Personal Finance

First month's worth of financial data in for Motus Bank

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  • Jun 26th, 2019 9:20 pm
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Mar 23, 2008
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dmehus wrote: Very interesting! Thank you for sharing! :)

If I have any questions what something means, though you might not necessarily know that only that which destination it's categorized, I'll be sure and tag you in a post or PM you. ;)

Assume the reports you built for CWB also handled those of their CWB and Valiant Trust subsidiaries, too?

Cheers,
Doug
Yes, we did the reporting for all of the bank and their subsidiaries.

C
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Poutinesauce wrote: Well they would need to advertise it. Other than from RFD and to a lesser extent GCR, how could someone have heard about them?
They have plenty of advertisements plastered on the side of Winnipeg Transit buses here in Winnipeg.

They use this picture (and mention Motusbank a new way to bank) and a link to their website
motusbank.JPG
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Dec 16, 2017
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Motusbank is held back by Meridian, which sucks really.
They're way too conservative regarding fund availability (common issue for an Ontarian institution)

I'm closing Motus most likely now I prefer Manulife
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dekvitaly wrote: Motusbank is held back by Meridian, which sucks really.
They're way too conservative regarding fund availability (common issue for an Ontarian institution)

I'm closing Motus most likely now I prefer Manulife
My thoughts exactly
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dekvitaly wrote: I'm closing Motus most likely now I prefer Manulife
I just went straight to Manulife....do not pass Go, do not collect $200.

Motus had absolutely no attraction for me. If you're going to stand out from the crowd, you need some shiny baubles to lure in the masses.
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Sauerkraut wrote: I just went straight to Manulife....do not pass Go, do not collect $200.

Motus had absolutely no attraction for me. If you're going to stand out from the crowd, you need some shiny baubles to lure in the masses.
We who "de-bundle and save" don't need Motusbank, but...
  1. better interest rates on chequing and saving than Simplii and Tang
  2. one free chequebook per year is sustainable (first chequebook free is annoying)
  3. best CDIC covered TFSA (but we have Manitoba so many of us don't care about CDIC)
  4. uLOC offer isn't bad. Mortgage offer is decent
  5. the $100 /18 months GIC with GCR $$ is nice, not sure whether it's still ongoing

Motusbank is an overall decent one-stop-shop, but ya pointless for those of us who de-bundle.
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Sep 30, 2013
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I don't understand the attraction to Manulife. Minimum balance for a online account. Limited call hours. Promo hisa rates. Not trying to be a jerk, just interested in what the attraction is. I previously had a employer rsp with Manulife and they weren't blowing me away
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Shawguy wrote: They have plenty of advertisements plastered on the side of Winnipeg Transit buses here in Winnipeg.

They use this picture (and mention Motusbank a new way to bank) and a link to their website
motusbank.JPG
Not sure that's the most effective way to advertise. It's anecdotal, but that doesn't generally bring in hoards of people. You might get dozen new members in a year from viewing transit/outdoor advertising.

Cheers,
Doug
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Mar 25, 2012
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Does Manulife Bank have access to funds limits?

Motus Bank, and by extension, Meridian Credit Union, needs to do the following to lure me in:
- offer access to funds limits;
- improve their EFT and cheque clearing times (with 3 clearing windows per day and most FIs offering same-day funds transfers on both sides or, at most, next business day, 3-4 business days is waaayyy too long);
- clarify the verbiage in their product T&C by saying, unequivocally, that pre-authorized debits are free on Motus Savings (even if reports are such that they are effectively free);
- correct the spelling and grammatical mistakes on their website;
- improve their "About Us" page with a page for regulatory capital disclosures and annual reports/audited financial statements; and,
- separate their branding name from 'motusbank' (which sounds uber stupid) to 'motus bank'. I get they want to be trendy from their legal name of Motus Bank, but 'motusbank' just sounds, erm, re-tarded!

Their deposit rates, I suspect, are due for a 0.50-0.75% across the board cut if their lending book doesn't pick up. Why pay all that extra interest expense for deposits you don't need?

Cheers,
Doug
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@dmehus just build up solid history with established subbies (Simplii, Tang, Motive and the likes) and maintain solid deposit limits there. Then you can harvest places that don't offer deposit limits on cheques / PAD pulls and chose rates. De-bundle and save.

