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Motive HISA Savings Acct - NOT APPROVED
June 23, 2023
10:56 am
InterestThis
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Did anyone else get a NOT APPROVED for a Motive HISA Savings acct?
Totally bizarre. Have a very high credit score, etc, and didn't apply for credit.
One day after applying, they reject the application.
So call in, as suspect its some type of a typo in the application. But they just say not accepted, no reason given, no response, no nothing. And there is no way to have it looked into.
Have never had an experience like this from any Canadian bank ever. And this is just for a Savings Account.
Motive are definitely not interested in customers, have seen some other comments on that. But there is some type of error in their system, and they just don't care.
Certainly raises some red flags about Motive.

June 23, 2023
11:01 am
HermanH
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InterestThis said
Certainly raises some red flags about Motive.  

The flag it should be raising is for your credit bureau data. There is probably a mis-match between what personal details you think are listed and what is in their databases. You should be contacting them to check your details.

June 23, 2023
11:05 am
InterestThis
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Nope, there was no inquiry to the credit bureau. And all my other accounts work perfectly. The problem is with Motive.
They just don't care, even calling in doesn't work. There is no one to check what detail was missed.
Maybe they are over-subscribed with savings accounts due to their high rate, and just can't be bothered if something doesn't work.

June 23, 2023
11:41 am
Tommy Tutalidge
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InterestThis said
Did anyone else get a NOT APPROVED for a Motive HISA Savings acct?
Totally bizarre. Have a very high credit score, etc, and didn't apply for credit.
One day after applying, they reject the application.
So call in, as suspect its some type of a typo in the application. But they just say not accepted, no reason given, no response, no nothing. And there is no way to have it looked into.
Have never had an experience like this from any Canadian bank ever. And this is just for a Savings Account.
Motive are definitely not interested in customers, have seen some other comments on that. But there is some type of error in their system, and they just don't care.
Certainly raises some red flags about Motive.  

I was going to open a savings account with them but I thought they'd slash their 10 year GIC rate before I ever had the chance to lock in at 4.95 percent. I started to fill out the online application and then figured 4.95 percent for 10 years was a pipedream and just closed the application. Two days later Motive emailed me telling me I didn't finish applying for a savings account with them. This was back around the middle of April this year.

June 23, 2023
12:51 pm
lifeonanisland
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Herman is probably right in one sense, InterestThis. I had this happen to me and had a similar experience. I found out that there was no actual credit check, but there was some kind of discrepancy at one of the credit bureaus regarding a former address, phone number, etc. I battled Motive on this long and hard. Where Herman is wrong in my opinion is that he places the blame/onus on you to somehow identify and correct the problem with credit bureaus that are also notoriously not customer friendly (and probably are the original cause of the problem due to faulty record keeping). In my view, Motive deserves to be slammed on this because they demonstrate a complete lack of customer service. All they need to do is have one person work through the problem with you and resolve it. Instead, they turn ostrich and ignore you. They deserve their abysmal google reviews and more. In my case, because Motive was not willing to work with me and resolve the issue, they missed out on seven figures worth of deposits between me and family members who I work with to manage money. A drop in the bucket for Motive, probably...but if you have enough customers like me and you, it's probably more like a bucket full of lost opportunities for a company that spends a lot on advertising trying to attract new business.

June 23, 2023
1:38 pm
UkrainianDude
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I had no problem with Motive. Yes the process was slow and cumbersome but it got the job done. I would call them and ask.

June 23, 2023
2:53 pm
lifeonanisland
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UkrainianDude said
I had no problem with Motive. Yes the process was slow and cumbersome but it got the job done. I would call them and ask.  

Did you read the entire thread? Calling doesn't help.

June 23, 2023
4:10 pm
Dean
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InterestThis said

. . .

So call in, as suspect its some type of a typo in the application.

. . .  

Would it not be possible to find your typo, correct it, and then start the application process all over again ?

FWIW ...
I just finished completing the application process with Motive. All went well, with no hiccups.

Good Luck,

    Dean

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

June 24, 2023
7:53 am
Frieda
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Maybe you needed to sign up for the checking as well.

In the Age of Equity, I would have thought they would have to give you a reason.

Too many inquiries on your credit file,?

June 24, 2023
8:44 am
fat_dog
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Can you not just use the ombudsman . To file a complaint . And get an answer as to why you were denied

Or file a human right board complaint . Either one of these forces the bank to tell you why they refused you . They have to justify their decision

And it will be simpler for them to answer the question than to go through those processes . Their is a good chance they will tell you .

June 24, 2023
9:58 am
InterestThis
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Thanks for the responses, nothing works, thus this thread.

- on the phone a CSR just says its rejected, can't or won't give reason why. Says it doesn't meet their risk profile, but there is no risk as its a savings account.
- no email response.
- have an absolutely perfect credit file, no credit inquiries for ages. Also its not a credit product, and there was no inquiry from Motive.
- Motive will not check if there are typos in the application, there is no one to ask.
- because its an online bank, they say they don't have to give a reason for denial, unlike a normal bank.
- it says you can try applying again for an account after 6 months. (yeah right, as if)

Again, the financials are perfect, its a problem in their system. But there are no checks and balances, and they don't care. Most logical reason is they have enough customers, and don't want to spend time on something that has an issue.

