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Motive Closed My Savings Account Without My Consent
December 16, 2022
1:58 pm
yffs55
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I have RRSP as well as savvy savings accounts with Motive for years (back to CDF time). I was surprised to find my savvy saving account disappeared recently (there was still a few dollars in my account). Called CS, and was told my saving account has been inactive for over 2 years and they closed it. The New Electronic Alert took effective in July this year. I was never alerted by Motive for low balance. Could Motive closed my saving account without my consent? I am so disappointed with Motive and there is no management call back even I requested.

December 16, 2022
4:46 pm
Loonie
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If you haven't used it for over two years, it probably was closed in accordance with the Terms and Conditions of the account.
Most FIs have a provision that an account can become dormant and/or inactive, and eventually closed. Any proceeds, minus any fee for inactivity, go to Bank of Canada where it could ultimately be redeemed.

December 16, 2022
4:57 pm
AltaRed
BC Interior
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https://www.canada.ca/en/financial-consumer-agency/services/banking/unclaimed-balances.html says the institution must try to contact you first at the last address on file before closing.

December 16, 2022
5:25 pm
Norman1
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That's only "before transferring a product with an unclaimed balance to the Bank of Canada."

If the account balance is zero after dormant account fees are charged, then there is no balance to transfer to Bank of Canada and the account can be closed.

December 16, 2022
6:50 pm
lifeonanisland
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Motive. Saddest FI there is, with non-existent customer service.

December 16, 2022
7:50 pm
Fogoguy
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lifeonanisland said
Motive. Saddest FI there is, with non-existent customer service.  

Interesting... seeing as they treat me like royalty. Best FI I've ever experienced.

December 16, 2022
8:04 pm
lifeonanisland
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Fogoguy said

Interesting... seeing as they treat me like royalty. Best FI I've ever experienced.  

Perhaps that 2.3 star rating on Google reviews is not deserved. But wait...yes, it definitely is.

December 16, 2022
9:25 pm
Fogoguy
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"Perhaps that 2.3 star rating on Google reviews is not deserved. But wait...yes, it definitely is."

Umm... based on a grand total of 24 reviews for all of Canada... of which eight of them are a full 5 stars.

December 17, 2022
12:19 am
iotama
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lifeonanisland said
Motive. Saddest FI there is, with non-existent customer service.  

Motive has been great to me over all so far. They can get a bit slow over emails at times, and their website is not as modern as others, but that's OK. Customer service has been great too whenever I've used them.

December 17, 2022
4:27 am
bhuc
Toronto
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I too had an savings account closed last year without my knowledge.
Fortunately it was a zero balance.
A CSR explained that the account closing was done automatically because the account had been inactive for quite some time , maybe years since I originally opened it.
It was a bit of a shock that they could do that without my consent !
I also agree that their website is antiquated but it works without fail (unlike B2B website) and some processes still require paper documents that can be emailed.
As far as customer service is concerned I have been treated fairly and courteously and expeditiously.
What more could one want from an online bank ?

I would give the 4 stars because they need to add some online functionality to their processes.

December 17, 2022
6:33 am
Alexandre
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Motive has $20 fee for 2 years of account inactivity. It is listed in their Motive Service Fees. I am guessing, when account has less than $20, they withdraw what it has and close it. Not very nice, but logical.

I have quarterly calendar reminder set, to login to each FI site I have accounts with. I keep my accounts active by initiating transfer of few dollars. Takes little time, keeps FIs happy and accounts active.

December 17, 2022
7:12 am
cgouimet
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Alexandre said
Motive has $20 fee for 2 years of account inactivity. It is listed in their Motive Service Fees. I am guessing, when account has less than $20, they withdraw what it has and close it. Not very nice, but logical.

I have quarterly calendar reminder set, to login to each FI site I have accounts with. I keep my accounts active by initiating transfer of few dollars. Takes little time, keeps FIs happy and accounts active.  

I do that every January. $20 to each FI, then around our individual and joint accounts within each FI and finally the $20 goes back to its source.

CGO
December 17, 2022
7:20 am
hwyc
GTA
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Motive being a division of a bank, I can only found an account agreement on internet banking.

The Termination section only mentioned withdraw permission to use the Internet Services. However, I will not contest the bank's closing of a long inactive/dormant account.

( Note that the Termination section is not found in the registered account agreements. I think they may be treated differently ... I don't think Bank of Canada take them )

( December is a good time to take inventory & consider closing accounts you don't need sf-wink )

December 17, 2022
7:23 am
savemoresaveoften
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If I have not used an account for a very long time, I am fine with them closing the account completely. I dont feel like I am violated and dont need my consent.
They are being practical and protect my interest too in my mind.

December 17, 2022
7:23 am
canadian.100
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Earlier this year Motive closed my account. I had done a transfer originating from a linked acct to Motive - it was rejected “account closed” which I was unaware. So obviously Motive is very efficient in closing accounts if not active.
I did not get any advance notice.

December 17, 2022
9:37 am
yffs55
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Thank you all for your comments. Definitely a lesson learned for me to update my accounts each year in the future. I have long term RRSP GICs with Motive and the savings account is a middle account to transfer funds to purchase GICs. If they give me notice of low balance, I would have do something, but no alert of low balance or any communication from Motive. As an online bank, Motive did poor jobs of informing customers. Well, with my experience of sudden closure of my savings account, I have second thoughts of purchasing any more GICs with them.

December 17, 2022
9:39 am
Jimmy
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Alexandre said
Motive has $20 fee for 2 years of account inactivity. It is listed in their Motive Service Fees. I am guessing, when account has less than $20, they withdraw what it has and close it. Not very nice, but logical.

I have quarterly calendar reminder set, to login to each FI site I have accounts with. I keep my accounts active by initiating transfer of few dollars. Takes little time, keeps FIs happy and accounts active.  

Do they request payment for the difference if less than $20 in the account?

December 17, 2022
10:42 am
AltaRed
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My two digital online bank accounts are now dormant (inactive) now that I have moved essentially all funds to brokerage ISAs. Every December, I will make a point to more a few dollars in each to reset the clock. I do not foresee using those accounts until at least 2024 when digital bank HISAs may again be competitive with brokerage ISAs.

December 17, 2022
11:01 am
Dean
Valhalla Mountains, British Columbia
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Jimmy said

Do they request payment for the difference if less than $20 in the account?  

Not likely ... they got Bigger fish to fry, and time better spent elsewhere. sf-wink
.
To keep a 'still wanted', but unused SA active (and not subject to automatic closing by the FI), I just simply transfer $1 in/out, once a year ... maintaining a balance of < $5.

What can I say ... it works ❗

    Dean

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

December 17, 2022
12:45 pm
savemoresaveoften
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Dean said

Not likely ... they got Bigger fish to fry, and time better spent elsewhere. sf-wink
.
To keep a 'still wanted', but unused SA active (and not subject to automatic closing by the FI), I just simply transfer $1 in/out, once a year ... maintaining a balance of < $5.

What can I say ... it works ❗

    Dean

  

Looks like I am not alone lol

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