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Motus has launched
April 7, 2019
8:29 am
Doug
British Columbia, Canada
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I don't use Interac Debit either. It sounds like you don't even use Interac e-Transfers, though. My barber only takes cash and cheques, but will make exceptions and take Interac e-Transfers since it doesn't cost him anything to deposit. I don't blame him for not bothering with the whole merchant payment processing racket. sf-cool

In fact, one time he had a guy write him an NSF cheque (in the 80s or early 90s or something) for a haircut. He didn't send it to collection or anything. He just tucked it away, at the back of his drawer in his barbershop, as luck would have it, since he gives good haircuts, that guy came back years later and asked about getting a haircut. When he asked how much he owed him, my barber told him, "well, it's n, but then there's x that you owe me for the last haircut," and pulled that bounced cheque out from the back of the drawer where it had, presumably, sat for many years. As my barber tells me, the guy was super embarrassed and paid both amounts right there and, as far as he can remember, with a cheque (which didn't bounce). In fact, I asked him about that event just recently again and that guy still goes to see him and hasn't bounced another cheque. 😉

Cheers,
Doug

April 7, 2019
8:57 am
Loonie
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That's hilarious!

April 7, 2019
5:16 pm
Save2Retire@55
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I don't have intention to open an account with them. So far I am OK with Simplii (With exception of their lengthy customer service wait and no chat / email / secure communication) and Tangerine.

Also EQ HISA has been stable for a long time now on 2.3%. GICs are not higher than other places we deal with.

Does anyone see any special benefit of opening an account with them? Maybe I am missing it 🙂 Thanks.

April 7, 2019
5:38 pm
Doug
British Columbia, Canada
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Save2Retire@55 said
I don't have intention to open an account with them. So far I am OK with Simplii (With exception of their lengthy customer service wait and no chat / email / secure communication) and Tangerine.

Also EQ HISA has been stable for a long time now on 2.3%. GICs are not higher than other places we deal with.

Does anyone see any special benefit of opening an account with them? Maybe I am missing it 🙂 Thanks.  

No, you're not really missing anything. You, more or less, have what you need from those three institutions.

In essence, no fee chequing accounts are, albeit slowly, becoming standard fare. The price of admission. It will just be a market share game (read: increased ad spend) to try and get the customers first and/or poach customers from others. If some banks (i.e., Tangerine and even Implicity Financial, Hubert Financial, etc.) rest on their laurels, they risk losing their customers, possibly forever.

Cheers,
Doug

April 7, 2019
7:37 pm
Loonie
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I don't think Implicity, Hubert et al. have anything to fear from motus yet.

April 11, 2019
3:19 am
krwilson
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Just a comment about motus transfers. I did a test run and not too impressed. Initiated a transfer from Scotiabank on Friday, April 5th...and it just entered my motus account as of this morning, Thursday April 11th. I started another on Monday to see if this will be the slow speed for all transfers....and it has not entered my account yet. The site says 3 business days but this is more than that. Also, once a transfer is started you have no control over it. You must go into your settings section to look at all transactions to even see it and you cannot cancel it anywhere. Not too impressed. You would think on the transfer page you could easily look at up coming transfers.
Perhaps I am blind and missing something and if this is the case I appreciate some input.

April 11, 2019
5:10 am
canadian.100
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Loonie said
I don't think Implicity, Hubert et al. have anything to fear from motus yet.  

Agree -that is for sure!
I found even their parent "Meridian" a truly underwhelming financial institution. (I no longer deal with them.) Their transfer system is truly archaic. (as krwilson above attests). They are not a 21st century operation!

April 11, 2019
5:46 am
Nehpets
Ontario
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krwilson said
Just a comment about motus transfers. I did a test run and not too impressed. Initiated a transfer from Scotiabank on Friday, April 5th...and it just entered my motus account as of this morning, Thursday April 11th.......

canadian.100 said ....
I found even their parent "Meridian" a truly underwhelming financial institution. ...... They are not a 21st century operation!  

Concerns about the outdated online culture of Meridian being inherited by Motus are now being realized.

Meridian has a number of inefficient and ineffective online transactional protocols, especially the excessive delays in posting and crediting electronic fund transfers and mobile check deposits.

Clearly they have chosen to ignore their shortcomings and continue to use protocols that fall short of their competitors.

