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No customer service, new login, I'm leaving
September 16, 2023
10:17 am
lashing
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September 16, 2023
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The "we are experiencing high call volumes" bar has been displayed for weeks.
They made me change my password. They went with the useless and abysmal @ factor Auth which has been proven to serve no purpose other than forcing people to have a phone in their hand 24/7 and locking out seniors everywhere. Also, its LESS secure. That's right, I work in this tech, I can spoof a SIM card way easier than I can get into someone's head for their password.

Anyway the most important reason I'm leaving is;

Cant reach them on phone and they DO NOT call back. 72 hours, not able to reach and no call back.

I transferred money out early this week. Only I stuck around to check balances etc and realized ... hey wait a minute. This transfer says I am putting money in. I DID NOT do that. I specified OUT from Motive to my bank. Thus the need to call. NO answer. How lovely. So I did another transfer out and screenshot the process. This time it worked as intended. So there were identical transfers in/out next day. Still no response from Motive. So I yanked half my money out. Still no response, so the other half is coming out.

Been with them for years. Not being able to contact when things go wrong is a dealbreaker. Its suspicious as hell. I am old enough to remember the last time we had economic conditions of runaway inflation and interest rates and what happened to Regional Canadian Banks like CWB (Motive)

September 17, 2023
6:22 am
COIN
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"They went with the useless and abysmal @ factor Auth which has been proven to serve no purpose other than forcing people to have a phone in their hand 24/7 and locking out seniors everywhere. Also, its LESS secure. That's right, I work in this tech, I can spoof a SIM card way easier than I can get into someone's head for their password."

Is a landline much safer than a cellphone?

September 17, 2023
6:39 am
Alexandre
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I, too, have question in regard to "I can spoof a SIM card way easier than I can get into someone's head for their password."
While this can be done, and was done, it is not as easy as it seems.

I have Motive bank account. I configured 2FA with SMS to my cell phone. Please kindly write the process of spoofing my cell phone SIM card and taking over my banking account.
For that to work, you'll need to know my phone number and also, specifically for Motive, my Client Card/Access Number that is used for login. So, the first step of that process would be to tell me where will you get those from.

September 17, 2023
10:41 am
friskyib
British Columbia
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Thus the need to add CWB rates to the chart to deal with them at a store front.

September 17, 2023
3:16 pm
dougjp
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I generally can't stand 2FA, and refuse to deal with anyone that insists I have a smartphone or use ONLY a texting system. However Motive isn't one of those.

Like 65% of Canadian seniors (and 23% of the overall adult population), I don't own that "monthly payment con" device, which smartphones are to me, as I won't pay for something that sits in a drawer discharging itself 90% of the time. sf-frown

However the OP says (I believe?) that Motive insists that you have a smartphone and that seniors are being locked out? I don't think that's right. Motive can send a code by e-mail. Some other places (not Motive) will send a code via a regular phone call too, and that's OK, as long as you never travel and have a need while doing so.

The main accomplishment of almost all organized protests is to
annoy people who are not in them.

September 17, 2023
5:59 pm
Doug
British Columbia, Canada
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I predicted this would happen with their mandatory two-factor authentication and only SMS-based mobile phone or e-mail verification. If customers chose incorrectly, they`d have to call during their very limited Monday to Friday office hours, and try to get through to a team of less than 10 (maybe less than 5!). Talk about overworked!

Alterna Bank may not be competitive on HISA rates, but at least their contact centre is fully staffed and they`re open seven days a week, so I`d high and away recommend Alterna Bank before the clusterf*ck that has become Motive Financial.

Cheers,
Doug

September 17, 2023
6:00 pm
Doug
British Columbia, Canada
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dougjp said
I generally can't stand 2FA, and refuse to deal with anyone that insists I have a smartphone or use ONLY a texting system. However Motive isn't one of those.

Like 65% of Canadian seniors (and 23% of the overall adult population), I don't own that "monthly payment con" device, which smartphones are to me, as I won't pay for something that sits in a drawer discharging itself 90% of the time. sf-frown

However the OP says (I believe?) that Motive insists that you have a smartphone and that seniors are being locked out? I don't think that's right. Motive can send a code by e-mail. Some other places (not Motive) will send a code via a regular phone call too, and that's OK, as long as you never travel and have a need while doing so.  

