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Email this8:48 pm
December 29, 2018
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Hi,
I've been searching the web for reviews about this bank and what I mostly find is terrible. Customer service is full of incompetents, clients being stolen out of their money, wow.
What is your experience with this bank, I'm now worried.
10:24 pm
April 21, 2022
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Don't believe everything you read on the internet.
5:56 am
December 22, 2022
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It's mostly those who had a bad experience who post online. You'll find that almost all financial institutions have very poor online reviews.
5:04 pm
November 8, 2021
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If you self-manage your accounts on online banking, it is as good as any other bank. I don't use them for regular banking, just for the Advantage savings account. Transfers are next day, works everytime. No issues.
10:57 pm
April 6, 2013
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The Rock said
It's mostly those who had a bad experience who post online. You'll find that almost all financial institutions have very poor online reviews.
Unfortunately, the reviews are not verified by anyone and the person complaining can leave out relevant details that are unfavourable to his/her case.
One bank customer complained that his bank mishandled an incoming US$26,000 wire transfer by depositing it into his Canadian dollar account instead of his US$ account. Lost around $700 in foreign exchange charges and his bank refused to compensate for the bungling. Really crappy bank, right?
Complaint went to OBSI. See Wire transfer instructions… for the whole story.
9:05 am
January 12, 2019
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JohnnyCash said
Don't believe everything you read on the internet.
The Rock said
It's mostly those who had a bad experience who post online. You'll find that almost all financial institutions have very poor online reviews.
- This ⬆ & That ⬆
'Testimonials-On-The-Interweb' . . . you Get what you Pay For.
Garbage In ... Garbage Out ❗
- Dean
" Live Long, Healthy ... And Prosper! "
3:58 pm
January 9, 2011
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Nothing wrong with them that I know, except no deals of consequence for years. Their launch promo was great but they never did a notable follow-up, only new money limited time deals. I let my HISA zero balance accounts lapse several years ago after doing some in and out activity transfers before that.
IMO they have to value existing customers. That also applies to most other banks I'm sorry to say.
My memory's not as sharp as it used to be. Also, my memory's not as
sharp as it used to be.
6:39 pm
December 27, 2020
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Any bank that asks account holders to use snail mail for me-to-me transfers (with a void cheque) is primitive in this era.
5:13 am
March 17, 2018
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Their debit card can be another backup for ATM cash withdrawal when you travel or even in Canada. There's no fees including no FX fees besides the local ATM fee ( no ATM fee reimbursement) if you use the card at a machine displaying one of the following symbols:
Interac/maestro/cirrus/The Exchange/accel
7:40 am
December 29, 2018
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What a nightmare. I had an account for less than two weeks, got out of there like a bat out of hell. Within days, I was locked out of my account, yet the message on screen was «"Sorry! Something went wrong’». I have many bank accounts, never have I been locked out of my money, never. It’s late evening, I have to wait for tomorrow to call them. Next day, I’m on the phone, they unlocked my account and they can't really say why it happened. Immediately, I attempted to e-transfer some money out, and got the message «try again later». I tried multiple times, same results and I wasn't even close to exceeding e-transfer limits. At this point I want totally out, so how do I get my money out of this bank NOW, slowmo EFT? So I decided to go via bill payments and send all my money to my brokerage account, that's a quick way out. So, I proceeded, paid a bill, full account balance to Questrade cash account, got the final screen message «SUCCESS», so I’m a happy camper for a second until I notice my balance had not changed as if the transaction wasn’t processed. I’m back on the phone. I was told the balance would be adjusted at 5pm (that is frigging odd, really odd). So I wait. At 5pm no change, so I wait till 6pm; still no change. I’m back on the phone. Finally, after four calls, I was able to exit all my money and today I will call to close my account. I thought there was no worse than Laurentian digital bank, but there is, it’s called Manulife bank. STAY AWAY
I should have listened to online reviews about this bank. I need a bank for daily banking and especially a reliable bank, one that works 99.99% of the time, not a fly by night wanna be bank. Worst experience ever. You have been warned.
9:59 pm
May 26, 2022
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I have used their savings accounts for several years (on my 7th account) without any issues
11:48 pm
April 6, 2013
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Sent an Interac e-Transfer from my Advantage account this past week to myself to transfer money. No issues.
The e-mail notification arrived about 30 minutes later. Money was successfully deposited at a different bank.
8:47 am
February 16, 2023
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Norman1 said
Sent an Interac e-Transfer from my Advantage account this past week to myself to transfer money. No issues.The e-mail notification arrived about 30 minutes later. Money was successfully deposited at a different bank.
