How to Pay Back Your CEBA Loan with Scotiabank

In the wake of the COVID-19 pandemic, the Canadian Emergency Business Account (CEBA) has provided a financial lifeline for many Canadian enterprises. If you've taken out a CEBA loan with Scotiabank and are now curious about the payback procedure, this comprehensive guide will provide all the necessary steps to navigate the process using online banking, the mobile app, or by directly calling customer service, ensuring a smooth and hassle-free repayment.

Repaying Your CEBA Loan via Online Banking

Online banking offers a straightforward and swift avenue to repay your CEBA loan at Scotiabank. Here's a step-by-step guide on how to go about it.

• Log into your Scotiabank online banking account.
• From the account dashboard, select the "Transfers" menu to proceed.
• Select the account from which you want to make the payment.
• Choose your 'CEBA loan account' as the recipient account.
• Input the amount you wish to pay and confirm the transfer.
• Upon successful completion, a confirmation message will be displayed on your screen.

Remember to keep track of your transaction reference number provided after every transfer. It will be essential if you need to contact the customer service regarding any issues or queries.

Repaying Your CEBA Loan Using the Scotiabank Mobile App

If you prefer banking on-the-go, Scotiabank’s mobile app is a must-have tool. Here’s how you can easily pay back your CEBA loan using the mobile app.

• Open the Scotiabank mobile app and log in using your banking credentials.
• Tap on the "Transfers" option found on the home screen.
• Select the account from which you want to make the payment.
• Next, choose your 'CEBA loan account' as the recipient.
• Enter the amount you wish to repay and validate the transfer by clicking 'Confirm'.
• A confirmation notification will indicate the successful completion of the transaction.

Ensure that your mobile app is up-to-date to experience hassle-free transactions and avoid running into any technical errors.

Paying Back Your CEBA Loan by Calling Scotiabank Customer Service

For customers braving technical difficulties or those who simply prefer human interaction while banking, calling Scotiabank’s Customer Service is an alternative option to settle your CEBA loan.

• Dial the Scotiabank customer service number which is 1-800-4-SCOTIA (1-800-472-6842).
• After the prompt, select the 'banking' option.
• Wait for a customer service representative to assist you.
• Once connected, provide your account details and express your intention to pay back your CEBA loan.
• Follow the provided instructions to finalize the repayment process.

Regardless of the method you choose to settle your CEBA loan, it's best to ensure that you stay on top of your repayment schedule. Delays or noncompliance may result in loan defaults, affecting your credit history and incurring additional charges. Thus, proper planning coupled with using the most comfortable repayment method for you will surely navigate you through this process more efficiently.