Motus has launched | Page 13 | motusbank | Discussion forum

Please consider registering
guest

sp_LogInOut Log In sp_Registration Register

Register | Lost password?
Advanced Search

— Forum Scope —




— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

sp_Feed Topic RSS sp_TopicIcon
Motus has launched
June 14, 2019
2:51 pm
Loonie
Member
Members
Forum Posts: 5213
Member Since:
October 21, 2013
sp_UserOnlineSmall Online

continuing my saga...

We are now trying to open a joint account.

My spouse, who does not currently have an account with motus, decided to try to initiate this.
Spouse naively checked off "joint account", as that was what was wanted.

After doing all that was required, motus message was that they would send me an email and that I could then confirm that I wanted the joint account.

They did send the email, which included a unique code number.

I followed the instructions which accompanied that email.
This resulted in the motus site "recognizing" me as a client. Because of that, I was told to, instead, just sign in and open the account there.

So, I signed in. There was no option to open a joint account or confirm that I wanted one or to insert the unique code number anywhere. Dead end.

So, I phoned motus and was told that essentially none of he above was relevant!
The way to open a joint account, I was told, was for spouse to open a single account first; then both of us are supposed to send a secure email advising them that we want a joint account.

While this method is not unreasonable, what on earth was the point of going through the previous process? And why can't they simply convey this in the first place? It seems the unique code has no function whatsoever.

Spouse is now in the process of opening the single account. I expect we will have to wait a couple of days for a transfer-in to get the account fully activated. Then we can go back to our original purpose of opening a joint account.

June 14, 2019
2:55 pm
Yatti420
Canada
Member
Members
Forum Posts: 308
Member Since:
July 10, 2011
sp_UserOfflineSmall Offline
242sp_Permalink sp_Print

Looks like Motus has some work to do still.. Higher rates I guess are a nice reward..

June 14, 2019
4:01 pm
Doug
West Kelowna
Member
Members
Forum Posts: 2682
Member Since:
December 12, 2009
sp_UserOnlineSmall Online

Thanks, Loonie, for your earlier reply yesterday afternoon to me. That's fair enough, though I'm surprised you didn't look at Alterna Bank's seniors chequing account, which gives free cheque books, no? Might not be able to open the seniors chequing online, but I imagine the Contact Centre could do this. In this way, you could open the e-Savings account online then open a joint seniors' chequing account by phone. Rates are not as good with Motus (*provided Motus keeps their rates as is) and they do have that bizarre $250,000 maximum, per depositor balance limit, but their EFT processing is faster & more efficient than Motus Bank and their CEO seems friendlier & folksier than Motus/Meridian's CEO. As well, their back-end systems seem better.

As for your problem opening the Motus joint account, it sounds like they don't have their front end systems working properly such that when you sign in with your existing Motus account, the link on which you clicked to enter the confirmation code disappears and there's no way to access it! On the one hand, it's good that they prevent you from opening a duplicate, sole customer profile, but things don't seem to be "in sync," if you know what I mean.

Boy, talk about frustration!

Cheers,
Doug

June 14, 2019
9:10 pm
Loonie
Member
Members
Forum Posts: 5213
Member Since:
October 21, 2013
sp_UserOnlineSmall Online

I was not aware of Alterna Bank Seniors chequing but suspect it may be part of the AlternaBank system which is only accessible in-branch; and thus I may have ignored it. They have a very poor system regarding these two set-ups and I wouldn't want to get messed up with the in-branch version. Nor do I live anywhere near their branch.

I don't need to deposit more than 250K, so that is not an issue. Given CDIC limits, it is difficult to get past 250 anyway.

In any event, we have started the process with motus and will continue with that unless it completely de-rails like the RIF did!

There is a cynical part of me that continues with this effort out of curiosity as to what impediments may yet lie ahead. Just how bad can it get?sf-surprised

June 14, 2019
10:37 pm
Norman1
Member
Members
Forum Posts: 2360
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline
245sp_Permalink sp_Print

Loonie said
I was not aware of Alterna Bank Seniors chequing but suspect it may be part of the AlternaBank system which is only accessible in-branch; and thus I may have ignored it. …

The Alterna Bank Good Life chequing account was indeed part of their in-branch portfolio.

The account was discontinued last year. See previous thread Senior account Good Life chequing to be discontinued June 1, 2018.

June 20, 2019
3:46 pm
Loonie
Member
Members
Forum Posts: 5213
Member Since:
October 21, 2013
sp_UserOnlineSmall Online

Progress Report on opening joint account:

It is now 4 full business days since spouse sent in external bank statement by secure message.
This morning we phoned to see why the link had not been established, and were told that the CSR would send a message to the department in question, and that someone would call us back.
By late this afternoon the link had been established. Nobody called us back.

