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Motive Financial New Account
August 14, 2022
4:25 am
JenE
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I’ve had limited, but very good, customer service since joining a few months ago.

August 14, 2022
4:43 am
Jimmy
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dollarbill said
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!!  

I tried opening an account years ago. They claimed that equifax or transunion (I forget which) could not verify my address where I lived for over 6 years. They asked for an original utility bill to be mailed to them. I couldn't be bothered so I opened an account at EQ Bank, and more recently at Neo and Hubert. All without any issues and all online. Not sure what happened with Motive claiming my address couldn't be confirmed.

August 14, 2022
10:02 am
Dean
Valhalla Mountains, British Columbia
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lifeonanisland said

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

Yet another example of why I'm staying away from Motive, for now.

There's a similar situation @ Oaken, and the reason I presently only
have $1 & 27¢ with them.

Seems the older I get, the less *&^%@# BS I'm willing to put up with.

    Dean

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

August 14, 2022
10:41 am
gicjunkie
Ontario
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I generally only use Motive for HISA and GICs. I do have a chequing account to facilitate larger transfers to my home bank and to make an occasional etransfer.

They have usually been very easy to deal with and efficient. Any FI may be slow to answer calls during busy periods. Also, people tend to complain loudly about issues they have, but remail silent when happy with service. I have been, until now, a silent, but happy user of Motive's services and rates!

August 14, 2022
3:16 pm
Bill
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Exactly, and my experience too, gicjunkie. There are other positive posts here too re Motive, all depends on which side one chooses to heed.

August 14, 2022
5:54 pm
Fogoguy
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Fogoguy said
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?!?  

Just to follow up, I am still waiting to get my new Motive Financial savings account application finalized! Yeah, I really don't get how/why it takes so darned long to open a simple savings account! I mean, this makes absolutely no sense to me. But I should add that it seems that I just may... eventually... get my new account to where it becomes actually usable, but after weeks of jumping through endless hoops, I am still awaiting some sort of confirmation that I can finally begin moving funds into this account. I expect there will indeed be even more hurdles to come, but I did receive an email stating that they were still working on my file, and that I needed "to be patient, due to higher than normal application volumes". Even after all of this time, (I'm currently at almost 4 weeks!) I still feel as though I only have a 50/50 chance of ever getting this finalized.

By comparison, when I applied for my EQ Bank account two years ago, it took me all of three minutes, start to finish, and I was able to immediately and effortlessly link my other bank accounts to it and transfer funds. There was no messing around with having to provide copies of bank statements and credit card bills. I didn't have to send them a void cheque. There was no having to fill out a signature card and send it in. There was no lengthy money transfer authorization form to send in. Nope, nothing like that with EQ Bank. It was just a simple matter of a few clicks on their website and I was instantly off to the races.

My Motive Financial experience to date has been an absolute nightmare... I have no idea why a simple savings account application must be so lengthy and complicated.

August 14, 2022
6:53 pm
lifeonanisland
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Fogoguy said

Just to follow up, I am still waiting to get my new Motive Financial savings account application finalized! Yeah, I really don't get how/why it takes so darned long to open a simple savings account! I mean, this makes absolutely no sense to me. But I should add that it seems that I just may... eventually... get my new account to where it becomes actually usable, but after weeks of jumping through endless hoops, I am still awaiting some sort of confirmation that I can finally begin moving funds into this account. I expect there will indeed be even more hurdles to come, but I did receive an email stating that they were still working on my file, and that I needed "to be patient, due to higher than normal application volumes". Even after all of this time, (I'm currently at almost 4 weeks!) I still feel as though I only have a 50/50 chance of ever getting this finalized.

By comparison, when I applied for my EQ Bank account two years ago, it took me all of three minutes, start to finish, and I was able to immediately and effortlessly link my other bank accounts to it and transfer funds. There was no messing around with having to provide copies of bank statements and credit card bills. I didn't have to send them a void cheque. There was no having to fill out a signature card and send it in. There was no lengthy money transfer authorization form to send in. Nope, nothing like that with EQ Bank. It was just a simple matter of a few clicks on their website and I was instantly off to the races.

My Motive Financial experience to date has been an absolute nightmare... I have no idea why a simple savings account application must be so lengthy and complicated.  

