Spring 2024 - new account 5.50% (formerly 5.75%) for 120 days | Page 4 | Manulife Bank | Discussion forum

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Spring 2024 - new account 5.50% (formerly 5.75%) for 120 days
April 23, 2024
10:34 pm
mebe
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I'm quite sure I'm not the only one to have this happen to them, but none of my 3 pulls into my Manulife new Advantage account had any hold time beyond the minimum 2 days it takes for the money to appear in the account. Manulife makes you wait 1 day before it pulls the money the following day after the request (business day I think).

My first pull was less than the s1000 already in the account (from e-transfers), so no hold time was expected, but the other two transfers (within 6 days) were more than the original balance (after initial e-transfers).

In my account details, I always had the full amount available, with nothing on hold.

April 24, 2024
7:10 am
MAC99
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Hmm

Hmm said

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.
----------CUT-------------
I'm surprised to read this type of response. I feel it wholly unwarranted.

I'm not sure why you think stating something is "crystal clear" is ego driven given it means "unambiguous; easily understood". I trust you can see that the fee schedule, showing no fees as I indicated, is quite clear. Rest assured I "understand" it.

As for my insistence I was right, it's been proven by another poster indicating there is no fee for transfers regardless of balance, as is clearly shown by their fee schedule.

April 24, 2024
11:23 am
smayer97
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What is clear is that the language and layout of the fees schedule is at best ambiguous, and requires assumptions. Even if those assumptions turn out to be correct, this is confirmation bias of sorts, as this is not plain from the Manulife document.

April 24, 2024
11:58 am
savemoresaveoften
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my understanding is if balance > $1k, no fee. Based on real time experience.

May 2, 2024
1:36 am
Hmm
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It's been 8 business days and Manulife still has a hold on my funds with no date stamp when the monies will become available. Their disclosure says 2 to 8 business days.

I'm not liking this company. Just today I learned their insurance division implemented a policy that their plan members can only deal with one pharmacy. After some backlash, they rescinded that requirement.

May 2, 2024
6:53 pm
Hmm
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So I got off the phone with Manulife, they say new accounts (less than 90 days old) are subject to a hold of 10+ or more business days, despite the fact I pointed out to them the disclosure says 2-8 days.

Anyway, I have filed a complaint with both the OBSI and Financial Consumer Agency of Canada

May 2, 2024
8:11 pm
MAC99
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My funds, in a new account, became available on the 8th day.

A 2nd deposit of 1/3 the amount of the 1st, was released on the 3rd day.

It’s day 2 on a third deposit, the same amount as the 1st, and it’s on hold at the moment.

Now I wait for the promo end date to see if the maximum daily transfer limit is $50k as they state on their site.

May 3, 2024
3:58 am
JohnnyCash
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MAC99 said
My funds, in a new account, became available on the 8th day.

A 2nd deposit of 1/3 the amount of the 1st, was released on the 3rd day.

It’s day 2 on a third deposit, the same amount as the 1st, and it’s on hold at the moment.

Now I wait for the promo end date to see if the maximum daily transfer limit is $50k as they state on their site.  

It's $50k per transfer, do as many as you wish for the same day. It applies to both pushes and pulls. As a suggestion, if doing more than one for the same date, vary the amounts slightly for tracking purposes, ie, $50,000, $49,999, $49,998,etc,.

With respect to holds, banks have been getting especially cautious over the last couple of years due to fraud, so it doesn't surprise me to see lengthier holds outside of the standard hold periods.

May 3, 2024
4:35 am
MAC99
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JohnnyCash said It's $50k per transfer, do as many as you wish for the same day.

I'll post my results when the time comes in Mid August. Surprised that they say this and do that though.

mlf.png

May 3, 2024
5:40 am
smayer97
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MAC99 said

JohnnyCash said It's $50k per transfer, do as many as you wish for the same day.

I'll post my results when the time comes in Mid August. Surprised that they say this and do that though.

mlf.png

  

But the above states the $50K is a DAILY limit...

May 3, 2024
5:47 am
JohnnyCash
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smayer97 said

But the above states the $50K is a DAILY limit...  

