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Email this10:19 pm
September 28, 2023
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I had a GIC mature this week and instead of doing a weeks worth of e-transfers, I decided to try routing it through my NBDB brokerage account. I scheduled a transfer for the next business day from NB to NBDB, and then the day after from NBDB to my external account. It worked great... the funds were in my external account late in the evening on the first day... and because it was a push from NBDB, there was no holds in my external account.
Quite pleased with the process, great option if you have your brokerage account with them. Just make sure to route it through a non-registered account to keep CRA from throwing a fit.
2:26 pm
February 15, 2023
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savemoresaveoften said
For those that have GICs maturing etc, once the money is back into your progress account, you can go to a branch and ask for a bank draft. Bank draft is free for the progress account. This way you can move the money without ordering the cheques which still costs like $8 delivery fee (cheque is free, shipping is not)
Good to know that bank draft is free. I've linked my Progress Account with both my Oaken and Saven accounts so that's also an option for those that don't want to make a trip down to the bank...and "trust" the EFT process.
2:28 pm
April 6, 2013
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AltaRed said
…, 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?
That's correct: Some TFSA issuers will organize each TFSA GIC as a separate account.
It's up to the issuer how a registered account is organized. According to the National Bank migration guide, Motive Financial did it the separate accounts way.
Also, Motive organized the registered accounts as deposit contracts. National Bank organizes them as trusts:
CWB will resign as issuer or carrier of your plan and will be replaced by Natcan Trust Company who will take over the administration of your registered plans as trustee. The change in trustee does not impact you. To consult the NatCan Trust Company Declaration of Trust which will govern your registered plan, visit nbc.ca/investment-info.
3:45 pm
October 27, 2013
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My head hurts now...
7:05 pm
November 18, 2017
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Because of the differing term dates and possibly interest rates, each GIC will usually be given a separate account number (or GIC number). There will often be an overall TFSA Plan number containing all the GICs.
RetirEd
1:44 pm
November 16, 2018
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When logged online at National Bank, has anyone been able to view or download a monthly statement for the post-migration portion of November yet (Nov 21 to 30th)?
In my case, there are no post-migration statements available for any of my migrated Motive accounts (now Progress Accounts in CDN$, plus GIC's in Non-registered and TFSA Investment Accounts).
Just wondering if this lack of a November statement is the same for everyone?
If it's everyone, maybe they have not got their act together yet and are waiting until early January before issuing the monthly statements for both November and December. Otherwise, if it's just my accounts, I guess I better contact them to find out what is going on....
2:11 pm
April 21, 2022
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Kyle said
When logged online at National Bank, has anyone been able to view or download a monthly statement for the post-migration portion of November yet (Nov 21 to 30th)?
I have a statement dated November 27 with the last transaction noted November 25.
3:33 pm
April 6, 2013
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Statements for the National Bank investment accounts are quarterly by default:
5.2 Investment Account Statement
Following migration, National Bank will automatically issue investment account statements to you on a quarterly basis, but statements may be issued to you monthly upon request.
Please call the Motive Financial Call Centre at … prior to migration or, after migration, visit a National Bank branch or call the National Bank Client Experience Centre (CEC) at 1‑888‑835‑6281 (toll‑free) to request a change in the frequency of your statements.
8:58 pm
November 18, 2017
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Pretty useless, as they say you have to report errors within 30 days or you'll have to go to authorities for correction!
RetirEd
5:59 pm
November 16, 2018
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JohnnyCash said
Kyle said
When logged online at National Bank, has anyone been able to view or download a monthly statement for the post-migration portion of November yet (Nov 21 to 30th)?I have a statement dated November 27 with the last transaction noted November 25.
That's interesting that JohnnyCash got a statement dated for November 27th - only 3 days post-migration.
Meanwhile, I still do not have any statements available online for my two Progress Accounts in CDN$ that were migrated from Motive (I set my preference for online statements at NBC when I set up my online account on November 24th). I had a dozen or so transactions on the two Progress accounts between November 24th and November 30th, so a lack of account activity is not the issue.
