On October 20, 2019, Scotiabank identified a technical error where legitimate charges on certain customers' credit card statements were mislabeled as "BNS Scotia Life Insurance." The mistaken charges all took place between October 18 and 20. Many customers were angry and took to social media to express their unhappiness. Scotiabank was responsive to customer complaints they received over social media.
While Scotiabank's mistakes are unsettling, they can serve as a learning opportunity. Always make sure to check your credit card statements against receipts of your purchases. While banks usually record transactions correctly, the Scotiabank incident shows that no bank is perfect.
In addition to bank errors, you may find improper charges on your credit card statement if someone has gotten hold of your credit card information. In these cases, criminals may be able to use your credit card to make unauthorized purchases. If you never review your credit card statements and merely pay each of your bills without checking, you may be unknowingly paying for credit card fraud. Plus, any unpaid amounts can lead to you having to pay more interest. They can also negatively affect your credit score. You can never be too careful!
Once you've identified an improper charge, contact your credit card issuer and explain that you've found a potentially fraudulent transaction. Generally, they will respond to your request and remove the charge from your credit card statement. Before you contact your card issuer to dispute a charge, make sure nobody else who is an authorized cardholder made the transaction. For example, it might be a good idea to check that your partner wasn't the one who purchased the new computer.
In addition to carefully checking your credit card statement for unauthorized charges, be sure to choose a credit card that has interest rates, features, and benefits, including customer service teams, that fit your needs. Compare credit cards today to find out which card is best for you.