Motus has launched | Page 14 | 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
July 8, 2019
8:07 am
Doug
British Columbia, Canada
Member
Members
Forum Posts: 3676
Member Since:
December 12, 2009
sp_UserOfflineSmall Offline
261sp_Permalink sp_Print

Norman1 said
That is sleazy to not credit the pulled funds until days after the funds have actually been credited to Motus by the clearing system.  

I agree it's not sleazy, but for clarity, we've established from multiple anecdotal reports that Motus and Meridian - perhaps because they clear payments directly instead of going through Central 1 - take fully 2-3 extra business days beyond the 1-2 business days to post the DRs and CRs to Motus and Meridian accounts. It's not a problem with the clearing system crediting Motus or Meridian in a delayed fashion, but rather is a problem with with Motus and Meridian's internal processes and technologies that results in the delayed payment. I don't think Motus or Meridian is doing it intentionally, but that they're just not interested in improving their systems and/or processes to provide for more streamlined, straight through processing of EFT payments. This is the main reason, along with the no deposit hold limits, why Motus and Meridian are "strong avoids" for me.

Product and service wise, they're compelling, but a company can't be all flash.

Cheers,
Doug

July 8, 2019
4:04 pm
Loonie
Member
Members
Forum Posts: 7498
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline
262sp_Permalink sp_Print

Received cheques from Motus today. They arrived within reasonable time.
I am now all set to do the banking I intend to do with motus, minus the failed RIF transfer.
I've begun transfers-in, but they only permit 10K daily online pulls, despite what another forum member was told.

July 8, 2019
4:20 pm
Doug
British Columbia, Canada
Member
Members
Forum Posts: 3676
Member Since:
December 12, 2009
sp_UserOfflineSmall Offline
263sp_Permalink sp_Print

Loonie said
Received cheques from Motus today. They arrived within reasonable time.
I am now all set to do the banking I intend to do with motus, minus the failed RIF transfer.
I've begun transfers-in, but they only permit 10K daily online pulls, despite what another forum member was told.  

Wow, that's low for transfers in. They're too conservative for me! Probably related to not trusting their customers and not wanting to "staff up" their regulatory compliance team to do spot check anti-money laundering reviews so they just limit the EFT transfers in equivalent to the 24 hour daily large cash transactions reporting threshold. 🙁

Add that to my strong reasons to avoid Motus.

Nevertheless, I'm happy you finally have your joint Chequing and Savings up and running fully. 🙂

And your Meridian Branch Manager is happy you opted to transfer your RIF in to the branch instead of to the direct bank subsidiary. 😉

Cheers,
Doug

July 8, 2019
9:28 pm
Loonie
Member
Members
Forum Posts: 7498
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

I could circumvent the 10K limit by phoning (I think) but I am tired of talking to bank staff so will wait it out. I agree, it seems like a ridiculously low limit. I don't see how it necessarily stops money laundering anyway, although I know very little about how that is done. The funds are coming from one of Canada's largest banks. Perhaps it's more about fraud protection?

My Meridian manager did not display any joy at my decision. She wanted to know the rate Motus was offering, and that this investment would meet my "goals", but that was it. I didn't feel any need to discuss my goals with her.

July 9, 2019
5:19 am
krwilson
Member
Members
Forum Posts: 123
Member Since:
March 15, 2019
sp_UserOfflineSmall Offline
265sp_Permalink sp_Print

I completed 2 $10,000 pulls from within Motus from Tangerine in the same day back at the end of June. It would give me an error if I tried to do more then ten thousand, so being frustrated, I did one ten then another and they both went through and appeared on the same day in Motus account. After suffering their painful transfer wait time!

July 10, 2019
7:08 pm
Loonie
Member
Members
Forum Posts: 7498
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

As I said earlier, all our accounts are functioning now, but spouse has been waiting for them to activate link to TD since June 26 - over two weeks.
We thought we'd wait it out as this link isn't essential right now and, frankly, we are sick of having to call them.
However, we were afraid it might get forgotten, so called this evening "The person who looks after that has just left. I'll give them a message to push it through."
The CSR allowed that they have had a bigger response than expected to their launch and that they don't have enough staff to keep up with demand. I can't help but wonder, how much business did they expect?
In my view, good planning includes a contingency plan for what you will do if you are overwhelmed. It doesn't take a rocket scientist to perceive this possibility. It happened to EQ, so they cut off new clients and limited deposits.
It would have been good if Motus had put a message on their website and stopped sending me emails that assert that everything is going to be fast and efficient now that I'm with Motus!

Meanwhile, the transfer-in from TD that I initiated through Motus on the afternoon of July 8 has not yet moved a millimeter.

