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New Cha-Ching Chequing and Savvy Savings Account
April 30, 2019
6:31 am
Doug
British Columbia, Canada
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Loonie said
Some will recall we had the same problem with EQ early on.
Motive offers one of the best, if not the best, HISA rates right now (not a promo). So, they are probably inundated with applications.  

Maybe, but I doubt it, as you'll see in my "to come" mid-sized bank and credit union deposit summary for FY2018. Mind you, inundated is relative. If they're getting 500 applications a month, yes, that'd be inundated. 500 applications a month, I suspect, for Motus Bank would be disappointing and below expectations because we know they've onboarded 1,700 customers in 2 weeks and have invested a lot (i.e., millions) in advertising and marketing. sf-cool

In sum, it really is relative to the size of the operation.

Cheers,
Doug

May 1, 2019
2:38 pm
Londonguy
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FWIW I got a response earlier today to the follow-up email I sent late last week, apologizing for the delay. A few hours later I received a second message from a different employee which appears to be a generic welcome email advising me that my application has been processed, and to sign and return my electronic signature card.

May 1, 2019
2:49 pm
Doug
British Columbia, Canada
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Londonguy said
FWIW I got a response earlier today to the follow-up email I sent late last week, apologizing for the delay. A few hours later I received a second message from a different employee which appears to be a generic welcome email advising me that my application has been processed, and to sign and return my electronic signature card.  

Interesting that they'd not sent you a signature card to sign already.

So is it more or less open and active and available to use?

Cheers,
Doug

May 1, 2019
3:53 pm
Londonguy
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Doug said
So is it more or less open and active and available to use?

Negative. I have to wait for their paperwork to arrive in the snail mail. Supposedly I could call them to obtain a password to speed things up if I want early access to online banking, but there's not much point in doing that because the account is not yet linked to anything other than the Simplii chequing account that I drew my initial deposit on. But that account currently has chump change in it, so there's nothing to pull on using the existing setup.

The original plan way back in mid-March was to get out in front of things by setting up a Motive account so that it could receive the proceeds of about $150K of mid-May maturing GICs that I hold elsewhere. I consequently provided that source account info on my Motive application, expecting a link to be operational from the get-go, but this welcome email is telling me that I have to submit (or resubmit) the linking information again by snail mail. That might sound simple enough but it's a PITA, plus I don't have my target account info from Motive yet (granted they might provide me with that info over the phone, but I will still have to complete and mail everything back to them, and then wait further until they process it and create the online link before I can make any transfers).

I knew it was going to be a while until this account became functional, but these extra delays at their end aren't helping matters. Quite frankly it's left a bit of a bad taste in my mouth and I've already changed my plans for that $150K. I'll complete the account opening process for potential future use but that'll be all for now

May 1, 2019
4:18 pm
Doug
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Londonguy said

Doug said
So is it more or less open and active and available to use?

Negative. I have to wait for their paperwork to arrive in the snail mail. Supposedly I could call them to obtain a password to speed things up if I want early access to online banking, but there's not much point in doing that because the account is not yet linked to anything other than the Simplii chequing account that I drew my initial deposit on. But that account currently has chump change in it, so there's nothing to pull on using the existing setup.

The original plan way back in mid-March was to get out in front of things by setting up a Motive account so that it could receive the proceeds of about $150K of mid-May maturing GICs that I hold elsewhere. I consequently provided that source account info on my Motive application, expecting a link to be operational from the get-go, but this welcome email is telling me that I have to submit (or resubmit) the linking information again by snail mail. That might sound simple enough but it's a PITA, plus I don't have my target account info from Motive yet (granted they might provide me with that info over the phone, but I will still have to complete and mail everything back to them, and then wait further until they process it and create the online link before I can make any transfers).

I knew it was going to be a while until this account became functional, but these extra delays at their end aren't helping matters. Quite frankly it's left a bit of a bad taste in my mouth and I've already changed my plans for that $150K. I'll complete the account opening process for potential future use but that'll be all for now  

Yeah, not sure what happened there. Their deposit growth numbers that CWB provided in their 2018 annual report, which I analyzed here, show flat YOY growth (2018 vs. 2017). That doesn't say how many new customers they onboarded and I realize they don't aggressively market Motive Financial like Meridian is doing with Motus Bank (and likely spending millions on so doing). It sounds like they must've forgotten about your customer application to have you basically re-doing the application. Once it's open fully, you might want to follow up with Adam in a very friendly, casual way, and see if he can look into what happened. I'm sure he would want to know about the poor account opening experience (and lost deposit growth opportunity). sf-cool

Whenever I open a new account with a new FI, I generally don't open a GIC at the same time. I wait until the account is fully opened, then book the GIC online or with a representative. It's usually much faster that way and less questions vis-a-vis source of wealth.

