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A New Sales Record Has Been Achieved By The Jackie Goodlet Team Who Work Out Of The Whitby Office And Specializes In High End Resale And New Home Sales. According To Broker Dave Pearce The Jackie Goodlet Team Wrote More Transactions Than Anyone Else In The 30 Year History Of Our Firm. Their 255 Transactions Had A Total Volume Of More Than $185,000,000 (185 Million). With Over 25 Years Experience In The Business The Jackie Goodlet Team Has Acquired A Wealth Of Knowledge In All Areas Of Real Estate Including Resale, New Builds, Cottages, Lease, Condos, Vacant Land, Investment And Commercial Properties. With Exceptional Negotiating Skills We Are Confident We Can Save You Time And Money On All Your Real Estate Endeavours. We Look Forward To Hearing From You And Your Referrals Are Always Welcome And Rewarded!

Thursday, January 7, 2016

Big bank makes unique offer to try to entice clients to switch

Scotiabank is currently offering potential clients the chance to switch their mortgage over – and earn 24 free movie passes for their trouble.

Not the most enticing offer – it will save avid movie goers $355, based on ticket prices at downtown Toronto’s most central Cineplex.

However, the bank claims the switching process is easy and that it would even cover transfer and discharge fees.

A fee-free chance to for a client to switch their mortgage and earn free movie passes?

Not quite.

“Discharge and transfer fees – which are usually a couple hundred dollars -- are separate form penalties,” Anson Martin, a broker with Verico Fair Mortgage Solutions, told MortgageBrokerNews.ca. “Prepayment penalties can be in the thousands.”

Scotiabank does mention prepayment penalties on its website for the promotion. In the fine print, at least.

“Prepayment charges with your existing lender may be applicable if the mortgage has not reached the maturity date,” the bank writes.

This promotion is the latest in a long tradition of big bank ploys to entice other lenders’ clients.

Last September, CIBC ran an advertising campaign that promised clients could switch their mortgages over for free. And earn some cash.

The campaign – which was being pushed online and in print advertisement, including A-frame boards outside branches – told potential clients that, for a limited time, they could switch their mortgage to CIBC for free, and get up to 5% cash back.

A disclaimer did state that the “free” switch doesn’t include existing lender fees.

MBN

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