That last point is the problem. They should`ve allowed voice call-based auth codes.

September 17, 2023
6:25 pm
AltaRed
BC Interior
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We are well into the 21st century and digital age. Landlines will likely be gone in the not so distant future and we will only have mobile devices. Well over half of our close contacts no longer have landlines.

September 17, 2023
6:37 pm
Bill
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This Stats Canada data seems to show 60% of 65+ has a smartphone, and that was 5 years ago so I'd expect much higher now.

https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=2210011501&pickMembers%5B0%5D=3.1&pickMembers%5B1%5D=4.5

September 17, 2023
6:54 pm
AltaRed
BC Interior
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The numbers probably vary on a regional basis. For ourselves, we do not know any adult that does not have a smartphone and many of them are our peers in their 70s and a few in their 80s.

September 17, 2023
7:00 pm
savemoresaveoften
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Ability to text, rec email, 2FA ability is just a very basic requirement. After all this is 2023 not 1973. Phone banking operator position will be extinct in 20years time, as the customers base that insist that way of banking are not around anymore.

September 21, 2023
1:23 pm
RetirEd
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There's no option less secure or reliable than E-mail! Financial institutions routinely end their E-mails or other communications with reminders that you E-mail at your own risk.

Home phones, unlike mobile phones, don't carry their numbers (or - horror! - banking apps) with them if they are lost or stolen. I'm always willing to have a customer agent call me at my number on file, but never by SMS. I do have a very cheap ($15 monthly) mobile I need to communicate with those rude and inconsiderate buggers who choose to NEVER answer their phones, but I'd never give its number to any corporate entity.

I'm happiest visiting bricks-and-mortar branches, getting documents on paper, and developing a cheery relationship with agents. We old folks are happy for every human contact we get!

Will everybody be forced to go digital in the future? The less we consent, the slower it will happen. They said we'd all be driving front-wheel-drive cars by now, but that hasn't happened. 😀

(I drive a rear-wheel-drive motorcycle...)

RetirEd

September 21, 2023
4:16 pm
Fogoguy
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RetirEd said
There's no option less secure or reliable than E-mail! Financial institutions routinely end their E-mails or other communications with reminders that you E-mail at your own risk.

Home phones, unlike mobile phones, don't carry their numbers (or - horror! - banking apps) with them if they are lost or stolen. I'm always willing to have a customer agent call me at my number on file, but never by SMS. I do have a very cheap ($15 monthly) mobile I need to communicate with those rude and inconsiderate buggers who choose to NEVER answer their phones, but I'd never give its number to any corporate entity.

I'm happiest visiting bricks-and-mortar branches, getting documents on paper, and developing a cheery relationship with agents. We old folks are happy for every human contact we get!

Will everybody be forced to go digital in the future? The less we consent, the slower it will happen. They said we'd all be driving front-wheel-drive cars by now, but that hasn't happened. 😀

(I drive a rear-wheel-drive motorcycle...)  

Great minds think alike, Retired! This old fellow feels the very same way about preferring brick & mortar branches, I'm all for paper documents, and also don't think too much of those godawful mobile phones. (I have never texted anyone in my life, nor have I ever taken a selfie... and most likely never will) Oh, and I too am a motorcyclist... in fact I own two of 'em!

I think that we perhaps need to consider starting our very own "Old Fogies' High Interest Savings" club!

September 22, 2023
8:47 am
RAV4guy
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I wanted to buy a Motive 35 month GIC (@ 5.70%, with monthly payment at no penalty and payment on maturity to my Motive Savvy Savings account). This equals or exceeds anything offered for a 3 year GIC on this forum's GIC chart.

I also wished to test the original poster's complaint about bad service. If I would have received bad service I would have transferred out the funds in my savings account and bought a similar GIC elsewhere.

My call was answered in 10 minutes. I was prepared to wait some and read a book while I listened to the annoying voice mail message on repeat. The GIC was set up with the terms I wanted by a friendly CSR in five minutes. A paper document for the GIC will be mailed to me. I am satisfied with the process.

September 22, 2023
9:06 am
althisa
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RAV4guy said
I wanted to buy a Motive 35 month GIC (@ 5.70%, with monthly payment at no penalty and payment on maturity to my Motive Savvy Savings account). This equals or exceeds anything offered for a 3 year GIC on this forum's GIC chart.