June 24, 2023
10:22 am
Norman1
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Not true. There is risk to a financial institution in providing a savings account. There is the risk of providing the savings account to a money launderer or an identity thief. Motive likely is aware of the recent $676,500 FINTRAC fine on Wealth One Bank for not properly dealing with such risk.

Most logical reason is what HermanH described: Info in the application does not quite match the information Motive pulled from one of the credit bureaus.

The Motive CSR isn't going to be very helpful if the CSR pulls up the application and there is a prominent IDENTITY THEFT ATTEMPT warning on the file.

Online banks are not required to give specific rejection reasons, like the date of birth is wrong, because the online bank doesn't know who it is actually talking with or e-mailing with.

June 24, 2023
10:36 am
savemoresaveoften
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InterestThis said
Thanks for the responses, nothing works, thus this thread.

- on the phone a CSR just says its rejected, can't or won't give reason why. Says it doesn't meet their risk profile, but there is no risk as its a savings account.
- no email response.
- have an absolutely perfect credit file, no credit inquiries for ages. Also its not a credit product, and there was no inquiry from Motive.
- Motive will not check if there are typos in the application, there is no one to ask.
- because its an online bank, they say they don't have to give a reason for denial, unlike a normal bank.
- it says you can try applying again for an account after 6 months. (yeah right, as if)

Again, the financials are perfect, it’s a problem in their system. But there are no checks and balances, and they don't care. Most logical reason is they have enough customers, and don't want to spend time on something that has an issue.  

‘You don’t know what you don’t know…’

With many opening an account without issues, I doubt it’s their system issue. I do feel for you as the CSR does not seem to be able to help, but chances are the system does not give him/her any extra info to try to help.

June 24, 2023
1:11 pm
HermanH
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Norman1 said
Most logical reason is what HermanH described: Info in the application does not quite match the information Motive pulled from one of the credit bureaus.

One of the most common incongruencies I encounter is the address. Within the last few years, our address has a new 'NW' designation added to the end. I've always just used the address without any directional suffix. Now, some institutions automatically add it to my profile. I believe it is due to an auto-fill function when taking information. So, sometimes when I am authenticating, I have to remember to mention the NW or else I fail the authentication process.

June 24, 2023
1:18 pm
Doug
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Motus Bank has been a hard avoid for a long time, with a red flag of caution to consumers for their antiquated banking system that adds days of delay to EFT processing timeframes and a country bumpkin-esque style of risk management and racial and socio-economic profiling to risk management, as compared to other banks, so this is, sadly, nothing new. 🙁

More importantly, though, they're two years into being placed on "strategic review" by Meridian's board of directors, with options under consideration being an asset transfer into Meridian Credit Union, a full wind-down and closure a la Wyth Financial and (likely) LBC Digital, a sale to third party (less likely, in my view), a partial wind-down and partial asset transfer, maintenance of the status quo (least likely, in my view).

We're heading into a major shakeout period for the online/virtual banks, with the following having closed, being stop sold, or likely going to:
* Wyth Financial (full closure and wind-down)
* LBC Digital (stop sold; amalgamation and conversion into Laurentian Bank products the most likely)
* Hubert Financial and AcceleRate Financial (combined into the Access Credit Union platform, with only different SEO sales websites for a single banner; elimination of Hubert-specific features)
* Motus Bank (under strategic review by parent; one of the options described above)
* Motive Financial (leader-less going on two years; no strategic direction; amalgamation into mainline CWB comparable products quite possible)

Cheers,
Doug

June 24, 2023
2:02 pm
Rail Baron
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The links between Motive and Motus are not clear to me. I thought this thread was focusing on Motive. Is it connected to Motus?

June 24, 2023
2:44 pm
Dean
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.
Good question Rail Baron ❗

And no ... Motive and Motus are not connected, or related.

    Dean

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

June 24, 2023
2:51 pm
InterestThis
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As mentioned about 6 times now, the issue is that Motive refuses to even try and solve the issue.
There is NO ISSUE on this side, every other institution works perfectly.
It is a problem on their side, as I said this side there are zero issues, and every other bank works perfect, as well as the credit file working perfectly without an issue.
If there is a problem with an address format, they refuse to address it, or even try to solve it.

Most likely is they have setup an automatic account verification system using software. And if something doesn't work, then they just refuse to look at it, as they don't have enough employees, and just don't care as its just a savings account, and they have plenty of customers.
Its similar to trying to reach someone at a company like Google with an issue. So looks like Motive wants to be fintech, so if the application works, then fine.
But if there is an issue, then take a hike as its not worth their while to try and fix it. Its a brick wall, and so Motive can go fly a kite.

June 24, 2023
3:24 pm
InterestThis
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and thinking about it, that is what is most likely.
During application, for some reason it incorrectly got flagged as a "bot" or a fake by the automated software, probably some new AI software with bugs.
Motive are offering the highest rate in the country at the moment so they would surely get thousands of online applications. Some of them are bots, so some get falsely flagged as bots or fakes.
And its not worth their bother to verify it manually with an employee, so their solution is to tell you to try and apply again in 6 months.
Its a total insult to the potential customer, but they don't care as it just an online saving account, and they have limitless other customers.

June 24, 2023
5:05 pm
savemoresaveoften
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If you don’t think they value you as a customer, don’t waste your time trying so hard to become one. They are not the only game in town.

I did have some recent customer service interaction with them as well. Their response is slow and lacking compare to other FIs. The person I dealt with is extremely friendly though.

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