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Email this1:21 pm
February 14, 2014
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When I logged into my NBC account I saw the transit number 5561 somewhere. It didn't show a bank ID so a search for that came up with 006.
Above someone found 005, so I searched 005 and came up with the following:
"Canadian Banking Institution Number: There is no bank currently assigned the institution number 005 in Canada. The first four codes (001-004) are used by major banks (BMO, Scotiabank, RBC, TD), while CIBC uses 010 and National Bank uses 006."
Last night I used the NBC mobile app to photo-deposit a cheque for $15 to my savings account. That worked.
Today I added a link at Oaken for NBC. It uses Flinks so I didn't need to give bank or transit numbers. It present my NBC savings account with $15 in it. Click click click and it was done. I did a transfer to pull $5 from NBC. It completed, but I don't recall if my $15 deposit at NBC has a hold on it or not. So, the transfer might ultimately fail, but it seems to all be working.
When my small GIC matures in 2.5 years, I'll have a choice of pulling it from Oaken or sending it out from NBC using an Interact e-transfer.
2:08 pm
September 28, 2023
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The institution number is definitely 006. About a month before migration, I noticed a new transfer account link in my NBDB brokerage account that they automatically made. They are using 006 along with transit number 05561 and the account number is 7 digits (same as in NB but without the dashes).
2:32 pm
April 21, 2022
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RicksBank said
Today I added a link at Oaken for NBC. It uses Flinks so I didn't need to give bank or transit numbers. It present my NBC savings account with $15 in it. Click click click and it was done. I did a transfer to pull $5 from NBC. It completed, but I don't recall if my $15 deposit at NBC has a hold on it or not. So, the transfer might ultimately fail, but it seems to all be working.
If you look at your NB account 'details', it will show ' Current balance' and 'Available balance'. Quick way to see if the cheque cleared.
6:14 pm
April 6, 2013
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pentel said
Interesting, can't trust Google. Now it's telling me transit 0555-1 is in Vancouver and not the earlier Quebec. The floatfinancial has Institution Number as 005 while Google came up with 006. I guess will wait for the cheque book to arrive and see what address is printed on the cheque.
…
Not a good idea to be trying to deduce the numbers. Could end up with missing digits in the transit number or extra digits in the account number.
It is better to rely on an actual cheque for the account or a specimen void cheque generated by National Bank. See National Bank: Salary direct deposit for instructions to download a specimen cheque from online banking or the app.
7:29 pm
October 2, 2025
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Norman1 said
pentel said
Interesting, can't trust Google. Now it's telling me transit 0555-1 is in Vancouver and not the earlier Quebec. The floatfinancial has Institution Number as 005 while Google came up with 006. I guess will wait for the cheque book to arrive and see what address is printed on the cheque.
…Not a good idea to be trying to deduce the numbers. Could end up with missing digits in the transit number or extra digits in the account number.
It is better to rely on an actual cheque for the account or a specimen void cheque generated by National Bank. See National Bank: Salary direct deposit for instructions to download a specimen cheque from online banking or the app.
You're right, the void cheque will tell me what is the bank code. That should clarify the confusion.
9:05 pm
February 14, 2014
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JohnnyCash said
If you look at your NB account 'details', it will show ' Current balance' and 'Available balance'. Quick way to see if the cheque cleared.
Yes, I looked at that yesterday right after I made the deposit, but today I just couldn't remember what it said! I looked again just now and the funds are not on hold, so the transfer should complete OK.
8:37 am
September 30, 2017
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Norman1 said
"The Total" package cashback on the MasterCard annual fee looks one time and not every year:
...
I was looking at the out-of-province emergency medical coverage for age 65-75. Not too many cards has coverage over age 65. The annual fee is a show-stopper 
... it will be helpful if the Bank will offer some post migration incentive
9:45 am
November 18, 2017
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Come on folks, one shouldn't trust Google for ANYTHING. Go to the source!
RetirEd
10:38 am
September 28, 2023
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I doubt us Motive migrators will get any credit card breaks, because Motive did not issue credit cards. I bet those who had a CWB credit card got incentives.
10:42 am
September 24, 2019
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Good news for me today.
My annual RRIF payment with National is now showing in my CIBC account with the deposit date as it should be for the 1st of Dec.
I checked my account with National and indeed the expected amount was taken out of my lowest interest RRIF GIC. It doesn't show any transfers or activity. Just that the one GIC has now the lesser amount than was in there yesterday.
I'm relieved. The RRIF originally was with CWB. My next GIC with National is to mature on 26 Dec. It is a TFSA originally with Motive. I requested those funds not to be rolled over and to be directly deposited into my CIBC chequing account. So, fingers crossed. 
11:17 am
September 24, 2019
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Alexandra said
Good news for me today.My annual RRIF payment with National is now showing in my CIBC account with the deposit date as it should be for the 1st of Dec.
I checked my account with National and indeed the expected amount was taken out of my lowest interest RRIF GIC. It doesn't show any transfers or activity. Just that the one GIC has now the lesser amount than was in there yesterday.