Given that the Progress Accounts are "bank accounts", I had hoped that statements for those accounts would be issued monthly, shortly after the end of each month. JohnnyCash's November 27th statement makes me wonder if the statement schedule will vary depending on the account owner going forward (which would be stupid) or if this is just a temporary statement delay issue post-migration.
In contrast, as Norman1 indicated, the statements for investment accounts (i.e. those containing migrated Motive GIC's, TFSA or RRSP savings accounts) are quarterly by default. Given that, there is no surprise that there are no online statements available for my NBC investment accounts yet. Supposedly the frequency can be increased to monthly by request.
Maybe I will give them a call early one morning to find out what is going on with the statements for my two Progress Accounts.
6:29 pm
April 21, 2022
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Kyle said
Given that the Progress Accounts are "bank accounts", I had hoped that statements for those accounts would be issued monthly, shortly after the end of each month. JohnnyCash's November 27th statement makes me wonder if the statement schedule will vary depending on the account owner going forward (which would be stupid) or if this is just a temporary statement delay issue post-migration.
Perhaps they issue statements like RBC ? I was thinking of changing my last name to Aaron, should be one of the first to get theirs close to the beginning of each month.
4:58 pm
November 16, 2018
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JohnnyCash said
Perhaps they issue statements like RBC ? I was thinking of changing my last name to Aaron, should be one of the first to get theirs close to the beginning of each month.
Thanks JohnnyCash!
I think you are right about the statement schedule - the timing is likely based on the account holder's last name. The monthly statement for my two Progress Accounts was finally available today online and was dated for December 13th. Based on my last name, that coincides pretty well with the RBC schedule that you posted. I did not realize that some of the banks did this - guess NBC does as well. My statements at other banks are dated for the end of the month or the beginning of the next month, so this was a first for me.
6:37 pm
January 12, 2019
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.
I'm a little late to this game, but I 'Finally' finished the process of opening up my new NBoC accounts that were migrated over from Motive.
Most everything seems fairly straightforward ... but with the GIC information, I can't see where the GIC Maturity Instructions are located. 
Can someone point me in the right direction?
Thanks,
- Dean
" Live Long, Healthy ... And Prosper! "
11:18 pm
January 10, 2020
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Dean said
.
I'm a little late to this game, but I 'Finally' finished the process of opening up my new NBoC accounts that were migrated over from Motive.Most everything seems fairly straightforward ... but with the GIC information, I can't see where the GIC Maturity Instructions are located.
Can someone point me in the right direction?
Thanks,
Dean
They are not on there.
Best to contact them just before they mature, and find out if your instructions carrried over.
I wonder if they send us a letter in advance like Motive used to. I guess I will find out as one of my GIC's matures in 5 weeks!
11:27 pm
September 28, 2023
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I had a GIC mature earlier this month, and before then I got 2 emails titled "Notice of automatic renewal of your GIC". Of course I did not want renewal at their crappy rates, so I called them to change. Have some patience, as I was on hold for 45 minutes, but it was worth it as I got a friendly Quebecer who changed the instructions on it and all my future GIC's as well.
I was glad to see the e-notification... Motive wasted a lot of paper and postage that they didn't have to.
9:38 am
January 12, 2019
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scrooge said
They are not on there.
Best to contact them just before they mature, and find out if your instructions carrried over.
I wonder if they send us a letter in advance like Motive used to. I guess I will find out as one of my GIC's matures in 5 weeks!
Thanks, Scrooge.
For one of the Big 6 Banks, that's pretty HickBilly‼️
One more reason to Get The *&^%$# Outta There (NBoC), after my one last Motive GIC matures.
Five months to go, and counting . . .
- Dean
" Live Long, Healthy ... And Prosper! "
10:26 am
September 24, 2019
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Dean said
scrooge said
They are not on there.
Best to contact them just before they mature, and find out if your instructions carrried over.
