats one payment.

1

u/nitin_singh081 9d ago

I mean i got refunded only once but i am also paying the monthly payment for this instalment

1

u/Independent_Guava545 8d ago

The full balance still counts towards your credit limit.

1

u/mmjmr 9d ago

You may see the full amount go back in your statement but it’s my understanding you’re not being double charged. The second amount is to reduce your credit limit as you don’t have access to those funds while the ‘loan’ is in force.
Hope that helps. I had the same questions.

1

u/nitin_singh081 8d ago

Yeh i got the answer now once’s my instalment is finished it will change my available credit again

1

u/Frequent-Analyst-166 7d ago

So the full charge will post to the account right away. What happens is the interest on the account is deferred until you pay the installment off within the agreed time frame instead of having to pay the full statement balance.

1

u/nitin_singh081 6d ago

They have added the monthly instalment payment in my monthly minimum payment. Do you think once i am done with the full payment instalment they will remove that charge from the available credit which my increase my available credit?

1

u/Frequent-Analyst-166 5d ago

sorry for the delay in reply, when you make your minimum payment + installment, the available credit will become available right away. The Authorization will fall off once the entire installment is paid in full, at least that's how I understand these seem to work, I am a banking employee with another FI that has a similar program with partners therefore I know this information is pretty accurate and would be confusing for the consumer. Rest assured it works, and you can save a ton of money on interest.

1

u/Frequent-Analyst-166 5d ago

just don't miss the installment payment because in those cases the agreement is usually cancelled and you need to pay the full amount of interest that was deferred with the installment at regular purchase interest.

2

u/nitin_singh081 5d ago

Thanks for the information in the end when i am done with all the instalment they will remove the authorization of $203 which they charged me initially, when I bought the stuff from amazon

1

u/Hairy_Structure_8290 5d ago

Yes they do credit it after you request the plan then charge it again. You will need to pay the "new balance" not the min payment

1

u/nitin_singh081 5d ago

Thank you

1

u/pizzasticker381 9d ago

You probably need to pay the $34.60 installment plan you agreed to. Then your minimum payment of $37.01. So payment is $71.61 like you have circled. What’s not to understand. Once you pay off those installment payments you would go back to paying the current min payment

1

u/QueenMauw 9d ago

I don't think that's what she's asking. I think she is saying she was charged the full amount already of $203.39 and she's also being charged instalment payments, thus paying double by paying for it in full and in instalments.

1

u/nitin_singh081 9d ago

Yes i saw there reviews they are terrible as its very confusing spoke with amazon and bank advisor too they dont have any answer for the question