[EXPIRED] 3.25% (for everybody) or 3.35% (for group benefits) for 6 months in new Advantage Accounts | Page 4 | Manulife Bank | Discussion forum

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[EXPIRED] 3.25% (for everybody) or 3.35% (for group benefits) for 6 months in new Advantage Accounts
May 3, 2019
3:45 pm
Nehpets
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Spoke to a CSR rep to clarify some of my own questions regarding the Manulife Advantage promo and received the following answers (some of which conflict with earlier responses in previous posts):

Maximum deposit / withdrawal by EFT is $50,000 but can be overridden by a CSR

Joint account has to be opened by a CSR, after each individual opens their respective individual account online. It's OK for each spouse to have their individual account along with their joint account for the promo (according to this CSR) which contradicts info in an earlier post. CSR said they are working on streamlining opening joint accounts online without involving a call to a CSR.

Initial deposit remains on hold for 6 business days.

Subsequent deposits on hold for 2 to 5 business days

Anyone with first hand experience with the Manulife Advantage promo confirm or refute what I've learned?

Stephen

May 3, 2019
4:02 pm
Doug
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Thanks, Stephen...yeah, I saw, on their website, that joint accounts can be added and changed as needed, via telephone, after both individuals have opened sole customer profiles (i.e., bank cards) and/or sole accounts. So, that's easy enough. sf-cool

That's great that CSRs can manually override the maximum EFT limit of $50,000. Is that a daily limit or a transaction limit for Manulife-initiated EFT transactions?

I'd like to find out if Manulife has "hold release" limits for established and/or good credit risk clients such that they might make available, immediately, a portion of the funds deposited (i.e., up to $5,000) and also whether they will send out postage paid deposit envelopes with their deposit slips and whether you can still make deposits at RBC branches.

Also, would be nice to know if you can choose either Manulife Bank or Manulife Trust as GIC issuer online.

Cheers,
Doug

May 4, 2019
9:43 am
Nehpets
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Doug said
..........and also whether they will send out postage paid deposit envelopes with their deposit slips and whether you can still make deposits at RBC branches.... 

What is the relationship between RBC and Manulife, Doug?

Stephen

May 4, 2019
9:53 am
Doug
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Nehpets said

Doug said
..........and also whether they will send out postage paid deposit envelopes with their deposit slips and whether you can still make deposits at RBC branches.... 

What is the relationship between RBC and Manulife, Doug?

Stephen  

I assume that RBC Royal Bank is likely Manulife Financial Corp.'s primary banker and, by extension, that Manulife Bank (and Manulife Trust) clear their deposits through RBC. 🙂

It's probably more than just clearing Manulife Bank's deposits - the deposits may actually be held in institutional RBC accounts, temporarily or for the long-term, but you can "test" the theory that they clear through RBC.

How to test it: Deposit, via Exchange ATM or through your Manulife mobile app (assuming they have remote deposit capture?), a cheque drawn on your other bank payable to yourself into your Manulife Advantage Account. When it clears, look on the back of the cheque for the intermediary clearing bank's information. If you see an 'RBC' and/or '-003' on the back, we have our answer. sf-cool

Cheers,
Doug

May 5, 2019
2:45 pm
Loonie
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With reference to Doug's evaluations, I note that Desjardins Trust Inc is listed with CDIC.
How does Desjardins Trust Inc relate to the other parts of Desjardins? and what are its functions? Does it do anything related to personal banking?

May 5, 2019
3:00 pm
Doug
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Loonie said
With reference to Doug's evaluations, I note that Desjardins Trust Inc is listed with CDIC.
How does Desjardins Trust Inc relate to the other parts of Desjardins? and what are its functions? Does it do anything related to personal banking?  

Hi Loonie,

Yes, I noticed, too, that Desjardins Group has a CDIC issuer subsidiary in Desjardins Trust. I suspect that, among other things, Desjardins Trust is the trustee and custodian for its asset management divisions, for its self-directed discount brokerage Disnat Direct (they also own a majority stake in Aviso Wealth, which owns the Credential Direct and Qtrade discount brokerages), and for the Desjardins registered plans (TFSA/RIF/RSP, etcetera). They may also issue GICs, but perhaps not HISAs, in the deposit broker channel since the deposit insurance for Desjardins is ... complicated, in that your deposits would be provincially deposit insured based on the local Desjardins caisse populaire to which you belong. And finally, to Desjardins customers, it might be possible to book GICs directly within their Desjardins online banking under either their local Desjardins caisse populaire or under Desjardins Trust. sf-cool

In my analysis, I was mainly referring to Desjardins Group, which isn't CDIC insured and hence the qualifying statement. not the Trust subsidiary, which is a CDIC issuer.

