Not available in Quebec | 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
Not available in Quebec
June 10, 2021
11:02 am
freakonomist
Member
Members
Forum Posts: 13
Member Since:
December 26, 2017
sp_UserOfflineSmall Offline

I just obtained confirmation from Motus Bank that all products and services are NOT available to Qc residents. sf-frown

Could therefore someone update that correctly on the HISA page?

Thank you.

June 10, 2021
11:30 am
Peter
Admin
Forum Posts: 1215
Member Since:
May 15, 2007
sp_UserOfflineSmall Offline

Here's some previous discussion around this topic: https://www.highinterestsavings.ca/forum/motusbank/motus-bank-available-in-quebec/

My understanding was that they couldn't solicit Quebec customers, but that a Quebec resident could technically still open a chequing or savings account. Perhaps that has changed?

June 14, 2021
11:41 am
speedwagen
Member
Members
Forum Posts: 48
Member Since:
April 9, 2013
sp_UserOfflineSmall Offline

Peter,

You're probably right about that & I suspect that some of the less sophisticated FI's, more specifically CU's, either can't or don't make that distinction, therefore, don't train their frontline staff to adequately answer such queries - which I believe was also the case with Tandia CU, under another heading. They told me rather unconvincingly that their services were NOT available outside Ontario, but as I stated in the other post, I prefer to not engage with an FI that is unfamiliar with their own affairs.

June 15, 2021
7:57 am
Norman1
Member
Members
Forum Posts: 4116
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

Some provinces take a dim view of a CU from another province accepting deposits from their residents without being registered in the province to do so. In 2010, provincial regulators in Saskatchewan and Nova Scotia issued cease-and-desist orders against Sunova CU in Manitoba for accepting deposits from Saskatchewan and Nova Scotia residents through its Hubert Financial banner.

I remember from the early days of PC Financial that Quebec residents had to visit a pavilion outside of Quebec province to open an account.

It looked like PC Financial could continue to serve clients who moved to Quebec. But, people could not become a client while in Quebec.

Please write your comments in the forum.