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Manulife after the promo expires - will they try to retain us??
May 22, 2020
2:26 pm
Norman1
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davidgeorge said
I logged into my manulife account and opened a new advantage account. Unfortunately, I got 0.3% interest only. Should I call them to get promotional rate?
Capture.JPG

One needs to go through a special Apply Now! link I mentioned earlier on that YourStyle Financial page.

One will need to do it soon as the offer expires today!

The 2.6% offer is a special offer given to certain Manulife Bank agents and is not generally available. That special link contains an offer code and an ID for the agent.

May 22, 2020
2:49 pm
davidgeorge
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Thank you, Normal1.

I opened one with 2.6% promotional rate.

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May 29, 2020
5:03 pm
HISAhopper
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Similar promo with 2.75% for 4 months
promocode: gbbank
link:
here

June 8, 2020
5:44 pm
rhvic
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smayer97 said
I tried it. Had no problems. And I even have another Advantage acct with the previous promotion that expired, it seems I qualified to have this new promotion too (terms says you can only have one account, presumably only one 'promotional' account). Promo shows up as 0.3% + 2.3%.

BTW, the Manulife Advisor shows up as a Douglas Buss  

Curious: I also followed that link to open a new Manulife Account, which is now also affiliated with the aforementioned advisor. Today I received mail from him, inviting me to "open a new Manulife One account today and get $750 cash back". Alas, the pamphlet he sent describing this offer expired four years ago, on June 1, 2016. I hope that his financial acumen is better than his temporal awareness.

June 8, 2020
6:11 pm
smayer97
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@rhvic LOL

June 9, 2020
9:21 pm
Norman1
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Perhaps the $750 offer is still on, but the brochure is old stock that got mixed up with the next ones.

Alternately, he may be able to do temporal tunnelling and access those 2016 offers today! sf-laugh

June 10, 2020
6:46 pm
rhvic
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Norman1 said
Perhaps the $750 offer is still on, but the brochure is old stock that got mixed up with the next ones.

Alternately, he may be able to do temporal tunnelling and access those 2016 offers today! sf-laugh  

If he can backdate the deposit to June 2016, I'll happily take the four years of interest now!

June 11, 2020
1:01 pm
HISAhopper
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something weird happens, my account is on hold that I cannot access my money. I called in they said the account is under review and they gave me no reason why and no timeline when I will be able to access to my account.
I also received an email saying my application for the advantage account was denied meanwhile the account has been opened with cheque deposited and external transfer fine.
Does anyone have this issue?

June 16, 2020
12:41 pm
HISAhopper
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Manulife reversed gear and declined my advantage account on Jun 11th after 3 weeks it was already opened with 3 in-bound transactions, 1 outbound transaction and interest earned. They gave no reason and no info as to approximately when and if (big if?) they would mail me a cheque for the balance.
I have opened accounts with many banks and credit unions and this was the first who denied me. Beware, this bank operates on secrecy, any idea what path should I take to get my money back?
Escalate to customer care? looks like they are all tight-lipped about the issue.
Escalate to ombudsman office? looks like they will open an investigation and takes time. I need to access the money to pay bills and stuffs...

June 16, 2020
8:33 pm
GR
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HISAhopper,

To open the account, did you use the promo code for those who have group benefits provided by Manulife? If yes and you weren't eligible for this promo, they could decline your account when they discover the misrepresentation. Of course, you would still be entitled to having your funds returned promptly.

June 16, 2020
9:09 pm
Norman1
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Not being eligible, but somehow able to make it through the initial checks on the web site, could be the reason. Manulife Bank may not be as thorough as they could be during signup in checking eligibility.

A Google search found a Manulife Bank Advantage Account 2¾% offer, running from June 8 to June 26. But, that offer is limited to certain employees and alumni who are Manulife group benefits or group retirement plan members.

June 17, 2020
8:43 am
HISAhopper
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GR said
HISAhopper,

To open the account, did you use the promo code for those who have group benefits provided by Manulife? If yes and you weren't eligible for this promo, they could decline your account when they discover the misrepresentation. Of course, you would still be entitled to having your funds returned promptly.  

Thanks GR for pointing that out, I applied using the link from YourStyle financial by Douglas Buss. So it looks like it was only available to existing Manulife clients if I understand that correctly, I am not sure why Manulife was tight-lipped about that. Lesson learned, I need to read the T&C 's carefully.

June 17, 2020
8:58 am
Norman1
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I think that link for the Manulife Bank offer through YourStyle Financial was open to everyone.

It was the offer through that gbbank link that was limited to Manulife group benefits members.

I've read that banks are very tight lipped when they shutdown accounts because of money laundering or terrorist financing suspicions. Could some activity have made Manulife Bank suspicious?

June 17, 2020
1:19 pm
HISAhopper
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Norman1 said
I think that link for the Manulife Bank offer through YourStyle Financial was open to everyone.

It was the offer through that gbbank link that was limited to Manulife group benefits members.

I've read that banks are very tight lipped when they shutdown accounts because of money laundering or terrorist financing suspicions. Could some activity have made Manulife Bank suspicious?  

