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Motus has launched
May 18, 2019
1:17 pm
Loonie
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Thanks for the warning, rodewothy. I'll keep a close watch on the transfer process
I did try telling an Oaken rep that I would be doing a transfer in a phone conversation about a month ago but they were clearly not interested in receiving this information and refused to make note of it as i requested. So I am doubtful if I can make an impact. Oaken sent a form requesting instructions re: renewal a few weeks ago, but there is no option for "none of the above" or "transfer pending". Just have to make sure it gets out of there in time.

Doug, I see your point from customer service point of view, but I think Meridian managers would not take kindly to being asked to facilitate people moving over to Motus. Their job is to drum up and retain business for their branch. They would be in a conflict of interest position.

May 18, 2019
4:14 pm
Doug
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Loonie said
Thanks for the warning, rodewothy. I'll keep a close watch on the transfer process
I did try telling an Oaken rep that I would be doing a transfer in a phone conversation about a month ago but they were clearly not interested in receiving this information and refused to make note of it as i requested. So I am doubtful if I can make an impact. Oaken sent a form requesting instructions re: renewal a few weeks ago, but there is no option for "none of the above" or "transfer pending". Just have to make sure it gets out of there in time.

Doug, I see your point from customer service point of view, but I think Meridian managers would not take kindly to being asked to facilitate people moving over to Motus. Their job is to drum up and retain business for their branch. They would be in a conflict of interest position.  

True, and you could certainly leave that part out, but I think it would be helpful if you let them know - once your RIF gets transferred in and your GIC is booked - how they should improve their back-office processes with respect to RIF applications, transfers, and even general day-to-day EFT processing. These are the kinds of things that can kill a business quickly. They're just lucky that you were quite forgiving, relatively patient, and that they had a Meridian Branch Manager essentially save the deal. 😉

Cheers,
Doug

May 18, 2019
5:41 pm
hotmony
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can we have the coles notes version should anyone be really concerned

May 18, 2019
6:26 pm
Loonie
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We're not done yet, Doug!

The guy I spoke to yesterday, whom I think must be a manager of the phone reps ("advisors"), said he would send me his contact info by email, but there is nothing. Furtherer, I have no info on what he initiated in terms of courier delivery. The person who messed up the address at least sent me a message saying it had been sent, through whom, and with a tracking number.

I am also wondering why it took them so long to open a courier package which they believed had come from me. Purolator says it was received at 1:35 pm on Thurs. However, by 4 pm Friday it had not been opened, and it sounds like it might not have been opened until at least next Tuesday if I'd not been complaining.
Couriers are only used for two reasons: urgency and security. You don't know which it is until you open it. In this case it was both.
Personally, anywhere I've worked, courier packages were opened within hours.

I'm not sure I'll bother with a written complaint. It's a lot of work; I'm not convinced anyone will care, and I'm already quite tired of the whole business. I could write a short letter perhaps, saying I had a lot of problems and asking if he wants to hear them. If so, he can call me.
I'm anticipating the response will be along the lines of "we're new, we had an overwhelming response, we're catching up as fast as we can and are improving our systems, sorry for any inconvenience, thank you for banking with us", blah blah.

If he wants to hire me as a Consumer Consultant, my fees for him are $300/hr. Or he can simply read this thread for free. It will give him a reasonable, if somewhat choppy, overview.

May 18, 2019
6:59 pm
Doug
West Kelowna
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Good points, Loonie, and yes, the fact that it took them over a day to wonder why they couldn't locate the staff member with your name to whom a courier package was addressed is concerning. I know you're tired of the whole thing - I would be too! - but yeah, I don't think it needn't be long. You're more concise than I am so I suspect you could write him a fairly short e-mail summarizing the various problems, as you've experienced, and you might also refer him to this thread, if he's interested, whereby other members have complained about their ultra conservative hold policy (i.e., lack of access to funds limits) and their longer-than-normal EFT processing timeframes. 🙂

Cheers,
Doug

May 18, 2019
7:19 pm
hotmony
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I dont see any non-reg problems

May 18, 2019
7:46 pm
Doug
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hotmony said
I dont see any non-reg problems  

Loonie's main problem was with getting a RIF opened. Well, it started with even getting the forms for a RIF application. They had to courier the forms to Loonie which are, presumably, pre-filled (but we won't know that for sure until Loonie receives the documents - hopefully - next week some time). They also required Loonie's Oaken RIF statement, which Loonie found odd as he or she has never had to provide a RIF statement. Loonie, and I, felt as though Motus didn't trust their new customers to fill out an application form properly. So, that's it in a real nutshell. 😉

As far as non-registered problems, Loonie's only real problem was linking his or her TDCT bank account (they can be tricky, though, because there's that four-digit branch identifier that precedes an account number) and that they sent him or her a Motus debit card, which Loonie specifically opted out of wanting to receive (presumably, for his or her spouse as well).

