Motive Financial accounts migrating to National Bank | Page 15 | Motive Financial | Discussion forum

InvisibleHand said

I don't understand this. As far as a working account EQ pays 2.75% at the moment (just down .25% after last BoC rate reduction). That's not bad. Other than that the only other things I have are promotions at Tangerine at the same 2.75% (expires end of December so we will see what gets offered after that) and Simplii at 3.4% till the end of January (they have some better new customer offers but we already have all of our accounts - you know I've never tried to cancel and see if there are L&R deals to be had).  

I don’t have direct deposit at EQ Back, so my savings rate is only 1%. Just how I roll. Tried to move my $12,600 from Motive today, but error message about my external (CIBC) account (“The account to credit for this transaction is invalid (302)”). Log in a bit later and my CIBC external is no longer even listed. Migration is this weekend, so it should be there and working. After 1.5 hours holding for Motive, I hung up and started e-transfers. I’ll move $10,000 today ($3k x 3 + $1k) which is the max for a week. I’ll get the rest post-migration. Such a sad end to Motive.

Norman1 said
Another member reported that fund transfers to linked external accounts would be gone as of Tuesday, Nov 18 at 4 pm MT.   

I got this email from NB on November 10th, and it contained:

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) | 6:00 p.m. (ET) on Tuesday, November 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.

The timing of access to certain National Bank products and services is subject to change. Watch your email for any important updates.

A pretty major change to only give 8 days notice of.

At least with only 12k, its only 4-5 e-transfers (over a few days due to limits) to yourself to clean out the account. I wouldn't do any over the weekend though to avoid issues. Could also pay bills from the account as well, thousands of dollars vanish quickly with todays cost of living.

One thing I have not received yet is my online banking enrolment letter. I am going to be a tad frustrated if I don't have that by the end of the week. They are cutting that mailing pretty close to the wire (I got the debit card and PIN a couple of weeks ago).

Sorry I missed that. Thanks!

Anyhow it looks like National has decided to bury the digital option. As I may have said I hope no one comes after EQ.

InvisibleHand said
Sorry I missed that. Thanks!

Anyhow it looks like National has decided to bury the digital option. As I may have said I hope no one comes after EQ.  

I wish EQ would add Joint GIC's and Joint Notice HISA's. I would have a lot more $ there if they did.

Rick Condon said
So I moved $10k out of Motive via e-transfers. I'll move the rest post-migration. Now comes the challenge. Where do savers go now?

Oaken Financial (2.80%) Letter of Direction for everything.
Bridgewater (2.70%) No self-serve banking.
Wealth One Bank of Canada (2.60%) Chinese.
Saven Financial (2.50%) Hard to setup account.
Canadian Tire Bank (2.40%) Bad customer service.
Hubert Financial (2.30%) No self-serve banking.
Neo Financial (2.25%) 63% 1-star Trustpilot reviews.

God forbid someone buys out EQ Bank. I'd be screwed.  

Letter of Direction?

The great things about Oaken ...

1. Two banks, Home Bank and Home Trust. So, two CDIC coverages.

2. Interface. Works quite well.

3. Buying GIC's. One at a time or many at a time. Maturities easily changed anytime online. All self-serve.

The only things lacking at Oaken ...

1. Transit numbers. You can't link to Oaken from say TNG or EQ. But you can link most FI's to Oaken. This means all EFT's must originate from Oaken.

2. Confirmation numbers for EFT's for ease of tracing if anything ever goes sideways. Never had an issue but still would be nice.

3. Checking. So, no bill paying from Oaken.

cgouimet said

Letter of Direction?

The great things about Oaken ...

1. Two banks, Home Bank and Home Trust. So, two CDIC coverages.

2. Interface. Works quite well.

3. Buying GIC's. One at a time or many at a time. Maturities easily changed anytime online. All self-serve.

The only things lacking at Oaken ...

1. Transit numbers. You can't link to Oaken from say TNG or EQ. But you can link most FI's to Oaken. This means all EFT's must originate from Oaken.

2. Confirmation numbers for EFT's for ease of tracing if anything ever goes sideways. Never had an issue but still would be nice.

3. Checking. So, no bill paying from Oaken.  

I like that you can also purchase a GIC directly from your linked accounts instead of having to transfer funds first into HISA.

cgouimet said

They already have Joint HISA's. How difficult would it be to have Joint GIC's?  

Joint HISA makes sense since a joint HISA can be a household operating account for which each spouse could transfer personal account funds into for expense purposes, bill pay, e-transfer, PAD, PAC, etc.

I suspect (my own opinion) the programming and back office aspects of Joint GICs are no big deal, but when one moves into the investment environment where GICs are assumed to be an investment to make a profit per CRA, where tax rules come into play such as attribution of income, spousal loans, beneficial vs legal interest, and creditor exposure from a JTWROS co-owner, it becomes a different matter for a financial institution which may be called on by court order to eventually sort out, particularly with a CRA query, or an estate settlement.

Too many people are unaware of the risks and complications of joint investments.

Added later: This JTWROS discussion is going off-topic and should be a discussion for a different thread.

I think Oaken is still a top choice for me - the main problem being the lack of printed records without visiting the downtown office, which wants an appointment. I won't be using it for daily banking at least until the VanCity and Beem (Blueshore) promotions stop at the end of 2025.

I don't mind the hassle of a branch visit for GICs, but matching records for frequent activity is just not on.

For the small amounts I usually work with in daily banking, I am willing to concede small amounts of interest and use Peoples and VanCity.

Rick Condon said

cgouimet said

Letter of Direction?

You're saying that this is not the case? I can setup an Oaken account, link to CIBC, and move money back and forth all by myself?  

Of course. I do it all the time from Oaken to/from TNG, BMO, TD, EQ, Hubert. All from Oaken online 24x365. No phone. No branch. No paper.

Why did you think you couldn't?