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Spring 2024 - new account 5.50% (formerly 5.75%) for 120 days
April 21, 2024
10:01 pm
Norman1
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Interesting fee structure.

The schedule says withdrawals by fund transfer, pre-authorized payment, and cheque are free. With $1,000 minimum balance, the other withdrawal methods become free:
Manulife Advantage withdrawal fees

April 22, 2024
12:42 am
Hmm
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Norman1 said
Interesting fee structure.

The schedule says withdrawals by fund transfer, pre-authorized payment, and cheque are free. With $1,000 minimum balance, the other withdrawal methods become free:
Manulife Advantage withdrawal fees  

This confuses me.

Isn't "direct payment" the same as PAD (Pre-authorized debt) via another financial institution where you're transferring funds out to e.g. Manulife to Tangerine?

Manulife's website isn't clear on this. However, they keep on mentioning the $1000 minimum part and no specific consequences or fees if your balance is less than $1000.

April 22, 2024
12:47 am
Hmm
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MAC99 said
I’ll keep my account open with a nominal balance, say $20, and wait to see if there’s another promotion.

Transfers are no charge and that’s all I’ll be doing so no need to maintain a $1,000 dollar balance.

Fee schedule: https://advisor.manulife.ca/content/dam/manulife-advisor-portal/documents/en/rates/bank/manulife-bank-personal-accounts-services-and-fees-guide-ab0178e.pdf  

Have you done any transfers OUT without fee when your balance was less than $20?

April 22, 2024
5:51 am
MAC99
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I have not done any transfers as my money is still locked. When I do my transfer in mid August when the promo ends I expect it to be no charge as listed on the fee schedule. No charge regardless of balance.

April 22, 2024
6:35 am
Norman1
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Hmm said

This confuses me.

Isn't "direct payment" the same as PAD (Pre-authorized debt) via another financial institution where you're transferring funds out to e.g. Manulife to Tangerine?

Manulife's website isn't clear on this. However, they keep on mentioning the $1000 minimum part and no specific consequences or fees if your balance is less than $1000.

Manulife Bank could use better wording.

I think "Direct payments (debit)" withdrawals refers to Interac Direct Payment (IDP). That's the original name for Interac Debit. From The history of Interac:

1994 Direct payments with Interac Debit

Debit cards were originally issued by banks so that their customers could withdraw money from their ABMs. In 1990 Interac launched a new pilot called Interac Direct Payments. Using the Interac network, this allowed Canadians to make purchases using the money in their bank account at point-of-sale. Few could have predicted that by the end of the 1990s Canadians would be highest users of debit cards in the world.

I suspect the "Pre-authorized payment" withdrawals are pre-authorized debits (PAD).

When under $1,000 minimum balance, one would be charged the listed fees, like $1.50 for an ABM withdrawal.

April 22, 2024
7:21 am
MAC99
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Given there is a specific entry for "Interac E-Transfer, I think it's safe to say that "Direct payments (debit)" is when you use your debit card to purchase something.

April 22, 2024
11:42 am
Top Dogg
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MAC99 said
I have not done any transfers as my money is still locked. When I do my transfer in mid August when the promo ends I expect it to be no charge as listed on the fee schedule. No charge regardless of balance.  

MAC99,

I'm in a similar boat as you as I will be transferring out the first week of August (when my promotional rate ends) unless my promotional rate somehow gets an extension. Are you planning on transferring out your whole balance at once in mid August and then closing your Advantage Account after that or just transferring your whole balance out but still keeping your Advantage Account?

Thanks.

April 22, 2024
2:52 pm
MAC99
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I’ll be moving it all out and closing my account even though I just received my access card in the mail today which I didn’t expect.

I asked about fees and was told there are fees of $1 for the top three “no charge” items, if you have a balance below $1,000. I also now see the daily maximum for outgoing transfers is $50,000. Not a fan of this constraint.

In the end, I think I shouldn’t have bothered, but I will earn a few hundred extra bucks anyway.

April 22, 2024
5:20 pm
Norman1
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According to footnote #2 of Open a Manulife Bank account, it should no charge for the three no-charge items regardless of balance:

2 Everyday banking fees for ATM cash withdrawals on THE EXCHANGE® Network, Interac® Debit card purchases, bill payments, and sending money using Interac e-Transfer are waived when the account balance is $1,000 or more. All other everyday withdrawal and deposit transactions are free at any balance. Other fees may apply.

Manulife Advantage withdrawal fees
April 22, 2024
5:36 pm
MAC99
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I agree, and the fee schedule, to me, is crystal clear that it’s no charge yet when I spoke to a representative today she told me a $1 fee applied. I questioned her on this repeatedly, telling her the published fee schedule said “no charge”. Honestly I didn’t think she was right but she kept insisting it was correct.

It will be immaterial to me as I’ll take out all my funds, which are thankfully under the daily withdrawal limit, and not bother again.

April 22, 2024
5:42 pm
JohnnyCash
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MAC99 said
I’ll be moving it all out and closing my account even though I just received my access card in the mail today which I didn’t expect.

I asked about fees and was told there are fees of $1 for the top three “no charge” items, if you have a balance below $1,000. I also now see the daily maximum for outgoing transfers is $50,000. Not a fan of this constraint.

