Motive Financial New Account | Motive Financial | Discussion forum

Please consider registering
guest

sp_LogInOut Log In sp_Registration Register

Register | Lost password?
Advanced Search

— Forum Scope —




— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

No permission to create posts
sp_Feed Topic RSS sp_TopicIcon
Motive Financial New Account
August 8, 2022
8:39 am
dollarbill
London, ON.
Member
Members
Forum Posts: 22
Member Since:
December 25, 2020
sp_UserOfflineSmall Offline

Just completed opening new accounts with Motive. Took about twenty minutes and I was done with money transferred is as well.
That was the easiest account I've ever opened!

Kudos for them!!

August 8, 2022
9:39 am
Dean
Valhalla Mountains, British Columbia
Member
Members
Forum Posts: 2151
Member Since:
January 12, 2019
sp_UserOfflineSmall Offline

.
Thanks for sharing, Dollarbill ... I'm thinking of doing the same.

With Oaken's ongoing poor service and EQ's lower rates, I need
to add another (& better) FI to my list.

    Dean

P.S.
I don't recall anyone on these forums having
any beefs with Motive. Does anyone here
have any concerns they'd like to share
about Motive ❓

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

August 8, 2022
11:30 am
Nehpets
Ontario
Member
Members
Forum Posts: 994
Member Since:
December 20, 2016
sp_UserOfflineSmall Offline

Dean said

I don't recall anyone on these forums having any beefs with Motive. Does anyone here have any concerns they'd like to share about
Motive  

My experience with Motive has always been excellent, including calling for customer service.

Stephen

August 8, 2022
11:58 am
Peter
Admin
Forum Posts: 1444
Member Since:
May 15, 2007
sp_UserOnlineSmall Online

At the end of 2020, I decided to pull out all my funds from Motive Financial due to an experience that I detailed here: https://www.highinterestsavings.ca/forum/motive-financial/duplicate-bill-payments-error/. I have not returned since.

If you scroll back through the threads on Motive Financial, you'll see both positive and negative experiences, just like with most financial institutions.

I don't think that Motive Financial is any better or worse than average, and their rates are certainly eye-catching these days. I just wanted to highlight my personal story since Dean asked (and it happened less than 2 years ago), and I don't bring it up normally as I consider it a closed case.

August 8, 2022
12:14 pm
Bill
Member
Members
Forum Posts: 4022
Member Since:
September 11, 2013
sp_UserOfflineSmall Offline

Been with Motive since day one, my experience mirrors Nehpets. However I just use them for a HISA or GIC, stash money there when it suits me, no other transactions.

In general I notice on here that people that have difficulties with the ebanks are often using them for daily banking-type transactions, not just as a place to make some higher interest. I've used my TD Canada Trust chequing account for decades as my hub and daily banking place, never paid a fee, never had an issue, I like it.

August 8, 2022
12:34 pm
LK
British Columbia, Canada
Member
Members
Forum Posts: 199
Member Since:
July 9, 2020
sp_UserOfflineSmall Offline

My experience with Motive has been great. Room for improvement on GICS -- they have no option to payout at end of term, and default is autorenewal. You have to phone them in advance to have a payout at end of term. That is not cool in terms of user interface. Also would love it if they had 6 or 9 month GICs -- shortest term is one year.

August 8, 2022
12:58 pm
JohnnyCash
Member
Members
Forum Posts: 344
Member Since:
April 21, 2022
sp_UserOfflineSmall Offline

Motive is not my primary bank, however I do use them from time to time. I've yet to have any negative experiences since opening 2 savings and a chequing account 3 and 1/2 years ago.

August 8, 2022
3:02 pm
Dean
Valhalla Mountains, British Columbia
Member
Members
Forum Posts: 2151
Member Since:
January 12, 2019
sp_UserOfflineSmall Offline

Bill said

. . .

In general I notice on here that people that have difficulties with the ebanks are often using them for daily banking-type transactions, not just as a place to make some higher interest. I've used my TD Canada Trust chequing account for decades as my hub and daily banking place, never paid a fee, never had an issue, I like it.  

    Copy That & Ditto.

I only use my online eBanks & eCUs for investing in HISAs & GICs. For everything else (cheques / bill paying / etc.), I use my no-fee TD chequing & savings accounts, that I've had for years. It's worked like a Charm for me. And it just seems to make life simpler that way. sf-smile

And 'Thanks To All' for the feedback to my question in Post #2 ... especially Peter's feedback and comments in Post #4.

