HSBC no fee alternatives | Page 2 | HSBC | Discussion forum

Loonie said
I just checked the chart on this forum. It indicates that neither Motive nor motus are available to QC. This may account for your rejection by motus.

Alerna Bank has or used to have a branch in Gatineau, so I think it's likely they will accept QC residents. Be careful not to confuse Alterna Bank with Alterna Savings credit union. The CU owns the bank, like Meridian/motus. I spoke to an Alterna Bank rep recently. He said he was in Ottawa, and he had a French accent. Sorry i didn't mention this earlier; i forgot.  

Ah, is Johnny in Quebec? That would likely explain it.

Still, that's a terrible customer experience. Their new customer sign up form should ask whether the potential client is a Quebec resident before going through the rest of the process. That's how most account openings work.

Another reason why Motus Bank was borked from the beginning...no Quebec account opening, yet Meridian Credit Union will take Quebec residents for its HISA products...

Cheers,
Doug

Johnny2023 said
Yes, I am currently living in Quebec. The only reason I see why it didn't worked with Motus is my current location or a possible bug on the site. I would definitely bet on my location.

Alterna HQ is located in the Westboro neighborhood of Ottawa. They were originally a civil servant credit union (CS Co-op) that grown up and merged with another CU before changing name.  

Alterna Bank is your best bet as you’ll also get access to fee free withdrawals at Desjardins ATMs through the Acculink network.

Doug said

That ToS language is outdated and likely unenforceable in the courts. Most or all of the Big Five banks now give you the ability to add third-party apps, websites, or other banking providers in your online/mobile banking. As long as the third-party systems use enterprise grade encryption and industry standard security practices, you should be fine. As well, I'd note you're not giving anyone your username and password. That data exchange is done via enterprise grade, industry standard encryption using some sort of tokens. If a bank were passing usernames and passwords in plain text, that would be such a huge red flag in own rights. 🙂

When I re-opened a new HSRA account, HSBC demanded that I download an authentication app to a cell phone. Previously, I had no cell phone and they issued a 'Security Device' that would generate authentication codes. They said that they no longer use them. So, I was forced to use the App.

I find their requirement makes me more susceptible to compromise. I have no financial information, whatsoever, on my phone, bank, CC or otherwise. By forcing me to DL an app to my phone, I am now more exposed, if I fall victim to Sim Swap fraud.

Previously, I would only be a risk of losing my physical phone or number. Now, someone who manages to steal/switch/transfer my sim card will have access to the app. It still has a password level of protection, but it opens an avenue of compromise that did not previously exist. Just another reason to close my accounts at the end of this promotion.

Johnny2023 said
In a perfect world, I would like to get unlimited operations and no hold to use that account card for daily POS payments, but if I can get a card with no hold and 2-4 bill payments, I would probably be a happy camper.  

You won't find no holds with Motus Bank and EQ Bank. They don't have access to funds limits.

Virtual banks that do have access to funds limits:
- Tangerine Bank (up to $99,999.99)
- Simplii Financial (up to $5-10,000.00)
- Alterna Bank (limits not defined)
- Motive Financial (limits not defined)
- LBC Digital (limits not defined)
- Manulife Bank (I think!)
- Most credit unions

Cheers,
Doug

RetirEd said
I seriously don't care. I don't want any other financial institution to have access to my accounts.
RetirEd  

Then don't use those services? No issue here.

Many other people do use those services, and I see no issue with that. Note that Coast Capital Savings Federal Credit Union does the same thing, and it's an opt-out, not an opt-in, tool. If you have a Coast Capital Savings account and use online banking, their Money Manager is operated by a U.S.-based third-party-provided tool integrated with Coast Capital Savings. Their privacy agreement to which you agreed specifically authorizes them to provide that third-party (MX Technologies) access to your accounts. You can opt out out if it at least (I did), but Coast doesn't advertise it.

More details:
https://www.coastcapitalsavings.com/money-tools/digital-banking/money-manager/money-manager-support

Cheers,
Doug

here2day2 said

https://www.desjardins.com/ca/your-credit-union/ontario/events/news.jsp?transit=82900107&type=140A994D0534B8B68525864E005188AA

It also works for Desjardins ATMs. I’ve used my credit union account to withdraw at a Desjardins ATM fee-free.  

It sounds like a special arrangement with the Acculink credit union ATM network whereby members of Acculink credit union members are able to withdraw funds from Desjardins ATMs fee-free, and Desjardins members are able to withdraw funds from Acculink credit union ATMs fee-free, but neither can deposit funds or change their PINs. Still, that's helpful, and likely explains the boost in Acculink ATM network locations, even if not full membership.

The reason Desjardins likely partnered with Acculink is because (a) they're credit union partners and (b) National Bank and LBC Digital/Laurentian Bank are on The Exchange, but not Acculink (as they're banks) and joining the latter would significantly benefit National Bank and Laurentian Bank more than Desjardins, given Desjardins is the dominant Quebec FI.

Alterna Bank is the only Canadian bank with access to Acculink, but the Acculink credit union members either (a) aren't aware of it or (b) are turning a blind eye to it, since it's wholly owned by Alterna Savings and Credit Union Limited and they very well could amend Alterna Savings' bylaws to allow out of Ontario members.

Cheers,
Doug

Doug: I certainly don't use those services - but, for example, many outfits require a valid online account to enable phone banking (live or touch-tone), and I don't want those accesses to exist because if anyone uses them, it won't be me!

My credit card issuer, quite a few years back, wanted me to select a password for on-line access. I refused to, and the CSR agreed to make up a password, enter it and not tell me. No problems since: I just tell them to check the account notes.

Again, if anyone messes with the account, it ain't me!

Coast Capital didn't have any such third-party language in their T&C when I signed on - I read those things carefully. Last month, they stopped letting me call in for info without an on-line password, but I was able to arrange for my ATM card to let me get info there. I don't know yet if I'll stay with them... they haven't had an offering for me for a while. I've stayed to maintain my free statement grandfathering.

Again, I never signed an on-line banking agreement.
RetirEd