Expired Hot Deals

[Manulife] Manulife Bank Advantage Account 1.5% with end of 3.35%/3.25% promotional period ***Updated July 17, 2019***

  • Last Updated:
  • Aug 16th, 2019 1:56 am
Newbie
Jul 9, 2017
29 posts
6 upvotes
so i transferred $$ from my tangerine to the advantage account (it is now showing on this account). But the status is still on hold... should i be worried and what should i do now?
Deal Addict
Jan 21, 2014
3947 posts
1699 upvotes
canada1231231 wrote:
May 29th, 2019 7:45 pm
so i transferred $$ from my tangerine to the advantage account (it is now showing on this account). But the status is still on hold... should i be worried and what should i do now?
Did you pull the money from ML side? Then it’s on hold for 5 business days. If you pushed the money into ML from tangerine then there shouldn’t be any hold
Newbie
Apr 26, 2019
45 posts
64 upvotes
canada1231231 wrote:
May 29th, 2019 7:45 pm
should i be worried and what should i do now?
Yes be very worried. Lose sleep over it. Your money may never come off hold. Oh the horror!
Newbie
Jul 9, 2017
29 posts
6 upvotes
mkl38s wrote:
May 29th, 2019 7:52 pm
Did you pull the money from ML side? Then it’s on hold for 5 business days. If you pushed the money into ML from tangerine then there shouldn’t be any hold
thanks for answering!

i pushed $ into ML from my tangerine.. weird
Last edited by canada1231231 on May 29th, 2019 8:23 pm, edited 1 time in total.
Newbie
Jul 9, 2017
29 posts
6 upvotes
BobW95191 wrote:
May 29th, 2019 8:20 pm
Yes be very worried. Lose sleep over it. Your money may never come off hold. Oh the horror!
cute
Deal Addict
May 21, 2004
1832 posts
829 upvotes
GTA
manulifebank wrote:
May 21st, 2019 9:03 am
Hi everyone! I represent Manulife Bank and just wanted to jump in to clear up a few things.

We’re thrilled with the excitement generated with our offers. We’ve noted some questions in this forum that we thought we could help with.

The 3.35% promotional offer is reserved for Manulife Group Benefits and Group Retirement Plan members. If you have an existing Group Benefits or a Group Retirement Plan with Manulife, congratulations - you’re eligible! If you’re not an existing member, we currently have a 3.25% offer available. You can apply here. Terms and conditions of the offer are available here.

Not only do you get a fantastic rate with our Advantage Account, but you also get the flexibility of a chequing account, free unlimited daily banking transactions when you keep at least a $1,000 balance and easy withdrawals at over 3,600 bank machines that are part of the Exchange Network.

We want to thank those of you who spoke positively about Manulife Bank. If you still have questions or you’d like more information about Manulife Bank, feel free to review our fact sheet.

Visit manulifebank.ca or contact us to learn more.
bylo wrote:
May 23rd, 2019 9:01 am
Thanks for chiming in and welcome to RFD.

One question that has come up repeatedly on this thread is when does interest start to accrue in the Advantage account when you do a cheque deposite or transfer funds from an external account? Is it when the money arrives at Manulife or when the funds hold is lifted several days later? I'm 99.99% sure it's the former, but it would be reassuring to others if Manulife would confirm it.

Similar question when you do a transfer into an Advantage from an external account using the Manulife website. Does interest start or accrue when you initiate the transfer or when the funds arrive from the external account?
I am quoting the above since it's been asked but I never saw an answer.

Can you please confirm interest is calculated based on the total balance and not only after the funds are cleared?

This is especially concerning to me because I've noticed a bug and these are the steps to recreate it:
1. Create a future transaction to transfer funds to your Manulife account
2. You notice something you want to change so you add another transaction with the corrected information
3. You cancel the original transaction. It is confirmed.
4. Once the future date has arrived, the corrected transaction occurs
5. The new balance is correct
6. The available balance is the total balance minus the corrected amount AND minus the canceled amount

As illustrated above, the total balance is correct but the available balance subtracts the canceled amount even though it's been canceled and never executed. This occurred on my account yesterday so I thought it would get corrected overnight, but it did not and I still see it today.
Jr. Member
User avatar
Jan 23, 2018
185 posts
223 upvotes
FWIW every HISA that I have pays interest on an incoming transfer the day it's posted to your account, not when the hold comes off.

