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Email this9:04 am
January 12, 2019
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.
Thanks for that ⬆️, Norman (Post #20)❗
We're 'Finally' Back to the subject at hand.
- Dean
" Live Long, Healthy ... And Prosper! "
1:43 pm
May 18, 2016
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JohnnyCash said
I might be a bit cynical, but I have a feeling Motive Savvy Savings clients will end up being transitioned to the National Bank HISA product. I had a look at their HISA product, like most of the other BIG 5, not impressive. Here are the associated fees:*Service charges
Interac ® e-Transfers: $1.25
Bill payments at the counter:3 $2
eStatements: Free
Paper statements: $2.50
Free online fund transfers between your National Bank accounts2
ABM withdrawals: One free withdrawal per month
All other debit transactions:4 $5https://www.nbc.ca/personal/savings-investments/accounts/high-interest.html#notes-item-dadd9b08cb
I just applied a CT bank account online to replace coming migrated National Bank account. I can't believe NB even charges e-Transfer and Bill payment. Once my CT bank account is ready I am done with Motive Financial.
2:24 pm
January 12, 2019
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You ⬆️ and pretty much everyone else, RYAN ... LOL 
There's building a Great Sucking Sound at Motive Financial (& CWB?) ... and it'll soon reach a 'Crescendo'❗
- Dean
" Live Long, Healthy ... And Prosper! "
3:03 pm
October 27, 2013
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Except few would likely actually use their High Interest Savings Account for the services post #22 has listed. One would want one of their 3? chequing accounts instead. https://www.nbc.ca/personal/accounts/chequing.html
High interest savings accounts in a big bank are, except for select promos, an oxymoron.
3:05 am
November 18, 2017
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*Service charges
Interac ® e-Transfers: $1.25
Bill payments at the counter:3 $2
eStatements: Free
Paper statements: $2.50
Free online fund transfers between your National Bank accounts2
ABM withdrawals: One free withdrawal per month
All other debit transactions:4 $5
Odd.. does this put phone and on-line bill payments in the "all other debit" class at a higher fee than counter payments?
RetirEd
6:30 am
April 6, 2013
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RetirEd said
Odd.. does this put phone and on-line bill payments in the "all other debit" class at a higher fee than counter payments?
That $2 may be for the in-branch bill payment only. The HISA withdrawal for the bill payment would be an additional $5. Total $7:
| Chequing Account |
High Interest Savings Account* |
|
| At the branch | ||
| Withdrawal,* transfer* | $1.50 | $5.00 |
| Withdrawal for bill payment* | $1.50 | $5.00 |
| Bill payment service | $2.00/bill | $2.00/bill |
* The High Interest Savings Account allows one free transaction per month among the transactions listed with an asterisk.
Fee Guide - Personal Banking Solutions lists the fees for chequing and savings accounts.
9:15 am
January 9, 2011
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Everyone seems to have concluded that the National Bank fee structure will apply to transitioned Motive accounts. I'm sure the Monday Motive intro e-mail was sent to all, but I don't see anything yet about fees.
Was Motive's (online bank only arm) fee structure the same as CWB's?
Now I know the bla bla bla intro e-mail had the usual hypocritical marketing buzz words/lofty goals. But the statement "an unwavering commitment to growth" is impossible if BOTH the rates (which have already shrunk pre- takeover) AND fees are noncompetitive compared to the better online only banks. Especially when some of them are actively marketing their lack of fees. Instead, the withering customer base will make them look silly at best for what they paid.
My memory's not as sharp as it used to be. Also, my memory's not as
sharp as it used to be.
10:48 am
April 6, 2013
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The digital-only banking platform of Canadian Western Bank has little value to a bank like National Bank that already has both a physical branch network and an online banking site.
A digital-only banking platfrom has little value even to another digital-only bank! When it acquired Concentra Bank, Equitable Bank didn't even try to migrate Concentra's digital-only Wyth clients to their EQ Bank platform. Wyth clients were given a link to the EQ Bank site and were instructed to onboard themselves there before their Wyth accounts were closed and the Wyth site was taken offline.
12:03 pm
October 27, 2013
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Norman1 said
The digital-only banking platform of Canadian Western Bank has little value to a bank like National Bank that already has both a physical branch network and an online banking site.
Agreed that only one online platform is enough but why would they not consider emulating the Tangerine (Scotia) and Simplii (CIBC) experiment?
7:38 pm
April 6, 2013
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AltaRed said
Agreed that only one online platform is enough but why would they not consider emulating the Tangerine (Scotia) and Simplii (CIBC) experiment?
Because National Bank and other financial institutions know the experiment will end in insignificance. The history is there. A digital-only channel does nothing for a financial insitution that already has branches and online banking.