Hope that helps,
Doug

May 7, 2019
6:18 am
Nehpets
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savemoresaveoften said
Once account is opened (They sent me account number, login credentials immediately after being approved online), one can log in and able to select "link account". Upload a scan or pic of a void cheque and thats all it needs to link external account........  

How things have changed since May 3 to May 5 in the account opening experience!

After submitting the online application, all that was received was an acknowledgement of receipt of the application. A call to customer service, and waiting for over twenty minutes, the CSR was unable to say when the application would be processed.

Furthermore, the 3.35% would not be honored, despite the terms of the offer state it is available until May 15.

Sounds like Manulife has learned lessons from Tangerine and EQ Bank for customer service and duplicity.

May 7, 2019
6:36 am
dougjp
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Like many have said, my account opening online was fast and the linked account was available the next day. Unfortunately in order to have a joint account that I/we wanted, my wife had to go through the same account opening process. When that gets completed, we are to phone in to make one joint account out of both. And...my wife's account opening seems to have fallen into the same (temporary?) black hole that Nehpets just posted about!

A helpful bit of info - once the online opening is done the completion page says, in order to link an account, either use their free mobile app to deposit a $ 1- cheque, or mail a voided cheque. For those who want an immediate link made in order to deposit money, and are part of the 25% of the population who don't have a smart phone, there is a 3rd alternative, if you can scan a cheque. Phone in and they will get you access to your account. From there you can choose the option to link an external account. Fill in the numbers and choose the image file to attach from the search box of your computer.

I can imagine their back office backlog at present, as they have chosen this massive splash in the pond to enter the competitive retail savings market, sort of like Simplii did. I hope Manulife doesn't basically vanish after the initial high rate offer (I've never got any rate offer from Simplii since the initial one).

May 7, 2019
9:29 am
Doug
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Nehpets said

How things have changed since May 3 to May 5 in the account opening experience!

After submitting the online application, all that was received was an acknowledgement of receipt of the application. A call to customer service, and waiting for over twenty minutes, the CSR was unable to say when the application would be processed.

Furthermore, the 3.35% would not be honored, despite the terms of the offer state it is available until May 15.

Sounds like Manulife has learned lessons from Tangerine and EQ Bank for customer service and duplicity.  

Did you click on the link from the Advantage Account 3.35% banner ad on the Manulife Bank website or http://www.advantageaccount.ca? If so, then they should honour it. I would phone them back and let me know the originating link, so they can verify it was eligible. sf-cool

I suspect you just got a bad / inexperienced CSR.

Cheers,
Doug

May 7, 2019
9:30 am
Doug
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dougjp said
Like many have said, my account opening online was fast and the linked account was available the next day. Unfortunately in order to have a joint account that I/we wanted, my wife had to go through the same account opening process. When that gets completed, we are to phone in to make one joint account out of both. And...my wife's account opening seems to have fallen into the same (temporary?) black hole that Nehpets just posted about!

A helpful bit of info - once the online opening is done the completion page says, in order to link an account, either use their free mobile app to deposit a $ 1- cheque, or mail a voided cheque. For those who want an immediate link made in order to deposit money, and are part of the 25% of the population who don't have a smart phone, there is a 3rd alternative, if you can scan a cheque. Phone in and they will get you access to your account. From there you can choose the option to link an external account. Fill in the numbers and choose the image file to attach from the search box of your computer.

I can imagine their back office backlog at present, as they have chosen this massive splash in the pond to enter the competitive retail savings market, sort of like Simplii did. I hope Manulife doesn't basically vanish after the initial high rate offer (I've never got any rate offer from Simplii since the initial one).  

I actually like that they can add or remove people from a joint account by having each call in and be verified. That's actually pretty convenient. Compare this to HSBC whereby you can't add people to an existing joint account. You have to create a brand new joint account, with a new account number and everything.

Cheers,
Doug

May 7, 2019
9:42 am
dougjp
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Doug said

I actually like that they can add or remove people from a joint account by having each call in and be verified. That's actually pretty convenient. Compare this to HSBC whereby you can't add people to an existing joint account. You have to create a brand new joint account, with a new account number and everything.

Cheers,
Doug  

Actually I might not have been clear. There was no way they knew she was opening an account online in order to ultimately have one or the other of our accounts be made into a joint account. It was something I was told on the phone. To make a joint account with Manulife, both people have to get on the phone. There was something unrelated with my wife's account opening attempt.

May 7, 2019
9:57 am
Doug
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dougjp said

Actually I might not have been clear. There was no way they knew she was opening an account online in order to ultimately have one or the other of our accounts be made into a joint account. It was something I was told on the phone. To make a joint account with Manulife, both people have to get on the phone. There was something unrelated with my wife's account opening attempt.  