System wouldn't work otherwise because the banks would be incentivized to delay everything for as long as possible while having free use of your money
Deal Expert
Jan 7, 2002
16204 posts
8538 upvotes
Waterloo, ON
threadhead wrote:
May 30th, 2019 1:24 pm
FWIW every HISA that I have pays interest on an incoming transfer the day it's posted to your account, not when the hold comes off. oney
I completely agree. Putting funds on hold is to protect the bank from a very rare failed transfer. The vast majority of the time the receiving bank has use of the money as of the day they put the funds on hold. So there's no legitimate reason to not accrue interest throughout the hold period.

However, (a) some posters upthread were suggesting otherwise and (b) despite emailing Manulife AND asking the rep @manulifebank, I still haven't got an answer.
veni, vidi, Visa
Deal Addict
May 21, 2004
1832 posts
829 upvotes
GTA
threadhead wrote:
May 30th, 2019 1:24 pm
FWIW every HISA that I have pays interest on an incoming transfer the day it's posted to your account, not when the hold comes off.

System wouldn't work otherwise because the banks would be incentivized to delay everything for as long as possible while having free use of your money
Yup, that's been my experience as well. However, a previous poster claimed they talked to a Manulife rep and was told specifically interest would only be paid after the hold has been removed. I'm sure these situations can be expected while speaking with front line, but, that's why we're seeking confirmation.
bylo wrote:
May 30th, 2019 1:48 pm
I completely agree. Putting funds on hold is to protect the bank from a very rare failed transfer. The vast majority of the time the receiving bank has use of the money as of the day they put the funds on hold. So there's no legitimate reason to not accrue interest throughout the hold period.

However, (a) some posters upthread were suggesting otherwise and (b) despite emailing Manulife AND asking the rep @manulifebank, I still haven't got an answer.
Rather odd they would post on here and then expect no further questions? Now that there's a few bugs reported, it truly makes me feel like we're just guinea pigs. What's worst is they appear to be ignoring the problems.
Newbie
Apr 26, 2019
45 posts
64 upvotes
Interest is earned the day the money goes in, hold or not. I've confirmed it, many have confirmed it. Every deposit that was made in late April while on hold was credited interest on April 30th. Nobody who actually deposited money during this period claimed otherwise.
Newbie
May 29, 2019
12 posts
6 upvotes
sports1 wrote:
May 29th, 2019 1:38 am
This might have been mentioned in the last 50 pages, but I was hard pulled / hard checked / hard hit (for all you guys using the search) from Manulife for this account... Equifax.
Yep I did as well... fml
Newbie
May 29, 2019
12 posts
6 upvotes
How long did it take for Manulife to verify the 'original electronic document'? I don't want to deposit money until they do. I did do the $1 cheque yesterday, cleared with my TD account this morning.
Newbie
May 16, 2019
5 posts
8 upvotes
ClarkMan wrote:
May 22nd, 2019 10:12 pm
Thanks for the details.

Once hesitattion I have opening an account with Manulife is, how do you get a bank draft from Manulife or lets say if you want to withdraw large amount of money, how do you do that. Is there a physcial branch?

I ask this becuase we might be buying a house in near future and need a bank which has a physical branch. We ran into some issues with Tangerine bank in the past and dont want to get into similar experience.
Hi ClarkMan! It’s easy to get an official cheque from Manulife Bank, which would be similar to a bank draft or certified cheque. If you have an account with us, just log into our mobile app and input the details you need. Your cheque can be mailed or couriered to you. Just keep in mind that additional fees apply.
Newbie
May 16, 2019
5 posts
8 upvotes
Troydabes wrote:
May 24th, 2019 8:00 pm
It seems you won't pay the $1.50 withdrawal fees at ABMs that aren't part of THE EXCHANGE® Network if you maintain a $1,000 balance. Does the ABMs of the BIG 5 charge any fees if you withdraw at them?

Also, does the advantage account has an overdraft? Is it pay per use, monthly fee or it's like Tangerine where you won't pay any fee as long as you pay the overdrawn by the end of the day?
Good question, Troydabes. The Advantage Account doesn’t have overdraft. It’s pay per use, but when you maintain a $1,000 balance, these everyday banking fees are waived. Just keep in mind that some convenience fees may apply. Click to see a list of rates and fees: https://bit.ly/2KiQF5n
Newbie
May 16, 2019
5 posts
8 upvotes
choclover wrote:
May 22nd, 2019 11:44 am
Thanks for highlighting this. Are we safe to assume that the $1.00 fee for withdrawals is waived if we keep a minimum of $1,000 in the account?
Yes, that’s right, choclover. Everyday banking fees such as a ABM or pre-authorized withdrawal or point of sale purchase are free. Keep in mind that some convenience fees may apply. Click to see a list of transactions with waived fees when you maintain $1,000 in your account: https://bit.ly/2KiQF5n

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