Hey everyone,
I just finished paying off my 20-year mortgage today. Super stoked about it! But here’s the weird part. Right after the last payment went through, I quickly paid the remaining balance shown on my account.
Now my account is showing a $1 balance. What’s up with that? Is this just some kind of placeholder until they officially close the account?
I’m a bit worried about dealing with property tax stuff now. And of course, the bank isn’t getting back to me. Typical, right?
Anyone else deal with this when paying off their mortgage with Scotiabank? What should I expect next?
Thanks for any insights!
Wow, congrats on crushing that mortgage! Curious about the $1 thing too. Have you checked if there’s any fine print about account closure? Wonder if it affects your credit score at all? Maybe other Scotiabank folks here have tips on speeding up the process?
hey, congrats on paying of your mortgage! that $1 is common bc banks keep it to avoid closure instantly. property taxes may need separate set up. i’d wait a couple days, then check in with your bank if it still bugs ya.
Congratulations on paying off your mortgage. That’s a significant achievement.
Regarding the $1 balance, this is a common practice among financial institutions to keep your account active for administrative reasons. The bank will likely close the account officially within a few weeks.
For managing property taxes, you may need to set up direct payment arrangements with your local municipality. If the balance persists, consider waiting a week or two before following up with Scotiabank to receive final documentation and guidance.