For deposit limits, if I had to choose between Manulife and a big bank, it'd be a touch call. As much as I would be willing to deal with less competitive fee tables in order to avoid going to branches, I think I'd flock even to an OOP credit union before I'd consider Manulife.
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titaniumtux wrote: @dmehus just build up solid history with established subbies (Simplii, Tang, Motive and the likes) and maintain solid deposit limits there. Then you can harvest places that don't offer deposit limits on cheques / PAD pulls and chose rates. De-bundle and save.

For deposit limits, if I had to choose between Manulife and a big bank, it'd be a touch call. As much as I would be willing to deal with less competitive fee tables in order to avoid going to branches, I think I'd flock even to an OOP credit union before I'd consider Manulife.
@titaniumtux Yes, I understand that, but I do like to minimize the number of FIs I deal with at any one time. If I'm just parking money in a HISA for a few months or a year or booking a GIC, I don't mind the hold as long as they'll transfer it into the GIC (most will). But, fundamentally, I think if EQ Bank and Motus Bank are marketing themselves as day-to-day banking killers, then they, too, should offer deposit hold limits. And, I'm not opposed to closing my EQ Bank account next year if they don't implement my forthcoming list of requests I'm going to characterize as bugs. If they tell me I can never re-open an account, I'll them they're in violation, if not the letter, the spirit of Canada's Privacy Act and possibly in contravention of Access to Basic Regulations, which requires banks to provide banking to Canadian residents regardless if they've dealt with that institution before or not. While their interface is nice, it seems in their rush to market, they've been sloppy in terms of the way they present their e-Statements with the newest balance at the top and in a complete lack of detail other than "transfer out" or "transfer in"!

But in its current form, Manulife Bank is unlikely to attract me. If they offered additional fee waiver options and let me open GICs online with either the Bank or Trust subsidiary and had decent GIC rates (as good as Tangerine/EQ Bank), I'd consider them over EQ Bank. However, I'm much more attracted to Alterna Bank, Innovation Credit Union, North Peace Savings Credit Union, Motive Financial, or even, potentially, First West Credit Union (at least they have bank-to-bank transfers and free e-Transfers, which Coast is stalling on!). Plus, I could re-open a safe deposit box again (since Coast has a small vault and doesn't have them).

Cheers,
Doug
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unusual wrote: I don't understand the attraction to Manulife. Minimum balance for a online account. Limited call hours. Promo hisa rates.
That's a good Bingo.

The only reason I opened an account was for the promo rate. And I'll open one for my spouse just prior to July 15, so we get approx. 8.5 months at this rate. I've been riding the promo wave from RBC ==> Simplii ==> Tang ===> Manulife. I'm sure when 2020 rolls around, there will be another new FI offer to jump onto.
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Sauerkraut wrote: That's a good Bingo.

The only reason I opened an account was for the promo rate. And I'll open one for my spouse just prior to July 15, so we get approx. 8.5 months at this rate. I've been riding the promo wave from RBC ==> Simplii ==> Tang ===> Manulife. I'm sure when 2020 rolls around, there will be another new FI offer to jump onto.
@Sauerkraut Only downside is that they've since retroactively edited the T&C to limit the promo interest paid on balances to $100,000, not $500,00 like the first month and a half or so. So, for half of June onward, you're only earning 3.25% or 3.35% on balances to $100,000. But it's a good promo. I'd take it, if I didn't have ~$75,000 tied up in a 4.00% CDIC insured Coast Capital Savings GIC until December 2020. ;)

Cheers,
Doug
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dmehus wrote: @Sauerkraut Only downside is that they've since retroactively edited the T&C to limit the promo interest paid on balances to $100,000, not $500,00 like the first month and a half or so. So, for half of June onward, you're only earning 3.25% or 3.35% on balances to $100,000. But it's a good promo. I'd take it, if I didn't have ~$75,000 tied up in a 4.00% CDIC insured Coast Capital Savings GIC until December 2020. ;)

Cheers,
Doug
Yea I saw that, it sucks but not much I can do about it now. I wish more FIs were like Oaken, where they provide advanced notice when rates, etc are changing. It gives you some time to alter your plans, if needed.
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Sauerkraut wrote: Yea I saw that, it sucks but not much I can do about it now. I wish more FIs were like Oaken, where they provide advanced notice when rates, etc are changing. It gives you some time to alter your plans, if needed.
Agreed. I'm kind of regretting opening an EQ Bank account since Oaken has also since updated their bank account linking process. They're like Hubert that way - very customer-focused.

Cheers,
Doug

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