Motive Financial accounts migrating to National Bank | Page 23 | Motive Financial | Discussion forum

Kyle said
Part of my earlier post from November 27:
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!  

Good news - the $2.00 test transfer I initiated from Simplii on Thursday, November 27 to pull funds out of my migrated Motive account (now a CDN$ Progress Account at National Bank) was successful. The $2.00 showed up in my Simplii account this morning (Mon, Dec 1), and the $2.00 was debited from the CDN$ Progress Account that corresponded to the Motive account with the PAD (I had two CDN$ Progress accounts migrated from Motive and only one of them was set-up with a PAD at Simplii, so it was good to see the debit occurred on the correct Progress account). The $2.00 debit transaction on the Progress account at NB was not listed/posted until a bit later the same day (sometime in the afternoon).

Based on this, it appears that existing PAD's set up for Motive accounts at other Financial Institutions are working as promised (for a period of 12 months after the migration).

dell15454 said
I had a PAD set up to send money from Motive to Simplii. This is no longer available

JohnnyCash said

Set up a new one at Simplii to pull funds from NBC.  

Meanwhile, if the PAD is from the Simplii side, it will be honoured and processed by NBC for 12 more months.

scrooge said
I ended up with 2 Progress accounts, each under 'The Total' package, one formerly the Motive chequing account and one the former Motive Savvy Savings account, so presumably one earns 1.75% and one earns 0.55% based on the chart.

I can tell which is which only by the balance I had in each, otherwise there is no indication one is earning a different rate than the other. They should certainly display the rate in the details section.

I had only pennies in each, so it does not matter much. No current plans to use these accounts except briefly when my GICs mature, to hold those balances until I complete transfers out.

I also had $0.17 sitting in my Motive TFSA variable account, which is now a TFSA certificate that I can't withdraw, with no maturity date, earning 0% interest. lol. I hope I can withdraw it when my other GICs mature. So I will need to call in about that.

It's good to hear from others that maturity instructions did carry over. However, since my GICs were set to be deposited into my Motive TFSA variable rate savings account on maturity, which is now, as I said, a non accessable certificate earning 0% with no maturity date, and I certainly dont want my large GICs being deposited into that, I will need to call in before the first one matures in January and make sure they are deposited into the NBC TFSA Cash account instead, so I can withdraw.

Waiving the fees indefinately was a nice touch by NBC, but they will have to offer a permanent interest rate boost for former Motive members before I see any real use for these accounts.  

As far as the Motive TFSA VRSA goes, a week before the migration to NB I transferred the total balance to my Motive Savvy Savings account. Once the migration to NB happened I logged into our new NB website & there was a TSFA account showing with a small balance that I assume was from accrued interest? Anyhow the small amount showed as a TFSA GIC instead of cash. I email NB & asked that the small amount be transferred to the NB savings account & it was immediately transferred so I guess it was a cashable GIC?

dommm said

.... Once the migration to NB happened I logged into our new NB website & there was a TSFA account showing with a small balance that I assume was from accrued interest? Anyhow the small amount showed as a TFSA GIC instead of cash. I email NB & asked that the small amount be transferred to the NB savings account & it was immediately transferred so I guess it was a cashable GIC?

That wasn't a GIC. That was the National Bank Cash Advantage Solution (CAS) in a TFSA investment account. Motive TFSA savings accounts were migrated to CAS's. Likely same as what Kyle reported.

5.9 Motive Financial Accounts Migrating to Cash Advantage Solution describes what the Motive TFSA Savings Accounts were migrated to.

dommm said

As far as the Motive TFSA VRSA goes, a week before the migration to NB I transferred the total balance to my Motive Savvy Savings account. Once the migration to NB happened I logged into our new NB website & there was a TSFA account showing with a small balance that I assume was from accrued interest? Anyhow the small amount showed as a TFSA GIC instead of cash. I email NB & asked that the small amount be transferred to the NB savings account & it was immediately transferred so I guess it was a cashable GIC?  

Thanks for that info, I will try email also and get mine transferred.

scrooge said

Thanks for that info, I will try email also and get mine transferred.  

Once logged in on the left side you will see "Help & contacts". If you click on that you will see a "Contact us" tab. Once you click that tab you will see "Send an email" which opens a new box where you can make the request. gl

Many customers like me closed our accounts as soon as we got the official notice. I had no interest in wasting hours on hold trying to reach customer service once the transition was complete.

In a surprise move, they grandfathered the remaining customers who didn’t jump ship. I’m still willing to bet there’s some fine print saying they can end that at any time. The bank is just poorly managed, and honestly it’s good riddance, with a splash of regret that I closed my account a bit too early, lol.

Norman1 said
National Bank organizes its TFSA's differently than Motive did, with each Motive TFSA GIC and each Motive TFSA savings account being a separate account.  

Not that I have any investment accounts* of any kind with the banking side of banks, and pardon my ignorance and risk of derailment, but for my own education, are you saying that some banks (and maybe CUs) have separate accounts for each type of asset, i.e. a TFSA savings account, 3 TFSA accounts for 3 GICs, etc? Isn't that as archaic as the abacus? Why wouldn't all TFSA holdings be in one umbrella investment account with one portfolio value established on Jan 1st of each year and one minimum annual withdrawal?

* I have only ever had a chequing account and maybe a savings account with a bank, but never an investment account of any kind.