However, I doubt if their "average" targeted market would realize the inferiority of Motus' EFT systems, unless they have the experience and knowledge in dealing with a number of other FI's, like fellow members of this Forum.

Stephen

April 12, 2019
3:47 am
krwilson
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Quick follow up. The transfer commenced on Monday April 8th was deposited as of this morning April 12th. This is 5 days! Too slow in this day and age.

Personally I have been pleasantly surprised with online Alterna these days. Usually takes just one day, some times 2.

April 12, 2019
1:05 pm
Londonguy
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krwilson said
Quick follow up. The transfer commenced on Monday April 8th was deposited as of this morning April 12th. This is 5 days! Too slow in this day and age.

Personally I have been pleasantly surprised with online Alterna these days. Usually takes just one day, some times 2.  

Can confirm the one-day transfer speed with Alterna. DUCA is one-day as well.

I thought there was supposed to be some kind of formal relationship between transfer speeds and a given FI's position within the deposit-taking hierarchy, but since one of the above is a bank and the other a credit union and they seem to be able to do things in one day where much bigger FIs with their supposed state-of-the-art systems can't, it does make you wonder

April 12, 2019
4:49 pm
Nehpets
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Londonguy said
...I thought there was supposed to be some kind of formal relationship between transfer speeds and a given FI's position within the deposit-taking hierarchy.......  

My understanding is that there is more than one EFT processing system that a FI can contract with, and that some are quicker than others.

Perhaps someone has a better understanding of the background operations of EFT transfers between FI's for clarification.

My experience with Alterna, WealthOne and Hubert have been very good, usually next day; from Oaken to TD, if initiated at 8:00 am, is posted at TD by 6pm same day. However Meridian transfers and deposits have been several days, up to a week, as has been reported by others.

Stephen

April 14, 2019
4:13 pm
ghibli0490
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is there a hard credit check for openning chequing and saving account ?

April 14, 2019
5:21 pm
krwilson
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ghibli0490 said
is there a hard credit check for openning chequing and saving account ?  

No.

April 17, 2019
12:11 am
-bsv-
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Save2Retire@55 said
GICs are not higher than other places we deal with.

They actually propose now the highest 18-month TFSA rate at 3.1%. Oaken special was over recently, so Motus has the best rate as of now.

Except I am missing something.

April 17, 2019
3:15 am
Loonie
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Yes, if 18 months is what you want, then this is a good bet.
DUCA may still be offering its 3 year, cashable at 18 months, also 3.1, but have not checked.
Should ask about transfer-out fees. I can't find a list on motus site. Maybe they don't charge any? - yet.

April 17, 2019
3:18 am
Loonie
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I asked motus about transferring in an RIF and got what i thought was a strange answer. They said I shouldn't request it until the elsewhere GIC came due. ??? That was by email. I'll have to try the phone.
Am wondering what sort of experience their staff have.

April 17, 2019
4:58 pm
Loonie
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I phoned today and got a better answer. This person suggested sending in the transfer request about 3 weeks before maturity.

I also learned that there is a $50 transfer-out fee for RIFs. Presumably this is also true for RSPs and TFSAs, although I didn't ask.

There is no provision for opening an RIF on their website, but they do offer them. In order to do so, you must first open an account of some kind online. If you opened a savings account for this purpose, you would not need to have any money in it.

April 18, 2019
7:49 pm
Norman1
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Nehpets said

My understanding is that there is more than one EFT processing system that a FI can contract with, and that some are quicker than others.

Perhaps someone has a better understanding of the background operations of EFT transfers between FI's for clarification.

In Canada, there's only one system for each category of transfers.

Interac Corporation runs the system used for Interac e-Transfers.

Payment Canada runs the Large Value Transfer System for wire transfers.

Payment Canada also runs the Automated Clearing Settlement System (ACSS) used to clear most Canadian Dollar transactions, like cheques, direct deposits, electronic bill payments, and pre-authorized debits.

The speed differences seen are likely from how quickly an individual financial institution sends transactions to and processes transaction from the system.

April 19, 2019
6:03 am
savemoresaveoften
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I am hoping Motus will run a new customer / new money promo like 3.XX% x months etc and I will open an account.

April 19, 2019
7:01 am
Top It Up
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According to the GIC Chart - https://www.highinterestsavings.ca/gic-rates/

that 3.XX% rate is available NOW for a range 24 - 60 months - why wait?

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