We will now try to open the joint accounts by sending secure messages to that effect as advised on June 14.

June 21, 2019
5:01 am
krwilson
Member
Members
Forum Posts: 29
Member Since:
March 15, 2019
sp_UserOfflineSmall Offline
247sp_Permalink sp_Print

I do hope Motusbank holds the 3% 18 month GIC for a while. The reason is that as I commented in other places the slowness of the transfers. I started for my wife's account a transfer on June 14th that finally made it to the account as of yesterday, June 20th! Now I see reading their site info since it is over $1500 it will have an 8 day hold on it?! Since the July 1st weekend is coming in this time period it will probably add another day. To me this is ridiculous in 2019. I suppose I can call in and do something BUT I like to do it all online in a timely fashion...so Motusbank is failing for me. If they drop their rates soon I plan to drop them too.

The above example is transferred from within Motusbank taken from EQBank. I started another from Tangerine from within Motusbank to see if its faster.

Probably I could speed it up if I did the transfers initiated from EQ and Tangerine but was trying to keep maximum interest.

June 21, 2019
6:19 am
Nehpets
Ontario
Member
Members
Forum Posts: 511
Member Since:
December 20, 2016
sp_UserOnlineSmall Online
248sp_Permalink sp_Print

krwilson said
.......Probably I could speed it up if I did the transfers initiated from EQ and Tangerine .....  

Probably not, since it appears Motus is using the same transfer protocols of the parent, Meridian. I stopped doing business with Meridian, not only because of poor rates, but because of the frustration of delayed transfers of deposits.

Electronic funds transfers to Meridian, from my experience took days longer, regardless of whether they were pushed, pulled or deposited by mobile deposit.

Sadly, Motus has adopted the same, annoying procedures, it seems....but if the majority of their market is uninformed about how other FI's can operate so much more efficiently, they just won't care and perhaps even profit from the lag.

June 21, 2019
12:35 pm
Loonie
Member
Members
Forum Posts: 5213
Member Since:
October 21, 2013
sp_UserOnlineSmall Online
249sp_Permalink sp_Print

krwilson said
I do hope Motusbank holds the 3% 18 month GIC for a while. The reason is that as I commented in other places the slowness of the transfers. I started for my wife's account a transfer on June 14th... 

I'm pretty sure I read that they will hold their rates for one month. I know that Meridian does. You should be able to get that, even if the rate drops before mid-July.

June 26, 2019
10:15 am
Loonie
Member
Members
Forum Posts: 5213
Member Since:
October 21, 2013
sp_UserOnlineSmall Online
250sp_Permalink sp_Print

Continuing my own story...

Today was the 4th business day since we requested joint accounts. Since a response was promised within 2 business days, we phoned them. After a delay, we were finally connected with someone who was able to open the accounts over the phone, since we had already submitted secure messages to that effect last Thursday.
Everyone we spoke to today was efficient and pleasant and was able to get on with the job eventually, so that our joint accounts are now open.

I asked how long the cheques would take to arrive, and was told I must request them. So I did. Should take less than 2 weeks to Toronto, she said. You get 25 free cheques.

June 26, 2019
6:02 pm
Doug
West Kelowna
Member
Members
Forum Posts: 2682
Member Since:
December 12, 2009
sp_UserOnlineSmall Online
251sp_Permalink sp_Print

Loonie said
Continuing my own story...

Today was the 4th business day since we requested joint accounts. Since a response was promised within 2 business days, we phoned them. After a delay, we were finally connected with someone who was able to open the accounts over the phone, since we had already submitted secure messages to that effect last Thursday.
Everyone we spoke to today was efficient and pleasant and was able to get on with the job eventually, so that our joint accounts are now open.

I asked how long the cheques would take to arrive, and was told I must request them. So I did. Should take less than 2 weeks to Toronto, she said. You get 25 free cheques.  

So strange. So, what was that chequing account you opened in order to do the now abandoned RIF transfer? Had you just opened a sole Motus chequing and/or savings account, to establish a profile?

Bizarre that they they were able to open them by telephone yet there were so many problems with you and spouse trying to open online.

Bottom line: Motus Bank earns good marks from good customer service, when they want to practice it. Their website and customer-facing online banking interface seem slick. Back office and internal processes likely earn a failing grade (or at least a C- or D).

Cheers,
Doug

June 26, 2019
7:33 pm
Loonie
Member
Members
Forum Posts: 5213
Member Since:
October 21, 2013
sp_UserOnlineSmall Online
252sp_Permalink sp_Print

I initially opened a solo savings account, preparatory to getting the RIF rolling.

They were able to open the joint account over the phone because we had both separately sent secure messages last Thursday requesting it.