Desjardins Group wound up its digital-only Zag Bank. Meridian CU has recently started winding up its digital-only motusbank.
When CIBC entered into a partnership with Loblaw in 1996, people thought those no-fee PC Financial bank accounts would decimate the fee accounts at all the big banks including at CIBC. After 20 years, nothing like that happened. Instead, monthly and sevice fees went up at all the big banks during that time.
No-fee accounts don't mean much either!
7:35 am
October 27, 2013
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I understand both Tangerine and Simplii have not become barn burners but NB does not have to invent anything to keep the Motive platform operating. Kind of like keeping an oar in the water at no net cost could be a reason to keep digital only platform alive.
Regardless, I would be pretty sure Motive will not continue in its 'generous' current form. I also understand the big banks clearly do not need to play marbles in the playground with the digital guys fighting over the scraps.
9:48 am
November 16, 2019
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Dean said
.
Thanks for that ⬆️, Norman (Post #20)❗We're 'Finally' Back to the subject at hand.
Dean
This is so depressing. I have more money with Motive than anywhere 
8:22 am
April 6, 2013
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AltaRed said
I understand both Tangerine and Simplii have not become barn burners but NB does not have to invent anything to keep the Motive platform operating. Kind of like keeping an oar in the water at no net cost could be a reason to keep digital only platform alive.
…
It will cost National Bank to update the Motive platform after it gets rid of Canadian Western Bank's banking platform. The Motive web site won't be functional after that unless it is updated to work with National Bank's backend systems.
12:45 pm
May 28, 2013
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I have decided not to stick around to see how National Bank manages to mess up whatever Motive has accomplished. I am pulling out all of my cash at Motive and moving it elsewhere, and will then close the accounts.
2:01 pm
October 27, 2020
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rhvic said
I have decided not to stick around to see how National Bank manages to mess up whatever Motive has accomplished. I am pulling out all of my cash at Motive and moving it elsewhere, and will then close the accounts.
Where are you moving your cash to?
Are you having to open a new account with another bank?
3:55 pm
January 9, 2011
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AltaRed said
I understand both Tangerine and Simplii have not become barn burners but NB does not have to invent anything to keep the Motive platform operating. Kind of like keeping an oar in the water at no net cost could be a reason to keep digital only platform alive.Regardless, I would be pretty sure Motive will not continue in its 'generous' current form. I also understand the big banks clearly do not need to play marbles in the playground with the digital guys fighting over the scraps.
This is so true, especially the "oar in the water" comment (even if there is a small one time platform upgrade cost, big deal).
National is, for all intents and purposes, in almost all Provinces, a non-entity in the real competitive online banking deposit marketplace. If they don't take advantage of the Motive opportunity then they will be out of sight for the future. Sort of like Laurentian, LBC types. Motive is a unique opportunity for them that it seems most everybody thinks they will squander.
For National, it's a one time "Be there, or be Square".
My memory's not as sharp as it used to be. Also, my memory's not as
sharp as it used to be.
4:38 pm
April 21, 2022
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I too think Motive is an opportunity for NB, not that they may see it that way. It really wouldn't have taken much effort to have Motive take over and use CWB's bank institution number and modify its updated banking platform and app for use as a pure digital bank separate from NB.
5:26 pm
May 28, 2013
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Pythagoras said
Where are you moving your cash to?
Are you having to open a new account with another bank?
I am moving it to my Hubert account, where I will get a quarterly GIC, currently at an average 3.65%.
1:35 am
September 28, 2023
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I have quite a few GICs and TFSA at Motive right now.
All my free cash with them has already fled to greener pastures.
My plan is to wait for them to migrate me to NB.
Hopefully when it migrates they will link things up to my NBDB brokerage account, to enable simple transfers.
Near the end of the year for TFSA, I will pull all my money out of the account. (I will do so at Motive in early December if migration gets delayed, which is likely because I think they are focused on moving all of CWB first) That TFSA room will be used at another FI next year.
With those funds, and also as GICs mature, I will transfer the funds to NBDB, which just recently offered buying other banks GICs from within the brokerage account. I plan to research the CDIC limits of doing so before migration, and may consolidate GICs from other institutions in the future to consolidate the number of FIs I directly deal with, which should make laddering easier as well.
Any comments or warnings on this GIC-within-brokerage strategy would be greatly appreciated. This is new financial territory for me.
4:09 am
January 9, 2011
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Thanks, and especially for your final comment. I know nothing about this and perhaps others don't either, so I started a new subject in "GIC Discussions" 🙂
My memory's not as sharp as it used to be. Also, my memory's not as
sharp as it used to be.
Please write your comments in the forum.