January 12, 2019
December 20, 2016
I've had a Savvy Svgs and Cha-ching Cking acct there for a couple of years and everything works as expected with no problems. Have had only one occasion to call customer service, due to an error on my part and the issue was resolved exceeding my expectations.
Deposits are posted immediately and withdrawals (pulls) are similarly processed immediately, appearing in the receiving FI the next day.
The mobile banking app is limited to viewing balances, and does not provide for mobile check deposits...which I don't consider a major obstacle.
Be aware that the Savvy svgs account allows for only 2 withdrawals per month, and charges $5.00 for each additional withdrawal; however, there is no charge to transfer from Savvy to Cha-Ching checking account, then write a check to deposit elsewhere.
Here is Motive's Hold Policy:
If the item deposited is a fully encoded Canadian dollar item drawn on a financial institution's branch located in Canada and is not damaged or mutilated such that it is unreadable by cheque clearing systems, a hold may be placed as follows:
Maximum Cheque Hold Periods:
cheque deposits, not exceeding $1,500 - 5 business day hold including the day of deposit
cheque deposits, exceeding $1,500 - 8 business day hold including the date of deposit
Electronic Funds Transfer (EFT) transactions may be held for up to 5 business days.
November 8, 2018
I only wish Motive had easier process of linking external bank accounts.
This is how they do it:
Add An Account
To add a new external account to your list of linked accounts, please download and complete the Me-to-Me Money Transfer Authorization form .
To complete this process you must print and sign the authorization form and send it to us along with a void cheque by fax, email or mail.
February 17, 2013
Their RSP HISA only pays interest once a year. Can't utilize accrued interest until after Dec 31, and I won't let it sit there for 11 1/2 months so I let my funds earn elsewhere, and transfer in appropriate amounts in October for my Dec contribution.
Tiered interest rate on RSP HISA with a pathetic rate (.25%) for amounts under 2500.
They don't have "officially" have RIFs. They have told me they have opened them for other clients due to mandatory conversion. I THINK they do it through CWB
They don't have overdraft protection any more. Discontinuing that caused a significant change in how I have to bank with them. More work for me.
Those are my only issues with them. Don't mind their linking process. Doesn't take long and don't have to do it anymore once linked. Their CSR's are friendly and efficient, not usually much of a wait time (unless you're calling in RSP season)
Overall happy with them, though not as much as I used to be.
August 1, 2015
Here's my list'o'stuff for them:
Reliable great HISA interest rate on Savvy Savings
Decent interest rate on Chequing (as in I'm always surprised when I see a bit of interest get deposited there)
Transaction descriptions are not particularly informative, example: "E-Transfer Withdrawal "
Old slow mobile app
Old (but functional and fast) online banking site
No mobile cheque deposit
Managing external recurring/future bank transfers requires talking to them
No bank to bank transfers from mobile application
Having to move funds from Savvy Savings to Chequing for paying things can be annoying
No alerts based on transactions
Free initial 50 cheques
Frequent EFT processing (this means bank to bank transfers or payroll deposit can end up being processed faster)
No overdraft available
Interac e-Transfer Auto Deposit available
Personally speaking I combine them with Alterna. Alterna is my day to day bill paying to an extent, with a small emergency fund using their coverdraft feature in case no funds are available in the savings account there as well as cheque deposit.
Motive I use for pre-authorized debits (I can schedule transfers from Alterna over to Motive), receiving/sending Interac e-Transfers since they do auto deposit, as well as bulk savings and emergency fund in TFSA and non-registered. Maybe one day I'll move completely to Motive, dunno!
Otherwise I've had zero issues with Motive and the few times I've called customer service it's been a breeze so I'm a happy customer.
Oh - just a note. Their maintenance usually occurs Sunday morning. It doesn't happen every week but if you're trying to log in then and it doesn't work, that's likely why.
In regards to mobile and online banking I believe this will be the year where it gets replaced with something modern. According to the Canadian Western Bank annual report they're starting with small business banking, and then moving on to personal - towards the middle/end of the year. How that actually plays out we'll see.
October 21, 2013
August 1, 2015
January 12, 2019