A sensible way to proceed with a new bank account; fund it via e-Transfer, send another e-Transfer back to oneself and know that everything is working. Accept that Interac has transfer limits and don't try to move hundred of thousands back and forth every few days/weeks.
The unfortunate reality is that this forum often seems dominated by a minority who move their money monthly, or more often, chasing the best deal while complaining the banks don't know and respect them. The banks don't need these customers, [short term and cost more than they are worth] who are also triggering multiple red flags over money laundering/fraud/etc. Not saying any or all of them are doing anything improper but the banks need to be cautious for the sake of their other customers and investors. Depositing $100,000 or more and withdrawing it within a week or two raises a concern and isn't profitable for the bank.
4:26 pm
April 8, 2025
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In January, I had to take over my parents banking with Manulife and setup an estate account. I must say from day 1, it has been the worst banking experience ever!
No direction was given to explain the process and there was no intake phone conversation from the estate department; they avoid all direct contact, do not have a direct telephone number and they don't respond to most emails. Instead, it started with an email requesting a document. I send that and 4-9 business days later, another request. This repeated over and over and it took 6 weeks to get access to my parents account.
Opening the account with Manulife can only be done by an authorized financial planner and my parents advisor will no longer deal with them. I then had to find another financial planner, for the sole purpose of opening the account even though I now have power of attorney and my parents were already customers.
I finally got the account setup and on March 28th I deposited a TD Bank Draft and a Government of Canada Death Benefit cheque. The funds are being held for 14 business days as per policy which means funds are frozen until April 14th.
Between my personal and my corporate accounts, I have banked with Scotia, TD, RBC, PC Financial, ING and 2 credit unions. Never have I received such slow and just plain horrible service.
Hopefully this will save someone else the frustration of dealing with this branchless bank!
6:05 pm
October 27, 2013
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Branchless banks work until something atypical may need to be done, e.g. taking over as a POA, and then they can be a black hole. I chose long ago to keep primary banking with brick and mortar institutions to facilitate dealing with scenarios such as these.
7:45 pm
March 15, 2019
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Greedy Guy said
I have used their savings accounts for several years (on my 7th account) without any issues
Same here. No issues of import to report.
8:42 pm
April 6, 2013
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It is false that one needs to open a Manulife Bank account through a financial planner.
I opened my Advantage account myself online. I think it was a few days, not weeks, before the account was operational.
Digital-only banks aren't really set up for estate accounts or POA takeover. Many will refuse to do estate accounts. I thnk someone looked into POA handling. Some don't wish have accounts operated by a POA and will ask where one would like the funds transfered to once the POA is confirmed and accepted.
2:28 am
August 1, 2015
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Even for the Advantage account that's a PROBABLY can open it online. I tried, it initially approved me and I was in online banking, then two hours later a person closed it and if I want one I have to go through an advisor. Why? Who knows.
4:57 am
March 30, 2017
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had open 3 accounts 3 diff times for the various promotions, never had any issues opening online.
6:39 am
February 16, 2023
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Norman1 said
It is false that one needs to open a Manulife Bank account through a financial planner.I opened my Advantage account myself online. I think it was a few days, not weeks, before the account was operational.
Digital-only banks aren't really set up for estate accounts or POA takeover. Many will refuse to do estate accounts. I thnk someone looked into POA handling. Some don't wish have accounts operated by a POA and will ask where one would like the funds transfered to once the POA is confirmed and accepted.
%. A financial advisor is not required to open a Manulife Advantage account. It took me less than an hour and funds were available immediately after an Interac transfer deposit. Manulife does have many products in addition to its bank which may have other policies and procedures and which may have confused the OP.
I can understand online banks may be less than optimal for estate/POA business. A friend tells of nightmares dealing with PC Financial to close a spouse's account and move the balance to an estate account. A POA is invalid as of the time of death. Remaining funds then need to be transferred to an estate account managed by an executor who might or might not be the same person as held the POA. Even if it's the same person, legal authority has changed. Given the temporary nature as well as the costs of managing of estate accounts, it doesn't surprise me that some «no frills» online banks won't accept them. Hence the comment about «asking where to direct remaining funds» and letting a full service financial institution deal with the paperwork.
All of the above is to say Manulife Bank may not be right for every situation but should not be condemned and rejected outright. A few months in, I'm enjoying earning interest on my daily funds in my Advantage account while maintaining my RBC Royal Bank full-service accounts for the exceptional circumstances and needs.
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