    Dean

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

August 8, 2022
6:21 pm
Laertes
Member
Members
Forum Posts: 50
Member Since:
June 10, 2020
sp_UserOfflineSmall Offline

I've noticed that if I phone customer service first thing in the morning, I get a quick response. But if I phone near the end of the day (within 2 hours of closing), I often wait for about 20 minutes without a response and hang up. Just today, I waited on the phone for 23 minutes and decided to phone back tomorrow morning. Not a dealbreaker, but maybe something to consider.

August 8, 2022
6:40 pm
AuntiD
Member
Members
Forum Posts: 4
Member Since:
June 9, 2022
sp_UserOfflineSmall Offline

I recently opened an account with Motive online as a new client. In order to fund the account, with an externally linked bank transfer, I had to fill out a form and email. Today I called Motive, to ask status of processing the Transfer link, in order to fund the account. I was told they were working on requests received on July 29th and that It'll take two weeks to get to mine!. Based on posts today on this forum, I'll try another phone call tomorrow to question that time span!

August 8, 2022
6:44 pm
Fogoguy
Member
Members
Forum Posts: 41
Member Since:
May 19, 2022
sp_UserOfflineSmall Offline

Over two weeks ago I applied for a savings account at Motive. I am STILL waiting for it to happen. (not kidding!) First off, they asked me to email them, so that they could tell me what I needed to provide for them to open the new account. I did that and then waited for over a week to hear back from them. Finally I received a reply... saying that I next needed to provide a copy of a bank/CC statement, as well as a recent utillity bill for goodness sake, to show that the info matches what I provided when applying for the account. And once again, I have been left hanging for well over a week again, and still... just crickets. Same thing happened when I tried to get a Meridian account last month. Jeez, what's going on with these people? Only time I've ever had a pain-free experience was when I opened an EQ account a few years back. I can't recall ever being this frustrated. I'm able to immediately make a 6-figure initial deposit, but it seems like no one wants my money. What gives?!?

August 8, 2022
7:20 pm
JohnnyCash
Member
Members
Forum Posts: 344
Member Since:
April 21, 2022
sp_UserOfflineSmall Offline

It would seem most online account openings are being thoroughly vetted, likely due new regulatory requirements for financial institutions to verify the identity of applicants. They have always had to do so, just seems the screws are tightening. I have a number of accounts that I don't utilize, I'm reluctant to close them as I don't think they would be as easy to open again if the need to use them once more arose. We as the general public are probably not aware of how much fraud and money laundering is occurring, that's my hunch. It may explain why some are experiencing painfully long account opening processes, or outright rejections. All it takes is one mismatch to a credit report on an application for it to go off the rails.

August 9, 2022
10:29 am
rodeworthy
Member
Members
Forum Posts: 196
Member Since:
February 1, 2016
sp_UserOfflineSmall Offline

My recent experience opening an account with Motive Financial could not have gone better.

I am especially pleased that a FAX number was provided and accepted as a link to send the personal information required to open the account. I consider this to be more secure that email.

• July 4 - I used Motive’s internal secure messaging to make the initial contact to open a Motive Savvy Savings joint account with my spouse. I made a phone call to find a workaround to providing a mobile phone number in the application. The call was answered immediately and the CSR provided the details on how to proceed. I completed the initial information and send the application request;

• July 5 - Received a welcome message from Motive and a request for additional information in the form of signature cards and RC518 forms (Declaration of Tax Residence for Individuals);

• July 6 - Requested forms plus copy of void cheque were completed and FAXED the same day;

• July 8 - Received confirmation of receipt of documents and request to call in for account login information which I complied with;

• July 9 - First Motive Statement shows account was created on this date; Two small deposits were made to my linked account with request to allow two days to complete transfer;

• July 11- I confirmed the transfer amounts to Motive;

• July 14 - I initiated a test transfer of $1.00. No problem. Made an additional deposit of larger amount the same day;

• July 21 - Made another deposit to bring account to CDIC limits. Intent is to move this money to GICs sometime after the Sept 7 BOC interest rate announcement. We will use this account for savings purposes only – the same as all of our other online accounts.

I suspect that some of the later application delays may be due to application overload considering this FI is now the current leader in HISA interest rate.

I am delighted to have this application go so smoothly and we now have another place to stash our cash.

The opposite is true of our attempt to do the same thing at DUCA but that is another story.

August 12, 2022
2:22 pm
evercareful
Member
Members
Forum Posts: 7
Member Since:
August 12, 2022
sp_UserOfflineSmall Offline

Opened a Savvy savings acct July 25. Created online within 10 minutes but could not link to an external acct during the acct opening process.