I'm relieved. The RRIF originally was with CWB. My next GIC with National is to mature on 26 Dec. It is a TFSA originally with Motive. I requested those funds not to be rolled over and to be directly deposited into my CIBC chequing account. So, fingers crossed.
Oh, Correction: Looking at my notes. I'll have to phone CSR on 26 Dec to cash the old Motive TFSA GIC into CIBC. Have to do that with TFSA apparently.
However, have a non-registered GIC maturing towards end of January and hopefully that will be cashed into CIBC on that date as directed. Sorry for any confusion!!
3:45 pm
November 19, 2022
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My motive TFSA savvy account shows as “NBC cash advantage solution preferred rate” now with 0%. I only have $1 there so not worried as long as it is free.
7:14 am
August 7, 2022
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I just got an email from National Bank.. "We’re pleased to extend the offer of waived The Total® package fixed monthly fees for CAD Progress Account holders for as long as you hold the package."
That's great news. I transfered all my funds out but I still have a 4 year joint GIC therefore we will have no fees until we can transfer that money out and close our accounts.
I think they are panicking and seeing a massive exodus from Motive customers.
8:03 am
June 10, 2020
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I got the same email. I can’t help but feel there’s a catch. I know it’s only for accounts that were transferred over and not for any new accounts, but still, I feel like there must be more.
9:27 am
September 24, 2019
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Over half of my Motive/CWB/CWT will be maturing by mid October, 2026. With the exception of two RRIF's, the remaining half, all unregistered GIC's, will be maturing in 2027 through Oct 2030.
I will know by the end of next month if all maturing GIC funds are being deposited directly into my CIBC account as I requested. If so, I will never use the National Progress accounts. There would be no need. As I said the other day, my mandatory annual RRIF payment was deposited into CIBC.
I'm planning at this time to transfer my larger RRIF with them maturing in Sept 2026 to Wealth One Bank....maybe Home Bank. I will cash out the smaller of the two when it matures in 2030, currently paying 3.5%.
If I'm still alive in 2030 
the name National Bank will never again be uttered by me!
9:43 am
November 24, 2025
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They seem to be fixing and clafying things little by little so I assume everything will be working in a week or two. Meanwhile where is NBC actually holding or trading all the funds that we can't get at without going into a branch?
9:44 am
September 20, 2020
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Just want to thank Alexandra and Norman1 for your National Bank info. It was very useful. My wife and I have now set up our GICs to payout to an external bank account and should never need to deal directly with National again. Thanks both.
1:34 pm
December 1, 2025
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Kyle said
Hi again
In case anyone missed this other thread (https://www.highinterestsavings.ca/forum/national-bank/pad-migration-from-motive/) everhopeful provided a helpful answer indicating that on page 26 of the Motive Migration guide (see section 3.5), that PAD agreements and DD will be honoured for 12 months post-migration. I had missed this when I had scanned the Migration guide the first time so was very glad to see this. I presume this means that one can still transfer funds out of your migrated Motive accounts (now CDN$ Progress Accounts) if you initiate a transfer (pull) from the external FI that has the pre-existing PAD agreement?I have a PAD or EFT agreement at Simplii that allowed me to initiate transfers from Simplii to push and pull funds from my Motive chequing account (listed as a CWB account at Simplii). This was actually set-up before CDF was rebranded to Motive and transfers initiated from Simplii still worked fine all through the years up to the migration date. I did not use it a lot because I don't like the way Simplii forces you to post-date the transfer by a day at which point the pending transfer disappears - usually for another day before it re-appears in your transaction list yet another day later when the transfer actually occurs (the temporary transaction disappearance always unnerves me a bit, especially for larger amounts). Instead, I usually initiated transfers from the Motive side where I had another PAD agreement (for a Simplii account) - but that is no longer available.
Anyways, I am testing to see if the PAD at Simplii for my Motive (CWB) account still works - just logged into Simplii today and attempted to transfer (pull) $2.00 from that Motive (CWB) chequing account. If things go as usual, it will take about 2 business days before I find out if the $2 was successfully transferred OUT of the corresponding $CDN Progress Account at National Bank and into my account at Simplii.
Has anyone else initiated a transfer (either a push or pull) from an external FI having a pre-existing PAD for a migrated Motive account (now a CDN$ Progress Account). Did the funds transfer successfully?
Thanks!
Haven't tried this with the Motive to NBC migrated accounts yet, but an alternative way of transferring money out is linking an investing or LOC account (in my case TD Investing trading account) as bill pay. I make the payment to send money, when it arrives at TD I can transfer it to right away to various TD investing or chequing accounts.
2:18 pm
September 17, 2019
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I just got off the phone with National Bank. The interest rate on the CAD Progress account that used to be the Savvy Savings account is 0.55%.
2:27 pm
February 15, 2023
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BCgeorge said
I just got off the phone with National Bank. The interest rate on the CAD Progress account that used to be the Savvy Savings account is 0.55%.
Nope, should be 1.75% for migrated Savvy Savings Accounts. I believe the 0.55% rate applies to the Cash Advantage Solution accounts. See https://welcome.nbc.ca/motive-financial/rates.html.
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