Hrm, I'm not sure what that could be. She didn't want to get on the phone, or there was a problem with her individual account opening? If the latter, could it be that she has a fraud monitoring protection on either (or both) of her credit bureau(s) (Equifax and/or TransUnion)? That will often snare online or non-face-to-face account openings.

Cheers,
Doug

May 7, 2019
10:11 am
-bsv-
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Looks like I was lucky enough to open an account? Also, my daughter opened one on Sunday without any problem.

Untitled.png

May 7, 2019
10:15 am
Doug
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-bsv- said
Looks like I was lucky enough to open an account? Also, my daughter opened one on Sunday without any problem.

Untitled.png  

Nice, thanks -bsv-! I like the way they show you the promo rate in your account details screen. Tangerine does that as well, but this is even simpler and it's crystal clear. sf-cool

Cheers,
Doug

May 7, 2019
10:16 am
dougjp
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Doug said

Hrm, I'm not sure what that could be. She didn't want to get on the phone, or there was a problem with her individual account opening? If the latter, could it be that she has a fraud monitoring protection on either (or both) of her credit bureau(s) (Equifax and/or TransUnion)? That will often snare online or non-face-to-face account openings.

Cheers,
Doug  

She was happy to get on the phone but there was no opportunity. The online application concluded only saying they would get in touch with her to complete the process.
I think its as simple as Manulife being the processing agent of her pension payment, whereas we viewed the initial question about having an account with Manulife (yes/no) being a 'no'.

May 7, 2019
10:18 am
-bsv-
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Doug said
Tangerine does that as well, but this is even simpler and it's crystal clear.

Yeah, agree. Hate that RBC does not do this. I lost interest for almost one month cause of that.

May 7, 2019
10:43 am
Doug
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dougjp said

She was happy to get on the phone but there was no opportunity. The online application concluded only saying they would get in touch with her to complete the process.
I think its as simple as Manulife being the processing agent of her pension payment, whereas we viewed the initial question about having an account with Manulife (yes/no) being a 'no'.  

Hrm, yeah, agreed it's a very specific reason as to why she couldn't complete enrollment online. Keep us up to date as to the reason, if you'd like, and when you get accounts opened. 🙂

Cheers,
Doug

May 7, 2019
3:39 pm
jtfrogger
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dougjp said
A helpful bit of info - once the online opening is done the completion page says, in order to link an account, either use their free mobile app to deposit a $ 1- cheque, or mail a voided cheque. For those who want an immediate link made in order to deposit money, and are part of the 25% of the population who don't have a smart phone, there is a 3rd alternative, if you can scan a cheque. Phone in and they will get you access to your account. From there you can choose the option to link an external account. Fill in the numbers and choose the image file to attach from the search box of your computer.
 

I didn't use any of those mechanisms to link an account. I linked it myself by entering the details on their website. It was really easy.

Choose "Link an External Account" under Transfer Funds menu. You then enter your bank details and attach a scan of a voided cheque. I've done it for two different accounts. In both cases the linked account was available to use the next day.

See here for the screen I am talking about.
Capture.PNG

May 7, 2019
3:39 pm
key123
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First time poster, but have read for awhile and appreciate all that post here.

Just, as in minutes ago, opened a Manulife Advantage Account. Went straight through the process, have my account and access number and was able to log in. About to work on using mobile app to deposit a cheque so I can get an account linked. I am posting because I noted Stephen's mention of difficulties which made me wonder what I would face. I was very surprised to have things go straight through so for. I did apply through Manulife's site for the 3.25% (not 3.35%) advertised there.

My tip: On the last page once the application is accepted there is a page with a lot of information. I took notes, only to get to the bottom and be told no need to take notes as they had sent an email. It would have been nice to have that at the top of the page. Sure enough the email was there. However, the email did not have the account number so you might want to note that, although it can be found once you log in.

May 7, 2019
4:35 pm
Doug
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jtfrogger said
I didn't use any of those mechanisms to link an account. I linked it myself by entering the details on their website. It was really easy.

Choose "Link an External Account" under Transfer Funds menu. You then enter your bank details and attach a scan of a voided cheque. I've done it for two different accounts. In both cases the linked account was available to use the next day.

See here for the screen I am talking about.
Capture.PNG  

Thanks for posting that screenshot, jtfrogger. sf-cool

I knew there was an online option. It sounds like you do still need to upload an account "proof" of some sort, but they'll accept either a VOID cheque, account statement, direct deposit form, and pretty much anything reasonable from the sounds of it. sf-cool

Definitely a good option.

Cheers,
Doug

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