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Happy experience with Motive; impressed!
July 4, 2019
10:18 am
rhvic
Victoria, BC
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I got a phone call from a Motive rep yesterday informing me that I was attempting a transfer which was putting me in an overdrawn position. I had mistakenly tried to move funds from my Motive savings account to an external FI, whereas it should have come from my linked chequing account instead. The rep informed me of this, stayed on the line while I transferred between my Motive accounts on the web site, and then she reversed the overdrawn fee and the transaction went through as I had initially wanted.

Very nice indeed that Motive took the time to phone me, inform me of the problem, help to resolve it, then reverse the overdrawn charges. I am impressed!

Motive is not my main FI, but I will keep deposits there as long as they are paying a very good interest rate (2.80% currently).

July 4, 2019
3:53 pm
Loonie
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Class act on MOtive's part. Thanks for sharing. We all can make mistakes like this from time to time.

July 5, 2019
12:25 pm
file
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I remember reading something about this in the past - specifically that they will try to do this, but it's not guaranteed that they will catch it or have time to reach out to you so it's not something to depend on but it's certainly a nice thing to see.

July 10, 2019
8:59 am
dougjp
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Had to transfer some money out yesterday. The request was entered around mid day. Surprised to see the money was already showing in my external chequing account very early this morning.

In my experience that's a record time, and certainly made what I had to do today with it easier. Giving credit where credit is due.

July 30, 2019
7:18 pm
Bud
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Motive summarize please?
- Owned by Cdn Western Bk under same cdic 100k
- their high savvy 2.8% doesn't fluctuate as much as other fi's?
- standard apply online
- Gics are they good for anything else?
- Anything else?

August 14, 2019
8:05 pm
Bud
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I heard it takes forever for motive to process new accounts

August 14, 2019
10:14 pm
Canadianbull
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December 26, 2018
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Just over a month lol

August 15, 2019
3:30 am
Bill
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Whenever I call Motive during business hours I get a rep pretty well right away, never on hold. If you have any issues you can try calling them.

August 15, 2019
9:20 am
Nehpets
Ontario
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dealjunkie said
I heard it takes forever for motive to process new accounts  

Perhaps it depends on the information provided by the applicant. My recent application for a joint Saavy / Chaching was operational in a week, and account linking was in place the same afternoon I submitted the required banking information by email that morning.

Telephone response is generally good, though one day I was unable to get through.

Online banking interface is excellent.

Stephen

August 15, 2019
9:41 am
canadian.100
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Seems strange that Motive can maintain that 2.8%.
Perhaps they make big money on other lines of business? eg loans, lines of credit etc. to be able to pay that rate.
Or maybe a decrease in that rate is coming.

August 15, 2019
11:26 am
Doug
British Columbia, Canada
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canadian.100 said
Seems strange that Motive can maintain that 2.8%.
Perhaps they make big money on other lines of business? eg loans, lines of credit etc. to be able to pay that rate.
Or maybe a decrease in that rate is coming.  

You have to consider Motive Financial's deposit base is quite small relative to the CWB deposit book ($500 million versus $20-30 billion in deposits). Of that, much of it will be in the Chequing and Cha-Ching Chequing account and in term deposits. Even if only 20% was in the Savvy Savings Account, that's only $2.8 million per annum in interest expense.

Still, it does raise the question why Hubert, Achieva, Assiniboine, etc., have cut rates to 2.25%-2.30% considering they're roughly the size of Motive Financial. On the other hand, though, the remainder of their deposits are likely at higher rates than the 1-2% CWB is paying.

Cheers,
Doug

August 15, 2019
2:24 pm
Loonie
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When you're offering the highest rate in the country, deposits are much more likely to stay put. I'm no banker, but it seems to me that this provides a more stable base of deposits, more like GICs, because people will want to keep the money there if they can. Add to that, the current trend to rate inversion. The result of all this could be that they can afford to continue to offer a superior rate, although perhaps not quite as high as currently, in future.
I think Hubert is probably burdened by a lot of GICs at higher rates. It wasn't long ago that you could get 3.1 for one year there, and those are still on their books. In addition it may be smart of them to pull back a bit on the desirability of their savings account so as to avoid a liquidity risk, especially since their one year GICs are cashable. Personally, I'm concerned about the MB economy because of the situation with China.

August 15, 2019
4:16 pm
canadian.100
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Loonie said
Personally, I'm concerned about the MB economy because of the situation with China.  

Certainly there is widespread evidence and concern that the world is going into recession - China's economy is slowing as are the economies of the UK and Germany and other members of the EU.
Canada is bumbling along at the moment, but that could change quickly if things slow down in the US. I agree that the MB economy is quite exposed. I wonder if all these CUs in Manitoba can survive a downturn (like the one in 2008) with Canadians personally being so in debt, not to mention the large debt at both provincial and federal levels. A severe recession would not be pretty.

August 15, 2019
7:54 pm
Bud
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Parent Cdn West bk must do a lot of subprime to have a few hundred million in profits on only about 23bill in assets

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