Thanks Norman for confirming that, it is a relief as it was the link open for everyone.
Moving funds to Manulife Advantage account, I had 1 deposited cheque from BMO joint account with wife, 2 interac etransfers from my Tangerine account, 1 interac etransfer from our joint Tang account. I am not sure how a bank can verify where the interac etransfer coming from as it is from an email account (and it is a normal process that everyone does) but all money is hard working dollars, nothing fishy about it. So back to the question why they are not saying anything about it.

edit: For what its worth, I got an external link to BMO account and Tang joint account, then I got 2 micro deposits from Tang as well ie the Tang joint account is linked to Manulife advantage account both directions. Then I did a test pulling $10 to Tang account. Is it something that spooks them?

June 18, 2020
3:58 pm
Norman1
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An Interac e-transfer is not anonymous to the sending and receiving banks.

In CBC: RBC customer out of pocket after fraud, the sender's bank was able to provide the sender information about the fraudster who snatched the e-transfer from the intended recipient. Sender's bank was able to provide the name of the fraudster, fraudster's e-mail address, and the bank the fraudster used to accept the e-transfer.

I suspect it is also possible for the participating bank that accepted the e-transfer to obtain details about the source of the money that funded the e-transfer.

The money is not actually sent by e-mail or text message. That's just how the one-time e-transfer token is delivered. When the token is redeemed, there is a record of where the money was deposited.

I would be surprised if it was the two microdeposits and subsequent $10 pre-authorized debit. I think lots people do that initially to confirm one could pull money out of the account.

June 19, 2020
1:19 pm
HISAhopper
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Norman1, according to what you said then the the receiving bank, ManulifeBank was able to verify that my money came from a legit sources: BMO and Tangerine.
By the way, I called Manulife Bank again (3rd time) and spoke with a rep (appeared to be a rookie) he was able to confirmed, after checking with back office, that a cheque would be mailed to me and I would get it next week. My blood pressure went down temporarily! (until I see the cheque)
But the question why my account was declined remains a mystery, the rep said he had no knowledge of that.

June 20, 2020
11:40 am
Norman1
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HISAhopper said
Norman1, according to what you said then the the receiving bank, ManulifeBank was able to verify that my money came from a legit sources: BMO and Tangerine.

But the question why my account was declined remains a mystery, the rep said he had no knowledge of that.

Unfortunately, it is not as easy as that for the receiving bank, Manulife Bank.

Yes, Manulife Bank could easily find out that the funds were from BMO and Tangerine Bank accounts. But, the funds could have been transferred into the Tangerine Bank account from an account at a small credit union. The credit union account was, in turn, funded from mix of cash deposits and offshore wire transfers from "overseas relatives"!

My suspicion is that the low-overhead online banks won't do the enhanced monitoring and investigating needed once their systems flag possible money laundering, terrorist financing, or a money service business. The next-to-zero account fees are not enough to cover the costs.

Once the red flag triggers, they may just decide to file the FINTRAC report and terminate the relationship to avoid the future costs.

We looked into similar situations in previous discussion Family dropped as client of bank, not told why.

June 24, 2020
7:07 pm
HISAhopper
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I received a cheque of full amount plus interest around 10 days after I was notified of account closure. Good relief, thanks everyone for your inputs.

June 26, 2020
12:01 pm
speedwagen
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Lenders Beware! Manulife seems to be clamping down on rate shoppers after HISAhopper's ordeal. They've just changed the wording in the T&C for new Advantage acc'ts.

It used to say "Personal Advantage Account Interest Offer is available to Manulife Bank Advantage Account clients who open a NEW personal non-registered Canadian-dollar Advantage Account". The latest deal now says "Personal Advantage Account Interest Offer is available to clients who have never previously held a personal Advantage Account with Manulife Bank who open a new personal non-registered Canadian-dollar Advantage Account".

My wife & I have been regularly participating in their offers since '16, 4 to date including 2 GBP offers without any issues. We were about to sign-up for their latest 2¾% deal today, which was the last day it would've been available 'cause we wanted to extended the good 'til date, since it wouldn't have been required 'til August, however, they replaced it today with a new 2½% deal with the new terms AND a $50000 limit.

The old deal was still there as of Wednesday... maybe we should've set the acc'ts up sooner, but but considering what happened to HISAhopper, it's just as well that we waited 'til the last minute. We would've still tried if it was available today, but I'm not sure it would've stuck, so I guess they made the decision for us.

I suspect that HISAhopper was a repeat offender like us, according to their interpretation, which is why he/she got the axe, but the way I see it, you (the FI) want to borrow money, make an offer, otherwise you get dissed by me in the same way as they (the FI) diss you when you want to borrow & they don't like your credentials.

We did get the 2.6% offer, also on the last day back in May, but we haven't used it to date, though I'm not sure we will unless nothing better comes up by August, which is when we'll have funds to lend, after which will mean the end of the bank-mance.

Sayonara Manu-san!

July 9, 2020
5:38 am
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I would not go near them for any rate. Last year when I was getting 2.85% with them, I closed the account with 3 months left on the offer.

Read HISA Hopper Story.Good it worked out

My advice for anyone is to stay away from them period.

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