Cheers,
Doug

May 2, 2019
4:44 am
Alexandre
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Londonguy said

Doug said
So is it more or less open and active and available to use?

I consequently provided that source account info on my Motive application, expecting a link to be operational from the get-go, but this welcome email is telling me that I have to submit (or resubmit) the linking information again by snail mail. That might sound simple enough but it's a PITA, plus I don't have my target account info from Motive yet (granted they might provide me with that info over the phone, but I will still have to complete and mail everything back to them, and then wait further until they process it and create the online link before I can make any transfers).

This is something unique in account setting process for Motive: they don't automatically link their account to the one from the cheque they receive. Seems like an oversight in the account setup process.

If you call them and get temporary password to access your Motive account, you'll see you Checking and Savings account numbers after you logged in.

You can scan filled and signed link form and email them as an attachment. They will accept it.
You can also fax it.

You can do the same with signature card and with any other form they ask to file, sign and send to them.

I know, you are no longer in a hurry to finish account setting process, so just outlining options for those who do and find themselves in similar situation.

May 2, 2019
9:05 am
Doug
British Columbia, Canada
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Alexandre said

Londonguy said

Doug said
So is it more or less open and active and available to use?

I consequently provided that source account info on my Motive application, expecting a link to be operational from the get-go, but this welcome email is telling me that I have to submit (or resubmit) the linking information again by snail mail. That might sound simple enough but it's a PITA, plus I don't have my target account info from Motive yet (granted they might provide me with that info over the phone, but I will still have to complete and mail everything back to them, and then wait further until they process it and create the online link before I can make any transfers).

This is something unique in account setting process for Motive: they don't automatically link their account to the one from the cheque they receive. Seems like an oversight in the account setup process.

If you call them and get temporary password to access your Motive account, you'll see you Checking and Savings account numbers after you logged in.

You can scan filled and signed link form and email them as an attachment. They will accept it.
You can also fax it.

You can do the same with signature card and with any other form they ask to file, sign and send to them.

I know, you are no longer in a hurry to finish account setting process, so just outlining options for those who do and find themselves in similar situation.  

Thanks, Alexandre, that makes sense. A lot (or at least a few) of FIs, now that I think about it, don't automatically link the bank account of your cleared cheque to your account.

As to ID validation, can you confirm what method(s) by which they use? Is it still a cleared cheque + credit bureau check, or do they accept some sort of electronic process (i.e., Interac e-Transfer from a Canadian bank account in your own name, or micro-deposits)? I thought I'd read that they simplified the account opening process a bit in that respect.

It's good to know, though, that Motive does seem to accept faxes (or signed, scanned, and e-mailed copies) of account applications and forms. sf-cool

Cheers,
Doug

May 2, 2019
1:44 pm
Londonguy
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Alexandre said

..You can scan filled and signed link form and email them as an attachment. They will accept it... You can do the same with signature card and with any other form they ask to file, sign and send to them...

All good info, thanks. That will at least lessen the hassle of snail mailing everything.

FWIW I have 11 HISA accounts in Canada and this is the first FI that didn't by default automatically establish a link to the initial funding account. Just when you think you've seen everything...

May 2, 2019
2:23 pm
Doug
British Columbia, Canada
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Londonguy said

Alexandre said

..You can scan filled and signed link form and email them as an attachment. They will accept it... You can do the same with signature card and with any other form they ask to file, sign and send to them...

All good info, thanks. That will at least lessen the hassle of snail mailing everything.

FWIW I have 11 HISA accounts in Canada and this is the first FI that didn't by default automatically establish a link to the initial funding account. Just when you think you've seen everything...  

For what it's worth, while not a bank, Scotia iTRADE, I believe, does not automatically establish a link from one's initial deposit cheque unless you call in and ask or send them a separate Easy Transfer Form and VOID cheque. Nonetheless, Scotia iTRADE is easy to deal with and they'll accept basically anything, including VOID cheques, Direct Deposit Forms, Account Verification Forms, and e-Statements from your banks.

Cheers,
Doug

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