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Motive Financial new account opening process and timeline
November 30, 2018
7:37 am
Alexandre
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Almost exactly 8 years ago Prag created new topic Canadian Direct Financial new account opening process and timeline. I do like how he presented his story, and as I am in the process of opening an account with Motive Financial (formerly Canadian Direct Financial), I decided to share my experience in similar manner. Perhaps, it would be interesting to compare how things have changed in 8 years.

I first noticed Motive Financial when I saw "Motive Financial introduces 2.80% savings account and a free chequing account with unlimited Interac e-Transfers" on this Web site.
I was looking for a bank, not CU, to park some of my savings with attractive interest rate, so I got interested. Why not CU? Just personal preference, nothing more.

Then, I saw the $25 promo from Motive which was the final incentive for me to decide to open an account with them. Someone later said that we might not get that promo unless money will go to Motive account from Zag bank, but I have already made a decision to open account with Motive, so will go through it. Call it the power of marketing.

So, on November 15 I've submitted my application, through Motive Web site, to open Motive Savvy Savings account. At the end of the submission process I've got Web page confirming successful submitting of my application, with Application Number.
I have also got automatic email from Motive confirming my submission, but it did not have Application Number in it.

Hint: Print confirmation Web page or write down Application Number from it, just in case you will need it when contacting Motive in regard to your application.

November 30, 2018
7:51 am
Alexandre
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November 16

As instructed by Web page confirming my application, and by FAQ topic on opening new account with Motive from their Web site, I mailed them a personalized cheque from my account at another Canadian bank, made it for an amount of $15.

There is Canada Post strike ongoing now, so I was concerned my letter could be delayed. Apparently, the only way to complete an application and get account created is to mail a cheque.

Luckily for me, this time it were rotating Canada Post strike, so my letter went through rather quickly, as I learned later.

Interestingly, they do not ask to write an application number on cheque. Perhaps, they do not have too many new applicants daily, or they have quite efficient process of matching cheques with applications without need to see application number.

Hint: I suggest writing application number in Memo section of cheque that will be sent to Motive, just in case.

November 30, 2018
9:16 am
AltaRed
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Motive appears to still be in the dark ages on new account openings if that is their primary option. Regulations recently changed such that cheques should no longer need to be mailed in to activate an account or set up a me2me transfer.

For instance, I opened an EQ account a few months ago. The verification process for me2me was for them to send 2 very small deposits to the FI that I specified in my EQ application. Once I saw those 2 small deposits in my FI account, I just had to verify those deposit amounts during my EQ banking login and the job was done. I then simply pulled money via EQ into EQ to fund my account. About as easy as one can imagine.

November 30, 2018
10:06 am
hisuser1
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I emailed a scan of the void cheque in the evening and they set up the link the following day.

November 30, 2018
10:08 am
Alexandre
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November 20

Email arrived from Motive telling me that my application for the Motive Savvy Savings Account has been received and processed, effective today.

Email has two attachments: Signature Card and Declaration of Tax Residence for Individuals.
They expect me to fill those and send back by mail, email, or fax - but both these forms ask for account number. I do not have it yet.

Now that application was processed and account was created - my Welcome package should be on its way. Email states my Client Card will be mailed in 7-10 business days. Fingers crossed, continuing Canada Post rotating strike would not delay it much.

November 30, 2018
10:09 am
Alexandre
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November 22

I can see in web banking page at my "another Canadian bank" that cheque I mailed to Motive was cashed today.

November 30, 2018
11:03 am
Alexandre
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November 26

My Welcome package from Motive arrived in the mail today, way sooner than I expected. Slipped through rotating Canada Post strike just between closures of mail processing facility serving my area.

Welcome package is nothing as fancy as Prag received 8 years ago. It is just debit card (a.k.a. Client Card) and few pages of small print defining rules and responsibilities of both parties. Letter also re-iterates that PIN and temporary password for web banking (a.k.a. Access Code) will arrive later, in a separate envelope. It also recommends to activate debit card by calling Motive.

The debit card does not have my name preprinted on it. Last eight digits of the card are login name for Motive web banking. My guess would be, by not printing cards customized with account holder name they could have quicker turnaround in account creation process. They must have pre-printed debit cards ready to be send to new account holders.

I phoned Motive same day. Just like Prag's experience, the person on the other end of the phone line was clearly Canadian. She activated my debit card, whatever it means, also asked if I had a chance to login to web banking page. I said "not yet" as I am still waiting for letter with Access Code.
Then, I asked if she can provide me with temporary password - and she agreed to. She went with me through multiple questions confirming my identity before giving me temporary password.

I logged to my account at Motive web banking site. I saw my deposited cheque, still on hold, and account number - which is included in account name. Quite convenient.

Hint: If you don't want to wait till second envelope will come with temporary password for web banking (a.k.a. Access Code), just call Motive. They'll give you temporary password, which will save you few days if you are eager to see their web banking interface and your new account number.

November 30, 2018
11:08 am
Alexandre
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November 26

Logged to Motive web site and opened Chequing account with them. Their FAQ says after opening Chequing account I should receive an email with the form for ordering first 50 free personalized cheques. Email did not come. No big deal: I just downloaded Cheque Order form from Motive web site.

