Motive Financial accounts migrating to National Bank | Page 14 | Motive Financial | Discussion forum

mechone said

Then why transfer? Have them go into savings account and withdraw the cash  

Because that would then be considered taxable income at your marginal tax rate and you would also lose that contribution room.

.
You can Bet that ⬆️ NBoC small-minded 'Pettiness' is just a Hint of things
to come.

As soon as my one-last Motive GIC matures in May, I'm ... Outa There‼️

My bags are already Packed.

Dean

mechone said

Then why transfer? Have them go into savings account and withdraw the cash  

If I withdraw cash from an RSP account I will have to declare
the withdrawal as income which I do not want to do. I am like a lot of others on this site looking for the best interest rate possible
& that more than likely would mean a transfer within an RSP to another FI.

The transfer fee reimbursement depends on the new financial institution.

Some won't reimburse period. After all, they themselves don't charge for transfers out.

Some, like Qtrade and National Bank Direct Brokerage, will reimburse when a minimum is met:

Switching is easy. Transfer $15,000 or more and Qtrade will reimburse your transfer-out fees up to $150.

We will reimburse your transfer fees up to $150

Transfer $20,000 or more into an account at National Bank Direct Brokerage and we will reimburse the transfer fees up to $150 plus taxes (reimbursement made one week after the transfer).

For terms and conditions, contact one of our agents at 1-800-….

A few, like Questrade, will reimburse, even for modest accounts:

¹ You can transfer any account to Questrade from another financial institution, regardless of the balance, and get your transfer fees rebated (maximum rebate $150/account). No limit to the number of accounts you bring over. For a rebate, submit a statement from your financial institution displaying the transfer fees incurred within 60 days of the transfer request being submitted to Questrade. …

After sitting on the phone on hold for hours on Monday I gave up on calling Motive to update GIC renewal instructions, and left my info for a call back. Never heard from them, so sent in request by email on the 11th and that was successful, they replied 2 days later and my instructions were updated on the 13th.

Then there was a message on their site when I logged in to confirm the updated instructions, that their phones were now down intermittently.

This morning I got the call back, six days later on a Sunday at 11:00 A.M! Missed it so they left a message.

And only to inform me that the deadline to update instructions before the merge was yesterday, the 15th. Any updates now have to wait until after the merge.

Lucky I got in under the wire with the email.

No downside other than making sure you get the timing right, accounting for the bank's processing time, and potentially losing some time on any interest, but usually this is minimal.

The upside is that you have far more control over the timing vs a bank transfer of the TFSA account. And with a bank transfer of the account, there is greater potential to lose even more time, as this can some take many weeks, based on many stories.

That is also a learning to pick and choose the timing of GIC purchases so that one does not have it mature at inconvenient times such as right around Dec 25th.

Alexandra said

I received my enrollment letter today.  

Same here.

Just adding my random reply to this support thread. After waiting forever and then getting hung up on last week by National Bank I just gave up. My main issue was why the hell are they transferring all of us Savvy Savings Account customers (one of the main reasons to be at Motive as a lightweight "savings" bank - as a working bank I'm EQ all the way) to their full service account. I suspect the *VAST* majority of us don't need or want this. Why not a promotional rate with their Cash Advantage Solution or High Interest Savings Account ("high" yeah, lol, currently .55%)?

What little I got out of them before they dropped the call was that to change account types I need to talk to the branch. I was floored that I now had a branch, what kind of step backwards is this. Upshot is that between the chaos and potential bonus rates for the first year I'll just leave it as is and clean up after transition.

Unfortunately I have a bunch of stuff maturing late this year and thought the first 8 months of next so couldn't just close out and say piss off. Also I have have a nice set of laddered GICs which means I will have to deal with these knobs for another 5 years. Also makes it tough to consolidate and transfer out RRSP because I doubt I will want to stay unless they improve their GIC rates.

In the end my biggest question is why did they have to destroy Motive as opposed to keeping it as the discount/lightweight ebank arm?? I get rolling full service CWB folks into National but why us Motive crowd? Scotia did this with ING acquisition and maintaining Tangerine and CIBC has Simplii. Most folks are eventually going to evaporate now because there are *MUCH* better options for a virtual working bank and I'd also argue full service back.

Anyhow see all you folks on the other side. LOL.

Laertes said
I think I waited too late to close my accounts. The Motive website says they're having problems with their phones. I've drained my accounts, except for my TFSA ($1.00) because I have a TFSA GIC, and figured I would hold on to the TFSA for now.

So, is it probably best to just wait until the transition over the weekend, and then close the NBC accounts?

Their hold music and the voice are pretty annoying..... I'm on hold now as I type this.  

I was able to close my Motive account on Monday morning.

I called at 9 am Eastern (7 am Mountain) when they opened, and was on hold for only 25 minutes.

But I think you have to empty or transfer your accounts before closing them.