Manulife after the promo expires - will they try to retain us?? | Page 3 | Manulife Bank | Discussion forum

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?

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.

Similar promo with 2.75% for 4 months
promocode: gbbank
link:
here

@rhvic LOL

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...

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.

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?

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.

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.

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!