In the end, I think I shouldn’t have bothered, but I will earn a few hundred extra bucks anyway.  

You can do multiple $50,000 transfers for the same day, that applies to pushes and pulls. I've had several Advantage account promos since 2018 and have every intention of continuing to do so. I play the game and move funds wherever there's a good offer, be it Tangerine, Simplii, etc,. Granted, there are times when I've had to briefly park funds at Motive and wait, but something always comes up.

April 22, 2024
7:25 pm
Norman1
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JohnnyCash said

… I've had several Advantage account promos since 2018 and have every intention of continuing to do so. I play the game and move funds wherever there's a good offer, be it Tangerine, Simplii, etc,. …

Did Manulife Bank ever charge for the transfers that moved out the funds out of the Advantage accounts and brought the minimum balance below $1,000, as the rep insisted to MAC99?

April 22, 2024
9:00 pm
JohnnyCash
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Norman1 said

JohnnyCash said

… I've had several Advantage account promos since 2018 and have every intention of continuing to do so. I play the game and move funds wherever there's a good offer, be it Tangerine, Simplii, etc,. …

Did Manulife Bank ever charge for the transfers that moved out the funds out of the Advantage accounts and brought the minimum balance below $1,000, as the rep insisted to MAC99?  

As long as the funds are being moved via EFT, push or pull, there will be no fee. I hope that answers your question?

April 22, 2024
11:23 pm
Norman1
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JohnnyCash said

As long as the funds are being moved via EFT, push or pull, there will be no fee. I hope that answers your question?

Yes, it does. Thank you. 🙂

April 23, 2024
12:29 am
Hmm
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MAC99 said
I agree, and the fee schedule, to me, is crystal clear that it’s no charge yet when I spoke to a representative today she told me a $1 fee applied. I questioned her on this repeatedly, telling her the published fee schedule said “no charge”. Honestly I didn’t think she was right but she kept insisting it was correct.

It will be immaterial to me as I’ll take out all my funds, which are thankfully under the daily withdrawal limit, and not bother again.  

I get a kick when someone chimes in and says something is crystal clear. It's ego driven and comes across as dismissive and condescending.

Many times, most people who use that phrase actually don't understand. Another example is your interaction where you were convinced there was no fee, but the "CSR " said there is a $1 fee and your insistence you were right.

Anyway, another issue I have, besides the wording Manualife used is how once you initiate a transfer to Manualife (from Manulife), unlike most other FI, you're not credited the transfer amount until the funds arrive. I did a transfer effective Apr 23 a few days ago, yet the transfer doesn't appear in my account and the pending transfer has also disappeared.

April 23, 2024
12:30 am
Hmm
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JohnnyCash said

As long as the funds are being moved via EFT, push or pull, there will be no fee. I hope that answers your question?  

Don't use EFT language. That confused the heck out of an RBC agent. She kept on believing I was referring to a wire or interac transfer. Ditto with push or pull. Only Tangerine seems to understand push/pull.

April 23, 2024
12:46 am
Hmm
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Norman1 said
According to footnote #2 of Open a Manulife Bank account, it should no charge for the three no-charge items regardless of balance:

2 Everyday banking fees for ATM cash withdrawals on THE EXCHANGE® Network, Interac® Debit card purchases, bill payments, and sending money using Interac e-Transfer are waived when the account balance is $1,000 or more. All other everyday withdrawal and deposit transactions are free at any balance. Other fees may apply.

Manulife Advantage withdrawal fees

  

Thanks, Norman1. The footnote isn't transparent, rather you have to expand on "legal" to find it . I feel full transparency is lacking with FI these days.

A representative from RBC wouldn't give me the "legal" details of a US Savings account. Instead, she just told me to check their website. Even when I asked her to help me find the info there, she said she couldn't. It felt as if she was telling me to Google it.

I became really frustrated with the whole thing. So, I moved 100K from RBC to Manulife. Hopefully, that was the right call.

April 23, 2024
1:45 am
smayer97
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MAC99 said
I’ll be moving it all out and closing my account even though I just received my access card in the mail today which I didn’t expect.

I asked about fees and was told there are fees of $1 for the top three “no charge” items, if you have a balance below $1,000. I also now see the daily maximum for outgoing transfers is $50,000. Not a fan of this constraint.

In the end, I think I shouldn’t have bothered, but I will earn a few hundred extra bucks anyway.  

Where are you seeing the transfer limits?

April 23, 2024
4:57 am
savemoresaveoften
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Just park ur cash there (>$1k) until the promotion is over, then move it out $50k a time, as long as u keep more than $1k in there before your final transfer, you wont be paying any fee at all.
I have done that in the past and no issues. Even if account is at $0 balance afterwards, they wont be any charge. $1k min is reasonable.

April 23, 2024
6:57 am
Norman1
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Hmm said


A representative from RBC wouldn't give me the "legal" details of a US Savings account. Instead, she just told me to check their website. Even when I asked her to help me find the info there, she said she couldn't. It felt as if she was telling me to Google it.

I became really frustrated with the whole thing. So, I moved 100K from RBC to Manulife. Hopefully, that was the right call.

RBC has a complex offering of accounts and programs. Some are grandfathered as well.

One of the personal account legal documents at RBC Royal Bank: Important Documents and Information may have the info you were looking for.

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