Apparently Motive uses Flinks 3rd party software to make the link but only during the acct opening process and it fails more often than not (according to Motive reps).

After acct opening you must fill out a me-to-me form and email it along with void cheque details to them, wait for 2 micro-deposits and phone in with the details. I could not download the me-to-me form in the Chrome browser ( a known issue) so Motive emailed me a copy that I printed, filled out, signed and emailed back.

When I asked why this was so outdated, I was told a new computer system was coming in the new year (I assume 2023) that should allow online external acct creation. The first external acct links (July 25) were created quickly (1 business day) but a subsequent request on Aug 1 took about 11 days as they were busy with new client requests.

I was able to push and pull funds from EQ bank no problem. Only able to push funds from Oaken as Oaken doesn't provide void cheque details. Pushes from EQ and Oaken were completed next business day. Just finished linking to Simplii. Will test next week via a pull.

August 13, 2022
11:11 am
Dean
Valhalla Mountains, British Columbia
Member
Members
Forum Posts: 2151
Member Since:
January 12, 2019
sp_UserOfflineSmall Offline

.
After reading through posts #10, #11, & #14 above (+ three or four recent posts in other threads) , I am now having 'Major' second thoughts about signing up with Motive. What a Gong Show

I just don't have the tolerance to put up with All that *&^%$# Nonsense.

Maybe I'll try next year ... if & when they clean up their act by then. sf-confused

    Dean

.
P.S.
This is yet another good example of how helpful
these forums are, and the valuable information
they provide.

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

August 13, 2022
2:36 pm
for interest sake
Ontario
Member
Members
Forum Posts: 44
Member Since:
December 7, 2018
sp_UserOfflineSmall Offline

Dean said
.
After reading through posts #10, #11, & #14 above (+ three or four recent posts in other threads) , I am now having 'Major' second thoughts about signing up with Motive. What a Gong Show

I just don't have the tolerance to put up with All that *&^%$# Nonsense.

Maybe I'll try next year ... if & when they clean up their act by then. sf-confused

    Dean

.
P.S.
This is yet another good example of how helpful
these forums are, and the valuable information
they provide.  

I don't know of one FI that has 'the process' down pat. If a good rate is being offered, and I'm just planning to let my money sit for a few months or so, then, at least to me, it's worth it. Not like I have to deal with them (the FI) or it (any of their processes) all the time.

August 13, 2022
5:43 pm
evercareful
Member
Members
Forum Posts: 7
Member Since:
August 12, 2022
sp_UserOfflineSmall Offline

One downside with Savvy savings is the withdrawal limit of 2 per month ($5 thereafter). Not a big issue but an inconvenience none-the-less. I understand this can be circumvented by opening a chequing acct and transferring from savings to chequing then sending an EFT (transfers between Motive accts are free and unlimited).

I like the straightforward interest rates with Motive. Tangerine and Simplii play games with their clients by offering new client teaser rates and special rates to "select" customers. You can google Redflagdeals "Tangerine Lottery" to get some idea.

I would advise folks to check out the withdrawal and deposit limits with the FI you're interested in. Motive has a generous withdrawal limit (if you push from Motive) of $150K per transaction with a max of $1M per day. Some small FI's such as Meridian only allow a max of $10k per day (you have to call for larger amounts).

I know it's preferable to pull money from one FI to another but sometimes it isn't feasible. Some FI's don't allow or make it very difficult to make an external link.

I hope Motive EFT's are handled quickly but I have no experience moving money out of Motive yet.

August 13, 2022
6:08 pm
Loonie
Member
Members
Forum Posts: 9391
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

Meridian CU is actually much bigger than Motive's parent, Canadian Western Bank.
The reason Meridian and others limit online transactions is for your security. as I understand it. As long as this can be overridden with a phone call that is promptly answered, it's fine by me.

August 13, 2022
6:29 pm
HermanH
Member
Members
Forum Posts: 1242
Member Since:
April 14, 2021
sp_UserOfflineSmall Offline

Loonie said The reason Meridian and others limit online transactions is for your security. as I understand it. As long as this can be overridden with a phone call that is promptly answered, it's fine by me.  

That is true only if they actually answer the phone. Motive is decent for service; Tang is not.

August 13, 2022
7:43 pm
lifeonanisland
Member
Members
Forum Posts: 244
Member Since:
January 13, 2022
sp_UserOfflineSmall Offline

HermanH said
That is true only if they actually answer the phone. Motive is decent for service; Tang is not.  

I would say, based on my experiences and Google reviews, that Motive's customer service is seriously lacking.

No permission to create posts

Please write your comments in the forum.