I wonder if they send us a letter in advance like Motive used to. I guess I will find out as one of my GIC's matures in 5 weeks!
Thanks, Scrooge.
For one of the Big 6 Banks, that's pretty HickBilly‼️
One more reason to Get The *&^%$# Outa There (NBoC), after my one last Motive GIC matures.
Five months to go, and counting . . .
Dean
I am just sitting and waiting on this one Dean. As I said before my annual RIF payment did go directly into my CIBC account without delay. I had the RIF with CWB and not Motive however.
Also, as I reported earlier, I did call a CSR and he changed all my up and coming non-registered GIC maturities over the next 5 years to cash into my linked account with CIBC. The next one is due on 11 January, 2026.
I also have three TFSA GIC's maturing soon. One on 26 Dec and two on the 2nd of Jan 26. The CSR said I would have to call them on the maturity date with instructions. He said they were open for business on the 26th (Boxing Day) and so I will definitely be giving them a call. I'll let you know how it goes.
Honestly, I think I'm going to cash them all in. I can re-contribute the Dec one but would have to wait until next year for the other two. But this way at least, I will no longer hold any TFSA GIC's with them. I think their best GIC rate, last time I checked was 2.85% for 3 years 2.1% for one and 2.65% for two year. They also have an 18 Mo. GIC at 2.55%. So, you know, can get 3.8 for 3 years with Achieva and 3.85% for 5yrs at EQ. I don't want to fool around with attempting transfers of the TFSA to another bank's plan.
11:06 pm
September 28, 2023
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Alexandra said
I also have three TFSA GIC's maturing soon. One on 26 Dec and two on the 2nd of Jan 26. The CSR said I would have to call them on the maturity date with instructions. He said they were open for business on the 26th (Boxing Day) and so I will definitely be giving them a call. I'll let you know how it goes.
That is a different answer than I recieved when I contacted them. I have a TFSA GIC maturing on the 25th, and the agent told me that he could change the instructions on the GIC to not renew, but he could only redirect the funds to my TFSA cash balance. I am fine with that because I am able to transfer out of that online by myself. (I really don't want to have to try to phone in on that holiday week, I am sure the hold time will be much longer than the 45mins a couple weeks ago)
I will definitely be checking on Boxing Day to confirm that their system does what he promised. I kinda get the feeling that their backend is a bit clunky, but they fit right in with most of the Big 6 on that... but its funny how all the errors are usually in the bank's favor. (unlike the Monopoly card hehe)
9:21 am
September 24, 2019
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everhopeful said
Alexandra said
I also have three TFSA GIC's maturing soon. One on 26 Dec and two on the 2nd of Jan 26. The CSR said I would have to call them on the maturity date with instructions. He said they were open for business on the 26th (Boxing Day) and so I will definitely be giving them a call. I'll let you know how it goes.That is a different answer than I recieved when I contacted them. I have a TFSA GIC maturing on the 25th, and the agent told me that he could change the instructions on the GIC to not renew, but he could only redirect the funds to my TFSA cash balance. I am fine with that because I am able to transfer out of that online by myself. (I really don't want to have to try to phone in on that holiday week, I am sure the hold time will be much longer than the 45mins a couple weeks ago)
I will definitely be checking on Boxing Day to confirm that their system does what he promised. I kinda get the feeling that their backend is a bit clunky, but they fit right in with most of the Big 6 on that... but its funny how all the errors are usually in the bank's favor. (unlike the Monopoly card hehe)
Thanks everhopeful. Maybe when I do call they'll say the same thing about my TFSA GIC saying something like the TFSA Savings account with Motive wasn't linked to my CIBC account so would have to go into my TFSA cash account with them first. We'll see. I guess Christmas time is not the best time to purchase GIC's!! Live and Learn.
8:30 am
September 7, 2018
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For those who migrated from Motive to NBC, what interest rate are u getting on your NBC HISA now? If I remember, they originally said 2% and then 1.75% but just wondering what it is now that the migration is finished.
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