Other problems others have encountered with Motus:
- they do not have "access to funds" limits like all the major banks and many credit unions whereby, for those with good credit history and/or are long-tenured clients, the first x dollars deposited are immediately available and not subject to hold (via pulled EFT or mobile/ATM deposit);
- their EFT processing times are at least 1-3 business days longer than most other banks and credit unions, which often offer same day processing on both ends or, worse case, next business day;
- there was an issue with them rejecting clients with credit scores less than 620-680 for Motus chequing accounts, which they can do but is kinda snobby, although they've since corrected this and are allowing people to open a Motus chequing account with less credit score than that (perhaps just without cheque writing privileges, which would be OK); and,
- some of the verbiage in their Motus Savings T&C is poorly written.

Cheers,
Doug

May 18, 2019
8:30 pm
hotmony
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May 21, 2019
2:03 pm
hotmony
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After a couple calls double check was told the escalator is for tfsa/rrsp then i received an email from Mot "Yes, escalator GICs are available for non-registered funds as well.". So we'll see the gal on the phone went to ask an advisor..

 

May 23, 2019
9:41 pm
butterflycharm
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krwilson said

I signed up just for the hell of it over the weekend. I had to go to the nearest post office this morning to complete the setup procedure....to prove who you are. You provide a barcode on your phone, 2 pieces of ID and done...took just a few minutes.

So I just tried linking a bank account, chose my Royal Bank account and it took about 3 minutes, done all electronically. Tangerine did it in about 2 minutes same with ScotiaBank (same company). Winner so far was EQ Bank at less than 2 minutes. Did not time with a stop watch just clock my computer.

Here is the info from their site:

Before you get started…

We understand that a convenient, intuitive and secure way to link your other bank account without the paperwork was important to you. So, we developed a completely online method for you to link your other bank accounts in three easy steps.

STEP ONE
Select Your Bank.
STEP TWO
Secure Sign In.
STEP THREE
Add Your Accounts.
We are still working out some kinks, however we know it works amazingly 85% of the time. Give it a try and let us know what you think (be honest, you won’t hurt our feelings). In return we promise to keep challenging ourselves to innovate and solve problems that other banks overlook.

Alternatively, you can always complete our manual method and submit your forms via secure message.  

I wonder if they read everything from your other bank accounts and learn more about your other balances and shopping habits by getting you to login to them via their site?!

May 23, 2019
9:43 pm
butterflycharm
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Has anyone transferred Meridian TFSA to Motus or transferred from any other bank and knows the process? I hear it's a manual process and needs a cheque written and a form filled and mailed etc...

June 10, 2019
12:29 am
LeBronBMT
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krwilson said

I signed up just for the hell of it over the weekend. I had to go to the nearest post office this morning to complete the setup procedure....to prove who you are. You provide a barcode on your phone, 2 pieces of ID and done...took just a few minutes.

 

Didn't you have to show a utility bill too?

June 10, 2019
3:45 am
krwilson
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NO....I did not need a utility bill.

June 10, 2019
5:20 am
Ed
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Everything at Motus can be accomplished electronically from the comfort of your living room. But, that doesn’t guarantee fast service. Although online and smartphone access is easy, the actual response time by the bank’s back room advisor team is all but non-existent because of their backlog, so they claim.

June 12, 2019
3:51 pm
Loonie
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To continue my sorry saga with Motus in trying to open an RIF and transfer-in...
The last conversation I had with motus was on a Friday, when I spoke to someone who appeared to be a manager although he did not specify. He was to re-send the package by courier with the forms to open the account and set up the transfer. He said it would likely arrive the following Wednesday, as Monday was a holiday. This made a total of 8 days from when it was first sent out to the wrong address. I said that was too long and asked him to look into a one-day courier. He said he would. He also said he would send me his contact information by email for further follow-up if needed. I did not ask for the latter; he volunteered it.

A previous motus employee had told me there was no guarantee as to how long it would take them to process my forms once I had returned them, signed.

Since the whole process had already taken an extraordinary amount of time and I was up against a deadline at Oaken with a maturing GIC, time was important.

The promised email containing contact information for the manager never came.

By 4pm Wednesday, the package had not yet arrived. At that point, I made a decision that I would not proceed with motus regarding this RiF. Instead, I phoned my Meridian person and arranged to come in Thursday morning to set it up at Meridian. This cost me 40 basis points, but it's only 18 months and is not a huge amount as it's not a huge GIC. It was well worth it to me to have the matter dealt with and not have to worry about it any more.

My Meridian rep dealt with the matter efficiently. By Friday he had received an acknowledgement from Oaken regarding the request, and let me know. On the day the GIC matured, June 3, it was received at Meridian and reinvested.

The courier package from motus did eventually arrive, about 6pm on Wed. Too late. I'd made my decision. I tore it up and was glad to be rid of it.

However, I must be a glutton for punishment because I am now trying unsuccessfully to open a joint account with spouse. Spouse intitiated it and the message said that they would contact me by email so that I would be added to the app. I did receive such an email. I followed the link. When the motus system recognized me as an account holder, it told me to sign in and go from there. HOwever, after I did this, there was no mechanism to participate in the joint account opening which spouse had started. I will call them, when I get around to it.

I hope this new problem can be resolved as that particular account with its accompanying chequing acct will meet a particular need that we have at the moment, and the first bunch of cheques, which is probably all we'll ever need, is free. However, I shouldn't speak too soon as I don't know how many cheques they plan to send!
Has anyone received any cheques from them yet?