July 11, 2019
3:38 pm
Doug
British Columbia, Canada
Member
Members
Forum Posts: 3676
Member Since:
December 12, 2009
sp_UserOfflineSmall Offline
267sp_Permalink sp_Print

Loonie said
As I said earlier, all our accounts are functioning now, but spouse has been waiting for them to activate link to TD since June 26 - over two weeks.
We thought we'd wait it out as this link isn't essential right now and, frankly, we are sick of having to call them.
However, we were afraid it might get forgotten, so called this evening "The person who looks after that has just left. I'll give them a message to push it through."
The CSR allowed that they have had a bigger response than expected to their launch and that they don't have enough staff to keep up with demand. I can't help but wonder, how much did they business they expect?
In my view, good planning includes a contingency plan for what you will do if you are overwhelmed. It doesn't take a rocket scientist to perceive this possibility It happened to EQ, so they cut off new clients and limited deposits.

Yeah, they must not have been expecting much. I suspect Meridian Credit Union didn't "staff up" their Contact Centre to a great extent and instead sought to have existing Meridian employees effectively pull double duty for both Meridian and Motus, to maximize employee productivity during their idle times.

[snip]
Meanwhile, the transfer-in from TD that I initiated through Motus on the afternoon of July 8 has not yet moved a millimeter.  

Oy, that's a long time! So, for clarity, you initiated transfer in, via EFT/bank-to-bank transfer, from your Motus online banking profile from your linked TDCT account and it's not yet left your TDCT account? That is a long time and suggests they may be having staff manually post all EFT DRs and CRs, which, if that's the case, means they could effectively block pre-authorized debits from being debited from the Motus Savings account. TDCT is a Big 5 bank so ordinarily, if you'd initiated a transfer from TDCT to your Hubert account on July 8, it would be credited debited to your TDCT account by end of day on July 9. We're now fully 2 extra days beyond that and it hasn't moved "a millimetre".

One upside (tongue firmly in cheek): Motus Bank, being so arcane in their back-end technologies and processes, is evidently a potential target for cheque kiting. Or, on the legitimate side, earning dual interest in two places on the same funds. 😉

Cheers,
Doug

July 11, 2019
7:05 pm
Loonie
Member
Members
Forum Posts: 7498
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

You understand correctly.
I just tried to check if anything happened today but "the system is temporarily unavailable. Please try again later."

I odn't think they are doing it manually, if only because I have experience with their manual processes. Adding another linked account is a manual process and that takes forever.

On the bright side, spouse's link finally came through after waiting since June 26. It seems that if you want something to actually happen, you may need to phone. Squeaky wheel gets the grease at Motus.

UPDATE: The money from TD arrived at Motus today (11th). Yesterday, it was still showing in my TD account. I suppose I will now have to wait another 4-5 days plus weekend for it to clear. This makes a total of 9-10 days from start. No rush, eh? Ridiculous.
With 24/7 online banking, it's about time the industry figured out that weekends are business days and began staffing accordingly.
I checked on a transfer I made into a different account at Motus (also from the TD account), requested July 2. It shows as being deposited July 5 and is no longer on Hold, so maybe they only require 4 days wait (whereas someone said on another thread that the legal requirement is 5). I'll watch current one more carefully to see when the Hold clears.

In fairness, the screen tells you when you request a transfer that it will take 3 business days or up to 3 business days. I had thought that ought to be long enough to be done with it, but I guess I didn't read all the fine print.

I just noticed a new feature on my Accounts page. At the bottom, under all the Accounts, is a section for Upcoming Transfers. In this section, I see a notation for another transfer (not mentioned above) which I initiated yesterday, the 10th, also to come from TD. It is listed as being for the 16th but I am sure I did it yesterday and that it was not for a future transfer. I have the impression, then, that they know from the beginning when the transfer-in is expected to arrive, and that is the date they seem to go by. Will follow this one with interest too!

August 3, 2021
5:51 pm
KamWest
Toronto
Member
Members
Forum Posts: 136
Member Since:
December 20, 2019
sp_UserOfflineSmall Offline
269sp_Permalink sp_Print

I can now verify that motus charges $1.25 service charge to send an e-transfer from the savings account.

Picture0002.png

Apparently it is only free when using chequing.
I tried to find a reference to this charge on the website and I was not able to find anything.

Kind of a sneaky charge if you ask me because they advertise no fees.

