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Email this4:26 pm
August 30, 2023
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I got a NB debit card in the mail today but I had already closed my Motive account. Anyone in this boat? Do I need to again call to do anything.
Or can I assume that my account will NOT get migrated during the below migration period for which I got an email today:
Migration weekend: "is scheduled for Friday, November 21 to Sunday, November 23, 2025 (Wave 3)"
6:56 pm
June 8, 2016
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Received a Migration Checklist email today, Migration Weekend is only 11 days away; part way down the email, highlighted in a red box:
Quote: Important: External bank transfer services (requested over the phone or through online banking) including Me-to-ME will only be accepted until 4:00 p.m. MT on Tuesday, Nov 18. Send transfers before that time, as these services will not be offered at National Bank after migration. Please note that the timing differs from what was indicated in other materials you received. endquote
So, if you haven't already, do not delay, or wait until the last moment, to move your money away from Motive, as their dates to do so have apparently changed!
2:40 am
January 10, 2020
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scrooge said
Everyone keeps mentioning having a nearby NB branch to close accounts etc.Does anyone know if you can do things over the phone or chat or in the app such as update GIC maturing instructions, close accounts at National Bank?
There are no branches in my city, just the ATM at Circle K....
I have a GIC with Motive maturing end of January and one in April, then I am out of there!
So I've been reading the FAQs at NBC.CA and it does sound like you CAN close accounts through their app and also withdraw from a GIC, and you can call in to give maturity instructions or use their secure form. They have a grace period after any GIC renewal, to allow you to cancel a GIC. Also you can change or cancel any 'packages' that are no longer working for you, etc. right through the app. You can usually call and speak to their advisor OR make an appointment at the branch.
So it sounds pretty good actually, as far as being able to get my funds out before fees kick in, without driving to the next city or province!
I'm just going to send an email ASAP to Motive to see if they will change my GIC instructions, to pay into my account. That's what it says to do on the Motive website re upcoming GIC instructions.
4:16 am
January 28, 2015
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I have 2 x100,000 GIC's 10 year with 7 years left on both both paying over 5% and paid monthly into savings account . I talked to Motive rep and they said this will continue to happen...I hope so . Are they legally bound to ?
7:43 am
April 6, 2013
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Depends on the GIC agreement. Some parts of a GIC agreement can be changed.
In the migration for the Canadian Western Bank branded GIC's, National Bank won't be honouring the ones that pay floating rate interest. Those will be migrated to fixed rate National Bank GIC's at the current interest rate plus ¼%.
There is no indication of such variation with the migration of the Motive-branded GIC's.
9:57 am
May 20, 2016
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davidgeorge said
I received both pin and debit card, but am still waiting for the Online Banking Enrollment Letter.
Anybody received "Online Banking Enrollment Letter"? I am still waiting for it.
10:11 am
January 12, 2019
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.
. . . Me 2 ⬆️
- Dean
" Live Long, Healthy ... And Prosper! "
12:54 pm
February 14, 2014
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.
. . . Me 3 ⬆️
They still say we can't actually log in until Monday the 24th.
9:15 pm
January 10, 2020
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davidgeorge said
Anybody received "Online Banking Enrollment Letter"? I am still waiting for it.
Still waiting here.
11:13 am
January 12, 2019
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.
This ⬆️ is what-cha get, when you rely on CP‼️
- Dean
" Live Long, Healthy ... And Prosper! "
12:34 pm
January 25, 2024
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I'm thinking of emptying my Motive account. Interest is now down to 1.75%. Getting a feeling that I should move my money out before the migration to National Bank. Most of my spare cash is in CIBC or EQ Bank. EQ pays crappy interest unless it's locked into a GIC, which I don't want. I was using Motive purely as a savings account (~$12k) in case I needed quick cash (my CIBC pays 0% interest).
For those of you who left Motive, where did you go? NEO looks good for savers (up to 2.90%) but terrible Trustpilot reviews.
1:27 pm
February 15, 2023
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Rick Condon said
I'm thinking of emptying my Motive account. Interest is now down to 1.75%. Getting a feeling that I should move my money out before the migration to National Bank. Most of my spare cash is in CIBC or EQ Bank. EQ pays crappy interest unless it's locked into a GIC, which I don't want. I was using Motive purely as a savings account (~$12k) in case I needed quick cash (my CIBC pays 0% interest).For those of you who left Motive, where did you go? NEO looks good for savers (up to 2.90%) but terrible Trustpilot reviews.
I opted for Saven. App is a bit quirky, but other than that so far so good.
1:34 pm
January 12, 2019
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.
Rick (Post # 251) ⬆️
Consider starting here: https://www.highinterestsavings.ca/chart/
And for insight, read through each FI's forum: https://www.highinterestsavings.ca/forum/
'Good Hunting'
- Dean
" Live Long, Healthy ... And Prosper! "
1:56 pm
May 20, 2016
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davidgeorge said
Anybody received "Online Banking Enrollment Letter"? I am still waiting for it.
I received "Your Online Banking Enrollment Letter" today.
2:19 pm
April 21, 2022
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davidgeorge said
I received "Your Online Banking Enrollment Letter" today.
Since you mentioned it, I went to check the mailbox and it had arrived.
2:29 pm
November 15, 2018
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I read on this or other Motive thread while NB was offering first 100 checks free they were charging to mail them. While talking to a Motive CR today I asked if this was the case & was told NB will be paying for shipping checks to migrating Motive customers.
3:13 pm
April 21, 2022
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dommm said
I read on this or other Motive thread while NB was offering first 100 checks free they were charging to mail them. While talking to a Motive CR today I asked if this was the case & was told NB will be paying for shipping checks to migrating Motive customers.
Nice! I'll place an order once the migration is complete to see if there's a shipping charge in the order summary.
6:25 am
November 15, 2018
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So both my wife & myself purchased 12k 5yr GIC's within an RSP account at Motive in May 2023. Because of the relatively small amounts we were cognizant of the cost to transfer out if needed once the GIC's matured in 2028 & that transfer charge was going to be $50. Now the cost to transfer out if needed will be $150 at NB which takes approximately 25% of the interest we will be receiving in the final year. Not a happy camper.
6:52 am
January 28, 2015
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dommm said
So both my wife & myself purchased 12k 5yr GIC's within an RSP account at Motive in May 2023. Because of the relatively small amounts we were cognizant of the cost to transfer out if needed once the GIC's matured in 2028 & that transfer charge was going to be $50. Now the cost to transfer out if needed will be $150 at NB which takes approximately 25% of the interest we will be receiving in the final year. Not a happy camper.
Then why transfer? Have them go into savings account and withdraw the cash
9:03 am
February 14, 2014
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dommm said
So both my wife & myself purchased 12k 5yr GIC's within an RSP account at Motive in May 2023. Because of the relatively small amounts we were cognizant of the cost to transfer out if needed once the GIC's matured in 2028 & that transfer charge was going to be $50. Now the cost to transfer out if needed will be $150 at NB which takes approximately 25% of the interest we will be receiving in the final year. Not a happy camper.
Is the withdrawal charge specifically because the GIC is in an RRSP?
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