 

5.70 is a good rate indeed for 35 mo (compared to other posted 3 yr rates) .
People on this forum get all kinds of premium rates that are not 'advertised' sf-laugh
https://www.motivefinancial.com/en/rates
I need to develop that negotiation skill (or grow my accounts to the size where the FIS need to negotiate a better rate or risk losing my business).

September 22, 2023
3:17 pm
RAV4guy
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When I logged into Motive the 2 and 3 year GICs were quoted as below:

"$1,000.00 - $100,000.00 24 to less than 36 months 5.700%"
"$1,000.00 - $100,000.00 36 to less than 48 months 5.400%"

Each GIC was quoted over a range of months. With the yield curve inverted, one month less for .3% more per year looked like a good deal. If the yield curve were normal I would just do three years.

I did not negotiate for anything.

September 23, 2023
7:39 am
RoughRunner
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Just want to add that they do indeed call people back. Left a message to open the 120 day GIC and they called back about 4 business days later. I called right when they increased the offer amount so I get that their call volumes would actually be higher at that time. I don't like the wait time banners or 2FA but most big banks are doing both and you don't get good interest rates in return. You guys are on an online forum complaining about an online bank offering the best rates in the country which they can only hit because they are using technology to lower their costs...

September 23, 2023
8:04 am
althisa
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RAV4guy said
When I logged into Motive the 2 and 3 year GICs were quoted as below:

"$1,000.00 - $100,000.00 24 to less than 36 months 5.700%"
"$1,000.00 - $100,000.00 36 to less than 48 months 5.400%"

Each GIC was quoted over a range of months. With the yield curve inverted, one month less for .3% more per year looked like a good deal. If the yield curve were normal I would just do three years.

I did not negotiate for anything.  

Thank you. That is a new discovery to me.
So the posted rates for GICs i.e 2 yr and 3 year, the durations you lock the GIC in for is actually a choice made within a range e.g 24 to 35 months.

Does that apply to all FI GICs or is Motive an exception?

September 23, 2023
8:58 am
Bill
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My experience too, RoughRunner, Motive has never failed to call me back, just have to be a bit patient sometimes.

September 23, 2023
10:22 am
rodeworthy
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althisa said

5.70 is a good rate indeed for 35 mo (compared to other posted 3 yr rates) .
People on this forum get all kinds of premium rates that are not 'advertised' sf-laugh
https://www.motivefinancial.com/en/rates
I need to develop that negotiation skill (or grow my accounts to the size where the FIS need to negotiate a better rate or risk losing my business).  

Althisa, I have enjoyed your thoughtful posts since you joined this forum earlier this month. I admire your willingness to learn about the best way to pursue your savings goals. I'm certain that you are much younger than me - one of the oldest members here. You have time on your side and your continued due diligence will reward you in time. Stay with it - you will be rewarded.

I don't think you have it right though that 'negotiation' with FIs is necessary to achieve some 'hidden' rate. It is true that, in some cases, having a sizable amount to invest can result in higher rates. Since 2013, when I finally managed to 'buy' my way out of a full-service investment account at a big bank, I have relied heavily on GIC investments to make our money work for us so we don't have to. Contrary to many on this forum, I have not participated in the traditional 'ladder' approach to GIC investment. Since 2015 we have opened 119 GICs - none of them more than a 2-year term. Mostly 1 and 2-year terms with the odd 3-month and 18-month term. Currently we have 32 active GICs participating in my 'Horizontal Ladder' strategy which is practical for older investors. The traditional ladder is appropriate for those with a longer time horizon.

None of the rates in those GICs were negotiated. I did have one FI volunteer to rate match competitor's offerings. I took them up on that but the last time I checked with them they were no longer offering rates other than what they listed.

As old as I am, I am still learning too. This year, thanks to members on this forum, I was alerted to superior savings and GIC rates at BMO Investorline - where I already had an account. I have also branched out, thanks to this forum, to GIC brokers to get higher rates on my GIC purchases. In this era of increasing interest rates I keep a running record of interest rates at all FIs I am interested in dealing with. Recently, I have found it necessary to update this list one or two times a week to keep current. This is the way I am able to ferret out the best interest rate for my purchases. But none of them were 'negotiated'.

I hope this clarifies the point about 'negotiating' for better GIC rates. I wish you well on your savings goals. Have fun!

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