August 3, 2021
6:43 pm
hwyc
GTA
Member
Members
Forum Posts: 464
Member Since:
September 30, 2017
sp_UserOfflineSmall Offline

Motus fees' buried in the bottom half of their rates page
... quoting Kidd from an earlier forum post

https://www.highinterestsavings.ca/forum/motusbank/motus-bank-tfsa-bank-to-bank-transfer-fees/#p41194

August 4, 2021
9:36 am
Alexandra
British Columbia
Member
Members
Forum Posts: 240
Member Since:
September 24, 2019
sp_UserOfflineSmall Offline
271sp_Permalink sp_Print

I have a savings account and GIC's with Motus. I have very little left with them. I made 4 transfers from them to my CIBC account in June. They were just regular bank to bank transfers so each took 5 days to show up in my CIBC account. There weren't any charges for those transfers. I guess the charged e-transfers are immediate but the waiting of 5 days doesn't bother me. You still get the interest for those five days.

August 4, 2021
7:39 pm
Doug
British Columbia, Canada
Member
Members
Forum Posts: 3676
Member Since:
December 12, 2009
sp_UserOfflineSmall Offline
272sp_Permalink sp_Print

KamWest said
I can now verify that motus charges $1.25 service charge to send an e-transfer from the savings account.

Picture0002.png

Apparently it is only free when using chequing.
I tried to find a reference to this charge on the website and I was not able to find anything.

Kind of a sneaky charge if you ask me because they advertise no fees.  

Yeah, that was always the case, as far as I'm aware. That said, you can probably get that reversed if you explain kindly you weren't aware. Do let us know if they kick up a fuss and refuse, though. 🙂

Cheers,
Doug

August 5, 2021
7:10 am
KamWest
Toronto
Member
Members
Forum Posts: 136
Member Since:
December 20, 2019
sp_UserOfflineSmall Offline
273sp_Permalink sp_Print

I am sure if I squawked they would refund it once but quite honestly it's too much work for $1.25

I just have to make sure I remember to use chequing.

I appreciate places where chequing/savings is combined.
Having to run two accounts is so stupid nowadays when most people don't actually use cheques anymore.

You cannot pay bills from savings and everytime you need to pay a big bill you have to do a transfer.

Eventually some smart internet banks will only have one account for everything.

August 5, 2021
9:13 am
Alexandra
British Columbia
Member
Members
Forum Posts: 240
Member Since:
September 24, 2019
sp_UserOfflineSmall Offline
274sp_Permalink sp_Print

Thanks everyone for not jumping at me for my comment above. I have only done an e-transfer once and that was a free one with one of the big five banks. I keep forgetting people use the e-transfer to pay individuals and not to transfer money back and forth to linked accounts. You were probably staring at my comment wondering what planet I was on.

As I am retired, and it isn't often I run across anyone that asks for an e-transfer. Most people, say a window washing company, will take VISA etc. The "one time" event for me was a small carpenter business that requested an e-transfer to their account. As it was, even though my bank rep said I did everything correctly, my bank for some reason did not release the funds to this person. There was some silly reason on his side of it. So the funds were out of my account, not in his account and it took days for the bank to finally release the money to him. No one gave an explanation.

It was for a substantial amount. Usually with the handyman type, who don't take credit cards, I ask if they will take a cheque, if not, I pay them in cash and get a receipt.

August 5, 2021
9:49 am
Norman1
Member
Members
Forum Posts: 4397
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline
275sp_Permalink sp_Print

KamWest said

I appreciate places where chequing/savings is combined.
Having to run two accounts is so stupid nowadays when most people don't actually use cheques anymore.

You cannot pay bills from savings and everytime you need to pay a big bill you have to do a transfer.

That's actually an old banking trick so that people will "decide" to leave lots of their money in their chequing account. I wrote about it awhile back.

November 22, 2021
6:17 pm
picassocat
Québec
Member
Members
Forum Posts: 263
Member Since:
December 29, 2018
sp_UserOfflineSmall Offline
276sp_Permalink sp_Print

With Motus, is everything functional with a HISA only or must one open a checking account to pay bill and e-transfer out ?

November 22, 2021
6:21 pm
KamWest
Toronto
Member
Members
Forum Posts: 136
Member Since:
December 20, 2019
sp_UserOfflineSmall Offline
277sp_Permalink sp_Print

You need a chequing to pay bills

You can move out with savings

You will be charged if you use savings for e-transfer

Best to have a chequing account to, it takes seconds to set up as second account once the first one is done.

November 23, 2021
7:27 am
hwyc
GTA
Member
Members
Forum Posts: 464
Member Since:
September 30, 2017
sp_UserOfflineSmall Offline

What's their Money Mover service? Is it just their name for EFT?

… I'm also thinking TfSA singleton at Motus

Please write your comments in the forum.