I think that you will find, as I did, that when you finally call and speak to a human (if you're actually able to), you will be told that you will not be accepted, that you will not be told any reason why, and that you will be as appalled with this two bit operation as much as I am.

August 15, 2022
5:50 am
iotama
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Someone I know (in BC, exceptional credit history, finances etc etc) applied online for a new Motive account online, gave all the info there. After a week or so got just a reference number in email to call rep. Called rep, who was clueless what to do.

They didn't bother pursuing it further.

August 15, 2022
8:10 am
JohnnyCash
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For those that have successfully opened an account with Motive, it is one of the better online banking accounts to have and falls into the category of what I call keeper accounts. Motive could care less about credit worthiness as they aren't extending any, what they are compelled to do is KYC ( Know Your Client ) for regulatory purposes. Where they are lacking is in the internal systems and procedures to facilitate the process as it seems to be rejecting too many applicants.

August 15, 2022
10:33 am
Norman1
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The identity verification and know-your-client anti-money laundering requirements are stringent these days.

Looking at their Google reviews, I suspect Motive doesn't have the internal process to accommodate some of the stuff people have been trying to pull.

One rejected reviewer complained that Motive didn't like him using a P.O. Box instead of a street address of an actual residence or business. How suspicious is that especially if the applicant doesn't have a credit file?

Another complained that he was rejected because the city he entered didn't match the city in the mailing addresses on the financial statements provided! One is just begging for problems if one tries to use "Toronto" when ID and credit files say "East York".

August 15, 2022
4:27 pm
rpotter28
Kingston, ON
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My account was successfully opened, BUT i have been waiting since August 9/2022 to link an external account. Email from them below:

Hello
Thank you for submitting your Money Transfer Authorization documents. Please be advised that we are experiencing higher than normal application volumes. This will impact the timeline of linking your external account. You will be sent an email from Motive Financial when your link has been processed. We are working to get all items processed as quickly as possible.

Thank you for your patience during this time.

Kind regards,

August 15, 2022
5:16 pm
Fogoguy
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lifeonanisland said

I think that you will find, as I did, that when you finally call and speak to a human (if you're actually able to), you will be told that you will not be accepted, that you will not be told any reason why, and that you will be as appalled with this two bit operation as much as I am.  

lifeonanisland, at this point I have in fact been finally given a Motive savings account, (confirmation as of a few days ago) but the latest delay is due to them taking their own sweet time in confirming linked accounts. I am currently able to sign into my new Motive account, but just cannot use it for anything yet. (as there are still no confirmed linked accounts) I suppose that I am likely in for another lengthy delay while they continue to take their time in finalizing the setup of this savings account.

One thing that this tired old brain can't figure out... Motive insists that I must send them a void cheque from any bank account that I wish to link to my new Motive account. But EQ Bank doesn't even offer chequing accounts, (as far as I'm aware) thus there is no way for me to send them a void cheque. So does this mean that for me to transfer funds from EQ Bank to Motive, I must first transfer it to my Scotiabank account and then from there to Motive? If that's so, I mean it's not a deal breaker but, sheesh, it just makes things a bit more complicated yet again.

So even though I technically now have a new Motive savings account, who knows how much longer I will have to wait to be able to finally start using it. As of this week, it will be a full month since I applied for the new account. Utterly ridiculous.

PS: I like your username. I reside on a remote and stunningly scenic island situated a 75-minute ferry ride off the northeast coast of Newfoundland, and was about to use "lifeonanisland" as my username, but you beat me to it, haha!

August 15, 2022
5:51 pm
JohnnyCash
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Fogoguy said

One thing that this tired old brain can't figure out... Motive insists that I must send them a void cheque from any bank account that I wish to link to my new Motive account. But EQ Bank doesn't even offer chequing accounts, (as far as I'm aware) thus there is no way for me to send them a void cheque. So does this mean that for me to transfer funds from EQ Bank to Motive, I must first transfer it to my Scotiabank account and then from there to Motive? If that's so, I mean it's not a deal breaker but, sheesh, it just makes things a bit more complicated yet again.

 

You have the option to download a digital PDF image of a EQ void cheque on their banking website. The completed scanned form and void cheque image can then be emailed to Motive if you so wish as an alternative printing everything out and sending via postal mail.