Who knows, just my personal experience, nothing recent though. You could test the restriction by seeing if you can schedule more than one $50k transfer for a future date, then cancel the request afterwards.

May 3, 2024
9:34 am
Top Dogg
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JohnnyCash said

Who knows, just my personal experience, nothing recent though. You could test the restriction by seeing if you can schedule more than one $50k transfer for a future date, then cancel the request afterwards.  

I went through one of my advisors secretary's and Manulife pulled over $50k in one shot. If you call them directly they could probably accommodate whatever figure you want.

May 5, 2024
9:27 pm
Hmm
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MAC99 said
With respect to holds, banks have been getting especially cautious over the last couple of years due to fraud, so it doesn't surprise me to see lengthier holds outside of the standard hold periods.  

There's nothing wrong with that, in theory. However, when you're pulling funds from another FI that's completely unnecessary. Both EQ and Tangerine have clearly stated once the funds have left the account (within two business days) they can't claw it back.

Moreover, the hold times must be clearly disclosed and adhered to as stipulated in the the FI's Disclosure or Agreement. In my case, that wasn't followed. If anything, it should've been 8 business days. Now, it's half a month (10 business days) excluding holidays.

May 5, 2024
9:29 pm
Hmm
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Top Dogg said

I went through one of my advisors secretary's and Manulife pulled over $50k in one shot.  

Most Manulife clients don't have access to that. However, if Manulife is like Tangerine, you can call them and they'll do a manual push. Except their hours are quite restrictive.

May 9, 2024
1:02 pm
COIN
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"The Promotional Interest will be calculated daily and paid monthly beginning on the date the account is opened and continuing 120 days (“Promotional Period”) on Eligible Deposits made during the Promotional Period."

Does this mean if one opened the account on May 8, 2024, the promo period will end on September 5th (120 days later)? I called Manulife Bank and got two different answers from 2 different agents.

May 9, 2024
3:58 pm
GR
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Log in to your account, select "Account Details" and scroll down to "Promotional Date End".

May 11, 2024
5:52 am
COIN
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GR said
Log in to your account, select "Account Details" and scroll down to "Promotional Date End".  

Thanks. I actually called them before I saw your post. Good to know next time or to verify what I was told over the phone.

I was told the 120 days start on the day one opens the new promo Advantage account. BTW: I was told on an earlier occasion that they want a new account opened to make it easier to track new money.

May 11, 2024
8:28 am
Norman1
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The Manulife Bank 5¾% Spring 2024 offer has an 80-day Offer Period. That period is not the same as the 120-day Promotional Period, that extra interest is paid for:

Manulife Bank’s 5.75% Personal Advantage Account Interest Offer (the “Offer”) is available to Manulife Bank Advantage Account clients (“Eligible Account Owner(s)”) who open a new personal non-registered Canadian-dollar Advantage Account (“Eligible Account”) between March 19, 2024 and June 7, 2024 (the “Offer Period”).

To qualify for this offer, a new application for an Eligible Account must be received and accepted by Manulife Bank during the Offer Period. Each Eligible Account Owner can take advantage of this offer by making Eligible Deposits as defined herein to their Eligible Account during the Promotional Period. …

… The Promotional Interest will be calculated daily and paid monthly beginning on the date the account is opened and continuing 120 days (“Promotional Period”) on Eligible Deposits made during the Promotional Period. …

The Manulife Bank representatives are not consistent in calibre. A while back, someone here called them about an offer reported here and was told the reported rate was a scam! It was not a scam.

June 7, 2024
9:33 am
Lodown
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Opened an account today. They use Flinks to link external accounts. Is there any other way to link external accounts? If Flinks must be used, do they grab information on all accounts you may have at the external institution or only information on the one account you link?

June 7, 2024
9:58 am
JohnnyCash
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Lodown said
Opened an account today. They use Flinks to link external accounts. Is there any other way to link external accounts? If Flinks must be used, do they grab information on all accounts you may have at the external institution or only information on the one account you link?  

Today is the last day to sign up for the 5.75% promotional offer.

Yes, it's possible to use their alternative method to link an external account, but it only works on their app. Enter the Transit, Institution and Account numbers, upload an image or PDF of a cheque/direct deposit form. They usually have the link set up the following business day.

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