Any MCAN Customers Out There ? | MCAN Financial | Discussion forum

Dean said
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With Motive Financial going the way of the Dodo Bird (Good Riddance‼️), and recent disappointments with some other FIs (W1BoC, etc.), I'm looking to add a new FI to my stable of options.

Has anyone here had any dealings with MCAN Financial ... and if so, what's your take on them ?

I'm sure others here would be interested to hear from you, as well.

Thanks,

Dean

  

I have dealt with them many times but always through GIC direct (now Monarch Wealth). Mcan always sends me via mail Term Deposit Confirmation for records On the initial purchase of a GIC through Monarch, I am able to choose to have Mcan send me a cheque on maturity or to send to Monarch. Usually can get a slightly better interest rate through the broker so I have never bothered to set up an account directly with Mcan. Currently I only have one GIC with Mcan Financial for one year @3.86%. The lower rate is because it is for an amount less than $50K.

I am a very new client of MCAN Wealth, and am moving Motive funds over to them. The sign up process is quite smooth, but the wait between initiating & funding a GIC to seeing it in the online account is quite a few business days.

Customer service has seemed pretty good, though very delayed. Apparently each GIC purchase has to be processed by a human, and they are seeing a lot of us fleeing Motive right now before they become NB. You can fund the GICs by bill payment, so it should remain an option even after Motive migrates.

Everything I have done with them thus far has been by email. With my first GIC purchase they requested a void cheque from the account the funds were sourced from (so that they can place the funds back there after maturity, they have no transactional account), but they let me send them a void cheque from a different bank after I advised them that the Motive account would be long gone by maturity.

I bought a 1 year GIC from MCAN through a broker earlier this year. It took almost three months to get the paperwork sorted out afterwards, with the broker blaming MCAN for the delay and incorrect information on the original certificate and visa versa.

I've never seen such snafus with other financial institutions and brokers, and decided to wait and see what happens when my GIC matures in April of 2026 before dealing any further with either the broker or MCAN.

A few likely reasons:

1) Not a compelling premium to their broker rates
2) No apparent online application form and instant account activation, a competitive disadvantage
3) Cell phone number apparently required, as Norman1 also mentioned above, which is also a competitive disadvantage
4) No other products besides GICs. Why go to all this effort when you can just hold MCAN Mortgage Corp. GICs in nominee form in a self-directed discount brokerage account?

Cheers,
Doug

It is surprising that they are still offering such a great rate. I was rushing to move funds to them, anticipating that they would drop rates in reaction to BoC's rate cut a couple weeks ago, but it hasn't budged as of this writing. Their direct rate is a 0.61% premium to their own rate through my online brokerage (which they are topping all the other FI's available there too).

Their rates are still beating my local GIC broker's rate. Only by 0.04%, but I kinda like having it in my own name with online access. Also, my broker sometimes requires me to write cheques, depending who they are placing my funds with, which is not convenient to hand deliver to/from them downtown (and pay for parking, or pay postage and have mailing delay).

I feel a bit like a guinea pig here, being the only one signed up. With them being at the top of the chart, and interest rates likely to be depressed for a while (it will probably be holds or more cuts, I don't see much rate hiking in the next year or two) it makes me wonder why no one else has went with them.