I find two things strange.
First, today's CSR implied that if we'd begun with the joint account rather than my solo one, things would have gone more smoothly. (How would we know?) I have no idea why. Earlier, as you'll recall, when spouse tried to initiate the joint account, they sent me an email to verify it with a code number. There was never a use for htis code number. So, there is a problem with how they have set up the access to a joint account.
Second, the only route we were given to open a joint account when the code system failed was to each open separate ones then send the secure email requesting joint, to which they did not respond until contacted again by us. The phone conversation today in regards to opening the joint accounts included the usual list of questions such as "what is the purpose of your account?" These were administered verbally and were mandatory. If they'd done what they said they would do, i.e. respond to our secure messages, they would presumably still have had to phone us and ask these annoying questions. Why not just provide a usable form in the first place, rather than play phone tag? - bearing in mind they must get hold of both of us

I've initiated a two-stage transfer which I expect will take about two weeks altogether to get to Motus. Will start another one after the cheques arrive, which will be direct transfer. All in all, I expect to be fully operational by mid-July.

July 5, 2019
1:57 pm
toto
Member
Members
Forum Posts: 176
Member Since:
August 17, 2010
sp_UserOfflineSmall Offline
253sp_Permalink sp_Print

I wish I hadn't initiated a transfer into motus.
Money was taken out of my external bank but hadn't shown up in motus account.
I called and told them if it's doesn't show up going into the weekend, because its friday will they back date the interest, because you will have kited my money.
Csr just said to call tomorrow morning, which will be Saturday.

July 5, 2019
5:37 pm
Nehpets
Ontario
Member
Members
Forum Posts: 511
Member Since:
December 20, 2016
sp_UserOnlineSmall Online
254sp_Permalink sp_Print

toto said
I wish I hadn't initiated a transfer into motus.
  

Was that a push or pull EFT?

Stephen

July 6, 2019
8:55 am
toto
Member
Members
Forum Posts: 176
Member Since:
August 17, 2010
sp_UserOfflineSmall Offline
255sp_Permalink sp_Print

I pulled it into motus .

July 6, 2019
9:37 am
Nehpets
Ontario
Member
Members
Forum Posts: 511
Member Since:
December 20, 2016
sp_UserOnlineSmall Online
256sp_Permalink sp_Print

toto said
I pulled it into motus .  

It seems that the experience I had working from the Meridian side is being replicated with Motus, that pushes and pulls from the Motus / Meridian side tend to take several days, compared to most other FI's used by many of us here on the Forum.

Most others will complete the EFT overnight with others providing same day transfers.

What was the outcome of your experience with your call on Saturday, toto?

Stephen

July 6, 2019
9:59 am
file
Member
Members
Forum Posts: 38
Member Since:
August 1, 2015
sp_UserOfflineSmall Offline
257sp_Permalink sp_Print

I kind of wonder if the functionality is a bolted on solution which just generates an email or something for someone to then manually go sort out.

July 6, 2019
9:59 am
Norman1
Member
Members
Forum Posts: 2360
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

It doesn't sound like it actually takes several days.

Toto did a pull at Motus to pull funds from an account another FI. Motus has trasmitted the pre-authorized debit because a pre-authorized debit has been posted to, and funds have been taken from, the account at the other FI.

What seems to take several days is the internal crediting of the pulled funds to the Motus account.

That is sleazy to not credit the pulled funds until days after the funds have actually been credited to Motus by the clearing system.

July 6, 2019
7:55 pm
toto
Member
Members
Forum Posts: 176
Member Since:
August 17, 2010
sp_UserOfflineSmall Offline
259sp_Permalink sp_Print

It felt like my money was out there flapping in the breeze, no credit to match the debit.
Motus extracted my funds from my account Friday morning, nothing in my motus account on Friday.
I called Saturday and asked for next level. They did manage to get funds in my account on Saturday, and back dated my deposit day.
I did complain about their speed of transfers and it seemed to me that there was some kiting of my money going on, they dismissed it as the transaction was just slow getting to motus once they extracted it.
I'm so used to lightning speeds by tangerine, eq, wealth one ect. , that motus was painful .

July 6, 2019
8:34 pm
Norman1
Member
Members
Forum Posts: 2360
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline
260sp_Permalink sp_Print

toto said


I did complain about their speed of transfers and it seemed to me that there was some kiting of my money going on, they dismissed it as the transaction was just slow getting to motus once they extracted it.

What Motus told you is incorrect.

Nothing comes back from the other FI, unless your pre-authorized debit is returned because of NSF or some other reason. The other FI does not send back a confirmation of each individual pre-authorized debit.

Believe it or not, success is implied by the lack of a response. sf-laugh

Please write your comments in the forum.