August 15, 2022
6:31 pm
KamWest
Toronto
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Having used Motive to move significant funds I can tell you it all went well. I was able to move my money easily compared to Canadian Tire which was a complete cluster fu*k.

When you need to move a few million it shows the limitations of the company, Motive did not let me down but CTC did, I wont be putting any significant funds back there.

Hubert is also able to deal with larger deposits whereas motus absolutely sucks at them.

For me the moxy if an online bank is am I able to access my funds when I need them for an investment. It is not unusual for me to require a few million when an investment comes along and if my bank has no capacity to deal with it then they make my blacklist.

That said, if you keep under a million at motus they do quite well and their secured messaging works great to get the job done. Again my business account at Meridian makes more interest than at their motus online bank, figure that one out.

All in all I have accounts at ALL major banks and their flanker accounts, moving money is the key for me. Interest rates are number one but if I cannot get to my money when an investment comes along then everything goes to hell in a handbag.

August 15, 2022
7:05 pm
Norman1
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Fogoguy said


One thing that this tired old brain can't figure out... Motive insists that I must send them a void cheque from any bank account that I wish to link to my new Motive account. But EQ Bank doesn't even offer chequing accounts, (as far as I'm aware) thus there is no way for me to send them a void cheque. So does this mean that for me to transfer funds from EQ Bank to Motive, I must first transfer it to my Scotiabank account and then from there to Motive?…

According to their Money Transfer Authorization form, one can provide a void cheque, provide a pre-printed pre-authorized debit form, or have the other bank sign the confirmation of the external account info.

Looks like Motive is trying to reduce the chance of a copying mistake in the institution, branch, and account number of the external account.

August 15, 2022
7:24 pm
Fogoguy
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JohnnyCash said

Fogoguy said

One thing that this tired old brain can't figure out... Motive insists that I must send them a void cheque from any bank account that I wish to link to my new Motive account. But EQ Bank doesn't even offer chequing accounts, (as far as I'm aware) thus there is no way for me to send them a void cheque. So does this mean that for me to transfer funds from EQ Bank to Motive, I must first transfer it to my Scotiabank account and then from there to Motive? If that's so, I mean it's not a deal breaker but, sheesh, it just makes things a bit more complicated yet again.

 

You have the option to download a digital PDF image of a EQ void cheque on their banking website. The completed scanned form and void cheque image can then be emailed to Motive if you so wish as an alternative printing everything out and sending via postal mail.  

Wow, I learned something new today. Thanks for this, JohnnyCash!

August 16, 2022
12:22 pm
RetirEd
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Don't compare account initialization procedures today with experiences from a few years ago. Legal requirements have been made more stringent, and some institutions have chosen to tighten theirs up on their own.

I recently discovered I can no longer do anything with Coast Capital by phone unless I visit the branch first for some sort of re-authorization! (The nearest branch with parking is in Richmond, about 10 miles from me.) I had some serious cash with their 4% 33-month promo some years back and kept one account open to preserve my grandfathered free monthly statements.

I hear from all my FIs that they're swamped with work - staffing problems, catch-up to recent regulatory changes and explosive business growth among their clients.

RetirEd

RetirEd

August 22, 2022
11:56 am
Canuck
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Dean said

Yet another example of why I'm staying away from Motive, for now.

There's a similar situation @ Oaken, and the reason I presently only
have $1 & 27¢ with them.

Seems the older I get, the less *&^%@# BS I'm willing to put up with.

    Dean

  

I would say that it's Motive's systems and processes that are lacking. Most of the people who answer the phones seem do a decent enough job, given the situation there. That's been my experience, at least.

August 22, 2022
12:08 pm
Canuck
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Fogoguy said

My Motive Financial experience to date has been an absolute nightmare... I have no idea why a simple savings account application must be so lengthy and complicated.  

Archaic systems and tedious, poorly aligned processes ... is the answer to your question.

And this seems to be a general problem with Motive ..

August 22, 2022
12:11 pm
Bill
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Financial industry no different than any other, shortage of willing workers everywhere. Plus we love our nanny state so much so there are always more requirements, regulation, etc. I now can get texts or emails pretty well every time I make a move (did I really mean to do that? was it really me? etc) so you can't tell me setting all that up and keeping it up to date doesn't tie up resources.

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