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Hoops and Hoops and Hoops
November 9, 2019
2:57 pm
wcg66
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October 21, 2019
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I too am experiencing the same slow opening process with Motive. I have sent in the paperwork and have received half of my sign in credentials. Definitively much slower compared to my experience with EQ and Hubert. At least it’s progressing, which is better than B2B bank, where I never got past the online ID check.

November 9, 2019
3:25 pm
for interest sake
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Applied to both B2B and Motive last Thursday. B2B was ready to go Friday; still waiting to hear from Motive. Experienced a glitch in the application process with B2B though. Called in and it was sorted out within the hour.

November 10, 2019
11:25 am
Londonguy
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The biggest irony here is that a bank doing business as "Motive" executes at barely glacial speed in getting anything set up.

Took me about 7 weeks last spring to get my account opened, which I intended to use to receive about $150K in maturing GICs that I had at a Manitoba CU. But by the time my Motive account was ready to receive any funds, I had long ago sent that money elsewhere out of necessity. So my account sat at $1 all summer.

Flash forward to the end of October 2019 when I need to find a new home for $200K+ that's sitting at ManuLife but my promo rate expires Nov 6. I again think of Motive as a viable recipient for those funds, so I complete and email (not snail mail) the required account linking paperwork to Motive on Oct 29. Two full days go by before I get a return email on Oct 31 saying they will do the microdeposit thing to link the account.

I keep checking my ManuLife account but the Motive microdeposits don't show up until the morning of Nov 5. Thinking I can still pull things out of the fire at the last minute, I immediately call Motive to do the confirm. I wait on hold for 20 minutes before caving and leaving a message, thinking they will call back within 1-2 hours at worst. But nobody does, so late in the afternoon (I need to issue the instructions before 6pm) I give up and transfer the money into Tangerine instead.

Somebody at Motive finally calls in the afternoon on Nov 6 and leaves me a voicemail message to call in again, but there's no point anymore, nor do I want the link to ManuLife anymore either, since you only get 5 and now there's nothing to transfer out of ManuLife anyway. Meanwhile my Motive account still only has $1 in it.

So in my experience, Motive is the very definition of "you snooze, you lose." I may try them one more time in the future (if only to justify all the admin time I put into setting up my account), but I find their service abilities atrocious

November 10, 2019
2:46 pm
Loonie
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That's an un-Motive-ating story, Londonguy!
Reminds me of my experiences with motus, which similarly lacked "motility". They coulda shoulda woulda had well over 100K of my money by now, but instead they have well under $100. Like you, I am reluctant to close it because it took so much effort to get everything opened.

November 11, 2019
6:06 am
Bruford
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August 10, 2018
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Similar to ICICI except that when you call in you have to deal with someone with a very thick Indian accent, almost unintelligible.

November 11, 2019
4:33 pm
Dean
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January 12, 2019
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WOW❗

I almost started the process of trying to open an account with them (Motive). But after reading through this thread, I think I'll Pass for now.

Thanks for the heads-up Folks,

Selkirk

sf-cool " Live Long And Prosper " sf-cool

November 14, 2019
2:27 am
mechone
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January 28, 2015
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I've had no problems with Motive, which is a division of Canadian western bank.
One thing I like is they will pay your interest out monthly on a GIC into a savings account. I took a 5 year out at 3.3 % paid out monthly with no reduction . Some others will give you a reduced rate if you take your interest monthly,ie Outlook

November 14, 2019
3:04 am
Loonie
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mechone said

One thing I like is they will pay your interest out monthly on a GIC into a savings account. I took a 5 year out at 3.3 % paid out monthly with no reduction . Some others will give you a reduced rate if you take your interest monthly,ie Outlook  

That's a really good feature, especially for retirees who may need the income stream.
Thanks for letting us know.

Too bad their GIC rates are not attractive right now (2.33>2.54), but they have sustained their daily rate for a year so we can't really complain.

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