Motive Financial accounts migrating to National Bank | Page 16 | Motive Financial | Discussion forum

Rick Condon said

Just something I read. A couple of other banks don't allow self-serve banking, so I guess I just assumed. I have now applied for an Oaken savings account.  

Although I have GIC with Oaken I had a real struggle trying to link to Motive. Oaken wanted:
"As per our guidelines, we require the following documents to review and process,

An actual Void cheque or PAD Form (stamped and signed by an authorized signatory at the bank)
Unaltered bank statement from the last 30 days showing full name of all account holders and account number
Valid photo ID (eg, driver’s license)"

Needless to say I did not bother.

For me,
although I have several accounts and GIC’s with Oaken I had a struggle trying to link to Motive. Oaken wanted:
"As per our guidelines, we require the following documents to review and process,
An actual Void cheque or PAD Form,
Unaltered bank statement from the last 30 days showing full name of all account holders and account number."

I did as requested winter 2025, linked successfully for the purpose of moving funds out of Oaken to a cheqing acc. (Didn’t know it would only be useful for a short time).
Unfortunately I have left only two GICs with Motive maturing this Monday, Nov 24, so I must go through all the hassle for their transfer over to NBC, let alone the hassle of setting up the unused link last winter. 🙁

Rick Condon said

Will do! So far it's been a long day setting up the Oaken account.

1) Their online forms don't like non-street addresses (e.g. PO Box). I emailed Oaken a note containing my employment info. I selected "unemployed" on the form because it didn't like my employer's address and wouldn't let me proceed.

2) Even though I drew my signature on the screen during my application, I then get an email telling me I have to submit my signature within 5 days. I'll wait to see if I have to do that. I had my signature in my note to them.

3) I'm confused about their use of "investment" and "account". Maybe to Oaken the words are interchangeable. I definitely applied for a Savings "account". I'm guessing they mean "investment" for a GIC. I dunno.  

No FI likes P.O boxes. Does the CRA like them? I don't know.

Employed or not? You want Oaken to be legal and transparent. You need to do the same.

GIC an investment? Many FI's say yes.

cgouimet said

I never experienced any of that. Possibly??? Possibly more because of Motive and less Oaken? Maybe?  

That is possible, had no problem linking Simplii Financial.

Meanwhile, Motive still lives on the HISA and GIC Comparison Tables/Charts ... 🙂

cgouimet said

No FI likes P.O boxes. Does the CRA like them? I don't know. 

You can use a P.O. box as a mailing address for your bank accounts. You just need to go to a branch or call their customer contact centre you want to specify a mailing address that is different than your residential address.

In rural areas, this will be quite common, as one does not receive mail at their residential address.

Your mailing address can be a P.O. box, while your residential address cannot due to PCAMLTFA legislation.

Same with CRA. They need to know where you live, but you can specify a different mailing address.

Hope this helps.

Cheers,
Doug

All went smooth this-morning when setting up my NB online account. I had on Nov 12th transferred out the balance of my Savvy Savings to another FI but since I had not closed the account I also received a small amount of accrued interest that shows on my new ND Progress account.

JohnnyCash said

Are you a new NB client from the migration? Thought the new NB login setup wouldn't be available until tomorrow.  

I am a Motive migration client. There are 3 accounts showing, Progress Account with accrued interest dated Nov 24 ( I know today is the 23rd lol), an RRSP account that holds a 5yr GIC & a TFSA account that had a 0 balance that I had emptied.

Well, just signed into my new National Bank of Canada account. Everything went smoothly.

All funds are there including Motive, CWB and CWT!!

No where to change maturity instructions that I can see. Will have to phone re my RIF with CWB with payment due on 1st of Dec and TFSA maturity instructions

For those of you who successfully signed in today to your newly transferred NBC account, please advise what the interest rate shows as for the new NBC Savings? I believe it was supposed to be around 2%. I have not decided as yet whether it is worth it to do the validations/do the migration/set up of the new NBC account(s) if the interest rate is much less than the 2% originally stated.