Motive Financial accounts migrating to National Bank | Page 9 | Motive Financial | Discussion forum

LarryS said

We have all of our Motive GICs that have maturity dates in 2026 or later set to "not renew" (yes, that RNU message shows up on each one online, but nothing is sent by mail). Supposedly these non-renewal instructions are to be carried forward to NBC, with the principle and interest deposited into an associated account. However, after migration I will be calling NBC to ensure the instructions did get carried forward...or maybe look online first to see if it's obvious.  

Ya, thanks. Shows up on line, so I printed out each one while on-line showing the RNU message. Just saying, if you save that page to download for files, the download will not show the RNU message. NBC is going to be very busy after the transition.

Dean said
.
Alexandra ⬆️ ... Unfortunately, the maturity.RNU.msg for my Motive GIC shows nothing (it's not a link to the maturity instructions).

How does one access the maturity instructions ?

Dean

P.S.
Also, in the 'More Details', it shows; "Interest calculated and transferred to Motive GIC 0000#". Which makes no sense to me.   

OK ... I'll Bite again . . .

So if it's not a link to anything, what does maturity.RNU.msg actually Mean ... and/or how do you access it ?

Thanks,

Dean

P.S.
I'll be So Glad when All this Motive/NBoC *&^%$# is over and done❗

What a mess. Why do all good things (Motive) go to crap (NBC)? I don't want anything to do with NBC so this is my plan.
Situation: I have a Motive GIC that pays the monthly interest into my Savvy savings acct. It will still be active 12 months after the migration.

Following migration I plan to:
-close all NBC accts resulting from the migration
- open a no fee NBC HISA acct and have the GIC interest deposited into it
- at another digital bank I will link to this new NBC HISA acct
- each month I will pull the interest out of the HISA acct (1 free transaction per month)
- on GIC maturity I will pull the Interest & GIC principle.
- close the HISA acct

Can anyone confirm linking to the NBC HISA from another will be possible?

frugal lady said

Dean said

OK ... I'll Bite again . . .

So if it's not a link to anything, what does maturity.RNU.msg actually Mean ... and/or how do you access it ?

maturity.RNU.msg means to not auto renew the GIC.
and when you do so, you gave instructions what to do with the P + I of the GIC i.e. transfer to Savvy Savings acct, etc.

I am now going to call Motive and have them transfer mature GIC to an external link and then I can close my Savvy Savings account.

  

I didn't realize RNU means to not auto renew the GIC. I just figured it meant on maturity to look at the Renewal Instructions.
Anyway thanks for that. I didn't realize you could ask them to transfer funds to my linked external account. I wish I had known. As I said I called them to change my maturity instructions from "renew" to "transfer to account" . I don't want to call again to see if they can deposit to my CIBC account.

Dean if when you go into Account Activity and then to More Details and it says maturity RNU.msg then it means (i think), that your GIC will go into your savings account and will not renew. I made copies of these after I had the maturity instructions changed as the original GIC acknowledgement of course still has to renew at maturity. I copied them on-line because if I download it the "details"
section doesn't show up and so no proof of RNU.msg.
I can't wait for all of this to be over with. Between Motive account, non-registered GIC's, TFSA GIC's, TFSA account and then CWB RRIF GIC's ,AND then there is CWT GIC. And then of course dealing at the same time with the transition of MOTUS to C.C. Nice though to have people here going through the same thing.

savemoresaveoften said
As expected, Motive confirmed any external FI account linked will not be functional once migrated to National Bank, which is consistent with what big banks are doing (no links to other big banks).
So keep in mind even tho you may have instructions to send matured GICs $ to external acount, those instructions will not be carried out. The No autorenew will get carried over, with principal and interest deposit into the new national bank account once migrated.
On the plus side, rep confirmed new national bank account includes 100 cheques which one can use to transfer the money out.  

Thanks for doing that save-more. Those cheques will be used every single time I get a matured GIC! It's going to take a few years, but eventually I/you/we will be rid of them.
Dean: I am embarrassed to say, after all my talking, that the downloaded GIC info from Motive will print out with the do not renew message. It just doesn't show until you go to "print".

savemoresaveoften said
As expected, Motive confirmed any external FI account linked will not be functional once migrated to National Bank, which is consistent with what big banks are doing (no links to other big banks).
So keep in mind even tho you may have instructions to send matured GICs $ to external acount, those instructions will not be carried out. The No autorenew will get carried over, with principal and interest deposit into the new national bank account once migrated.
On the plus side, rep confirmed new national bank account includes 100 cheques which one can use to transfer the money out.  

Oh darn, external FI links won't work on migration.

Pythagoras said

Could you please clarify what it means "accounts can be void of package..." Are you saying interac e-transfers will not be free?

One doesn't need to keep "The Total" package on the CAD Progress account after the waiver of the $28.95/month for the package is over. One can just have the CAD Progress account with no package and pay the per-item fees for the transactions.

The per-item fees for the CAD Progress Account are on page 28 of the Fee Guide for Personal Banking Solutions that avryw gave the link to. $1.25 for each cheque or pre-authorized debit. $1.25 for sending a Interac e-Transfer plus $1.25 for the withdrawal.

So today I received a second package. Today's is the Migration letter from CWB to National Bank.

Both packages are identical except the booklet from Motive says on front cover,
Welcome to National Bank ..Product and Service Migration Guide - Motive Financial and from CWB, Welcome to National Bank--Product and Service Migration Guide - Personal. The cover pages have different photo's!! The booklet contents are identical. The enclosed pamphlet is also identical except the wording on page 2 for #1 & #2 paragraphs. These have different wording.

Just in case anyone gets confused between the two.

The two booklets are not the same.

For example, the Canadian Western Bank chequing and savings accounts will be migrated to National Bank chequing and HISA account. In contrast, the Motive chequing and savings accounts will be migrated to National Bank CAD Progress accounts.

Are they planning to take over WCB branches as well?
What would be the best way to collect my GICs once they are mature? Writing a check to myself? Thanks