Now that I have Motive Chequing account with free unlimited number of deposits and transactions, time to set ETF link to it at one of my other banks I have accounts with. I selected EQ Bank, they only ask for Transit, Institution and Account numbers to set the link.
Most of my other banks I have accounts with will ask for personalized cheque to set ETF link, I do not have them yet from Motive.

Tangerine has the same process as EQ, but I maxed number of linked accounts at Tang - they only allow three.

Configured link at EQ web site, now EQ is supposed to send two small deposits to Motive. When they arrive, I'll enter them on EQ site and link is established.

Hint: Motive Transit and Institution numbers are pre-filled in Direct Debit form that can be downloaded from their Web site. Motive account number is included in account name.

November 30, 2018
11:47 am
Alexandre
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November 27

Two small deposits arrived to Motive account from EQ Bank today. That was fast.
I now have EQ linked with Motive, can send money back and forth. As soon as my cheque at Motive is off hold I'll pull few dollars from Motive to EQ to see that ETF works without issues both ways.

Unfortunately, my EQ account is not the one from which money will be going to Motive. It will be account "at another Canadian bank", initial cheque I sent to Motive was from it. I do not see link to that "another Canadian bank" set in my Motive account.

Why did I link Motive to EQ, then? Because, if Motive drops their rate below what EQ has, my money will flow from Motive to EQ.

November 30, 2018
11:51 am
Alexandre
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November 28

Faxed to Motive three forms: Signature Card, Declaration of Tax Residence for Individuals and Cheque Order.

I happened to have fax machine in my posession, which collects dust most of the year, but now it comes handy. I could have scanned and emailed filed forms, but I am assuming that fax machine collects dust at Motive side, too, which means anything that arrives through fax might get faster attention. Will see.

Also, I am having a bit of fun sending faxes just like in old good times when we did not have widespread Internet yet.
I still remember these times, and I am even not of a retirement age yet.

Hint: While Motive web pages and FAQ say you can fax forms to them, there is no fax number on their Contact Us web page. You can find Motive fax number in signature section of welcome email you'll receive after they process your application and open your account.

November 30, 2018
2:15 pm
Alexandre
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November 29

I still do not see link to my "another Canadian bank" set in my Motive account. I can't move my money to Motive yet.

Phoned Motive. Got through right away, just like last time, with no waiting on hold. An agent was absolutely not in a rush and was ready to spend as much time with me on the phone, as necessary. That was nice experience.

He told me that I must submit Money Transfer Authorization request, even for a cheque I sent when opening an account. This is different from how some other banks do - they deposit your cheque and automatically create link to the bank which issued it.

Motive FAQ says I do not have to re-send a VOID cheque if it is a link for the same bank my initial account opening cheque came from. I asked agent to verify, to my surprise he told me that they do not have my cheque on file: they did not scan it before sending somewhere (I didn't ask, where).

He also confirmed that three forms I faxed yesterday arrived and now on file.

OK, so turning on my fax machine again and faxing Money Transfer Authorization form with yet another VOID cheque attached, right away.

November 30, 2018
2:16 pm
Alexandre
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November 30

Letter with debit card temporary PIN arrived today. I went to the nearest EXCHANGE Network ATM and changed PIN.

An email arrived today late afternoon, confirming that my "another Canadian bank account" is now linked to Motive account. Looks like faxing forms is still an option with Motive.
Will be moving few hundred dollars to Motive to verify that link is set correctly.

What's left is to have hold clear from my initial cheque deposited to Motive account so that I can test pulling funds from it to EQ Bank, and wait for a checkbook to arrive. The rest is all set.

December 1, 2018
1:47 pm
Alexandre
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Conclusion

In November of 2010, 8 years ago, it took Prag 22 days to set an account with Canadian Direct Financing (now Motive Financial). He had to mail a cheque, make a phone call to activate Debit Card. He must have sent them few filled forms, as well, but he does not mention it.

Fast forward to 2018. It took me 15 days to set an account with Motive Financial. I had to mail a cheque. I made two phone calls, one of them would not have been necessary. I sent Motive a couple of filled form.

So, there is an improvement - bank acts faster for new client. Not sending fancy welcome package might have helped.

The process to open an account was not that challenging or time consuming. Yet, I have not done so much paperwork with any other bank lately, and I mean paperwork literally: all those forms I had to fill, print, sign and deliver to Motive.

It almost feels like a bank of old good pre-Internet days, which tries to get up to speed with the new times without spending much on changing its process flows.

I am not complaining, just forgot how it used to be and got reminded.

Also, from Motive Financial I am getting debit card and free cheques. They have very friendly and helpful client service agents.
Not every Internet bank delivers you that. Considering that, who cares if opening an account takes few forms to print.

December 1, 2018
8:30 pm
Vatox
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Wow. All I had to do for EQ, was fill out the online application, write a cheque(other FI) to myself and take a photo of the front and back of the cheque. The account on the cheque was automatically linked and amount deposited.

That was it, all done!

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