I expect to stick with the effort to open the joint accounts as it is not urgent, and it is the FI which best meets our needs in this case, provided I can get it working.

June 12, 2019
3:59 pm
Kidd
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Welcome back sf-laugh

June 12, 2019
4:18 pm
Loonie
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Thx, Kidd!

June 12, 2019
5:54 pm
Doug
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Thanks for concluding your story, Loonie, and welcome back! sf-cool

Sorry to hear about your computer troubles with your ASUS laptop. ASUS is normally a pretty reliable brand of computer, though I've never bought an ASUS, so it was a bit surprising...I'm just curious, was ASUS able to fix it for you, not too expensively, and now you're looking to have your credit card issuer, BMO, reimburse you for the initial cost of the laptop? Not sure how that works, does the credit card purchase assurance start the day following the end of the manufacturer's 1-year limited warranty? If so, you should be good, but like you say, likely won't be a fast refund process.

Glad to hear you ended up transferring in your RIF to Meridian. Sounds like Oaken Financial is very fast on transferring out, which is good to know. When you say it cost you 40 bps, do you mean 40 bps below what Motus would've offered, or 40 bps below what was on offer at Oaken? Had you considered just sticking with Oaken, given their Ontario physical branch footprint and head office, or was their lack of a RIF Savings account crucial for you?

What we've been able to glean is that Meridian/Motus have somewhat outdated back office and technological processes with regards to registered plan applications & transfers and 2-3 extra EFT posting delay. For Meridian, this is not as crucial as you have branch staff that can help facilitate the application and transfer process, without the need to set up a telephone appointment, wait for the documents to be prepared, and couriered to you (hopefully!). With Motus, though, with their virtual operation, this is a product and service killer, it seems to me. It's too bad, but I'm kind of surprised you opted to stick with the Motus joint accounts. Are you thinking of just using them for non-registered and future TFSA deposits...is that kind of the idea? In terms of a future RIF transfer, safe to say until they automate process somewhat by making the application forms available online, that's pretty much not in the cards? 😉

Cheers,
Doug

June 13, 2019
2:56 am
Loonie
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Thx, Doug.

ASUS: The repair was ridiculously expensive. I am hoping to get reimbursement from the Extended warranty from BMO. The original warranty expired at one year, and the Extended one doubles it, so I'm well within their time frame.

RIF:
40 bps diff between Meridian and Motus.
I didn't want to stick with Oaken as they don't offer 18 month or daily interest. I needed one or the other at a minimum, and preferably both. - which Meridian does offer.
I don't know anything about back rooms, but the operation through Meridian was very smooth and quick. Of course, they were aware of the problem I'd had with motus and were eager to help provide a better solution.
I just think motus is very cumbersome and time-consuming, at least for an RIF. I find it completely laughable that they sent me a welcome email telling me how they were offering "easy" banking and the like. Even without the mishap of them sending the package to themselves by mistake rather than to me, it was still unnecessarily cumbersome, and there were far too many wrong answers given to me at various stages.
They make it unnecessarily complicated, requiring proof of the existing RIF before they will even look at you, as it were, and then insisting on filling out the form themselves and couriering it. I've done transfers to Hubert, which is also completely online, and they are very easy, simple, and efficient.

I knew Oaken would not be tardy, if only I could get the forms to them in a timely fashion, but did not feel I could trust motus to ever get that done and could not afford the risk of the GIC getting rolled over, especially as it had been a five-year one.

Joint savings/chequing:
Yes, I can imagine you would be surprised that I plan (so far!) to stick with motus for this.
I can't get into a lot of detail, but this is to accommodate a certain sum of money that seems to be best suited to motus, if I can get it going. Needs to be based in Ontario, CDIC-insured, with a (hopefully) reliable decent daily savings rate (doesn't have to be the highest) and with an accompanying chequing account. As I see it, the options are motus and Alterna, but Alterna charges for their cheques. That is the main reason I am choosing motus, as I don't want to pay for the cheques and I have already gone to the bother of setting up a personal HISA with them. This sum of money will likely just sit there for a fair while, but may need to be quickly available by cheque. Similar to an emergency fund. As you know, very few of the "alternative" FIs have both CDIC and chequing, and only these two seem to have reliably decent rates and based in Ontario. I won't be moving this money around to chase rates; it will just sit there as it must be available for chequing at all times and I 'm not interested in any fancy footwork for it. I just want to get it set up, which, so far, is a challenge! If this proves too difficult, I'll go to Alterna and pay for the cheques, just to get it over with. Right now, it's sitting in a chequing account at TD earning nothing, so it is accessible but I want to get the interest rolling.

I have no further plans for doing business with motus at this time. Originally, it was only my intention t put the RIF there. When that failed, I thought I could use it for this joint account that I need. I might put a bit more savings money there as well but I don't really need anything else right now. I'm good until the late Fall.

June 13, 2019
4:00 am
canadian.100
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Motus sounds like a disaster.
Topic Title says "Motus has launched"
It looks like a shipwreck to me.

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