• Last Updated:
  • May 24th, 2020 11:08 pm
[OP]
Deal Addict
User avatar
Dec 3, 2017
1946 posts
1562 upvotes
Waterloo, ON

Motusbank Thread

Meridian has finally given details around their new bank. It's going to be called motusbank and It will offer services similar to the credit union side. Also they're calling their customers members (even though they won't actually hold shares in the credit union)

More details can be found here. They expect to launch the bank fully by sometime this spring.
I like credit unions and Honda Civics.
Member with DUCA Credit Union.
Thread Summary
Links:
* Motus Bank Home Page
* Meridian CU thread here.

Transferring funds to your account:
* Interac eTransfer - Probably the quickest/easiest, as funds are usually transferred and available within minutes. Setting up auto-deposit from the app is possible (Menu -> Interac e-Transfer -> Manage -> Sender Profile -> Autodeposit).
* Internally - Account-to-Account - If you have multiple accounts, you can transfer funds between them freely, and funds are transferred and available immediately.
* Money Mover Transfers from Linked Account - You can link to an account at a different financial institution, and "pull" funds. While motusbank claims 3 business days, in practice I've experienced around 5 business days for the transfer to go through (and balance to be updated), and then around 2-3 business days for the funds to clear (i.e. become available), so very slow.
* EFT Direct Deposit (for chequing accounts) - Branch/Transit #20002, Institution #374. Log into https://banking.motusbank.ca and select your checking account to see the Motusbank Account #.
* Cheque Deposit (via App) - Take a photo of front/back of cheqeue using App.
* ATM - Use any ATM in The Exchange network, including: Alterna Bank, Canadian Western Bank, Manulife Bank, National Bank of Canada, and HSBC Bank. For a full list, click here.

Incentives:
* $50 for opening chequing account - YMMV. Unadvertised promo, but many new members have reported being offered $50 to open a chequing account approximately a month after a different product (e.g. LOC) is opened. As of this writing, seems no obligation or strings attached (no need to set up PAD, bill payments, etc.). See this post for some intel.
704 replies
Deal Expert
User avatar
Aug 18, 2005
19006 posts
3661 upvotes
Burlington-Hamilton
I saw this as well. Really light on details so far. But I hope they can put up a good online experience when Tangerine, Simplii and PC are going backwards, not forwards.
Member
Feb 9, 2018
345 posts
241 upvotes
Sounds interesting. More competition is always better. Hope they offer better HISA savings rates.
Sr. Member
Jul 28, 2012
979 posts
382 upvotes
Montreal
I'll get excited when (or rather if) they announce that their products are available in Quebec...
Deal Addict
Aug 5, 2006
4743 posts
2039 upvotes
Global Village
I like the name. They will use the Exchange ATM network nationally and compete with Tangerine/Simplii/EQ on rates. No branches. No fee chequing with unlimited free interac e-transfers.

Hope eventually they offer a hybrid high interest savings account like EQ that lets you pay bills, send/receive free interac E-transfers but with ATM access which will be better. Add a TFSA savings account with a good everyday rate and EQ's in trouble.
Link:
https://www.meetmotusbank.ca

Edit: It's live, rates below:
https://www.motusbank.ca/Support/Rates? ... r=view-all
Last edited by scoper on Apr 1st, 2019 8:28 pm, edited 1 time in total.
All day I dream about sports
Deal Addict
Dec 16, 2017
2538 posts
1030 upvotes
CND Brain & Hear…
I'm leaning towards this instead of Alterna :)))))))))) we'll see
Give me a J. I'm a maniac and an African expert.
Deal Addict
User avatar
Feb 1, 2006
3009 posts
889 upvotes
Ontario
scoper wrote: Hope eventually they offer a hybrid high interest savings account like EQ that lets you pay bills, send/receive free interac E-transfers but with ATM access which will be better. Add a TFSA savings account with a good everyday rate and EQ's in trouble.
Link:
https://www.meetmotusbank.ca
There already is such a beast. It's called the Alterna Bank eSavings acct. Been lovin' it for a few years now. 2.35%, bill payments, ATM w/d free at The Exchange ATMs, unlimited Interac e-transfers, debit payments. And unlike EQ, joint accts are possible. What else do you need?
Cards:HSBC WE MC 1.5%/3% travel 0 FX MC acceptance 31 day med AF $49
CTC WE MC 3% grocery, 3.54% CTC, RA, billpay
Bank: Alterna (1.9%, no fees)
Brokers: IB (For. stocks/low comm)/Reg. RBCDI(service, USD)
Sr. Member
Jul 28, 2012
979 posts
382 upvotes
Montreal
scoper wrote: I like the name.
I'm curious, what does the name inspire to you? I'm a Francophone and the first thing that came to my mind when I saw the name was the latin interjection "Motus", which means more or less "Hush!" or "Quiet!"
Deal Addict
Aug 5, 2006
4743 posts
2039 upvotes
Global Village
airodyssey wrote: I'm curious, what does the name inspire to you? I'm a Francophone and the first thing that came to my mind when I saw the name was the latin interjection "Motus", which means more or less "Hush!" or "Quiet!"
To me its a cool, short form for motivations, I am not a Francophone though. Motus would also be a cool name for a supervillain..
Last edited by scoper on Feb 15th, 2019 12:42 pm, edited 1 time in total.
All day I dream about sports
Deal Addict
Aug 5, 2006
4743 posts
2039 upvotes
Global Village
minimalist wrote: There already is such a beast. It's called the Alterna Bank eSavings acct. Been lovin' it for a few years now. 2.35%, bill payments, ATM w/d free at The Exchange ATMs, unlimited Interac e-transfers, debit payments. And unlike EQ, joint accts are possible. What else do you need?
Thanks, looks like they have a tfsa savings account at the same 2.35% rate which is cool. Any fees?
All day I dream about sports
[OP]
Deal Addict
User avatar
Dec 3, 2017
1946 posts
1562 upvotes
Waterloo, ON
airodyssey wrote: I'll get excited when (or rather if) they announce that their products are available in Quebec...
The new bank seems to be available to all Canadians
I like credit unions and Honda Civics.
Member with DUCA Credit Union.
[OP]
Deal Addict
User avatar
Dec 3, 2017
1946 posts
1562 upvotes
Waterloo, ON
scoper wrote: Thanks, looks like they have a tfsa savings account at the same 2.35% rate which is cool. Any fees?
For most stuff you do with Alterna there are no fees. Pretty good bank tbh.
I like credit unions and Honda Civics.
Member with DUCA Credit Union.
Sr. Member
Jul 28, 2012
979 posts
382 upvotes
Montreal
jacnel wrote: The new bank seems to be available to all Canadians
I just assumed they would be unavailable in Quebec because their website is in English only.
[OP]
Deal Addict
User avatar
Dec 3, 2017
1946 posts
1562 upvotes
Waterloo, ON
airodyssey wrote: I just assumed they would be unavailable in Quebec because their website is in English only.
Valid but they haven't fully launched yet so maybe the French is coming later
I like credit unions and Honda Civics.
Member with DUCA Credit Union.
Deal Addict
May 15, 2013
1645 posts
415 upvotes
Montreal
Terrible name.

But, as long as they give us free credit, who cares.

Top