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Pending Maturities
April 1, 2021
12:19 pm
Alexandra
British Columbia
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Lots of 3% GIC's maturing this month and the next. Wonder if Motus will try to retain the funds by offering a better rate. I'm out of there as they come do if they don't.sf-laugh

April 1, 2021
2:36 pm
Doug
British Columbia, Canada
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Alexandra said
Lots of 3% GIC's maturing this month and the next. Wonder if Motus will try to retain the funds by offering a better rate. I'm out of there as they come do if they don't.sf-laugh  

Doubt you'll get anything better than their current 5-year rate except on a shorter duration or something. sf-cool

Motus Bank also promised me, at their Meridian Credit Union AGM, that they would publish full PDF annual reports and audited financial statements for the subsidiary every year, and they've yet to do that. 🙁

Cheers,
Doug

April 1, 2021
3:14 pm
Loonie
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Keep at 'em, Doug!sf-smile

April 8, 2021
5:44 pm
Alexandra
British Columbia
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Just got home and see Motus phoned me about up and coming GIC's........hmm, anyone else get calls? I'll return the call tomorrow.

April 9, 2021
10:38 am
Alexandra
British Columbia
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So called Motusbank back this morning as I was requested by their customer services rep to do. The person that called me yesterday was busy on the phone according to this mornings contact. In the meantime he is texting questions to her...."Is she going to be renewing the GIC? ... What are her instructions?".

I said (to her so she could relay to him, lol), that on each GIC which are maturing in the next month the instructions are clear: Upon maturity, this investment will transfer the funds to account #------

I asked if they had any special offers for existing clients and she said nothing except that the person she was texting to would ensure the funds went into my savings account on maturity.

What a waste of time that was. sf-confused

April 9, 2021
4:34 pm
Loonie
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They seem really disorganized. I would have expected them to try to sell you on ETFs etc. through QTrade or VirtualWealth.
It's a waste of time for them as well as you if they don't attempt to sell you something!

April 22, 2021
9:02 am
Alexandra
British Columbia
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So GIC matured today. Could only transfer $10K out as that is there daily limit. So I tried to transfer the remainder of the GIC funds in savings account out for the next day. Popup says have to wait until 27April to do that. I called them and they said they could transfer the entire amount out for me. The funds will be transferred out in three business days, i.e. on the 27th of April and as she says, "usually late in the day".

So the next one coming due over the $10K, I'll call them so the full amount can be transferred at the same time.

April 22, 2021
5:56 pm
Loonie
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Motus offers chequing accounts, and the cheques are free (at least they were for me, perhaps seniors perq, can't remember).

If you'd had a chequing account with them, you could have transferred all the money to chequing, then written a cheque on it to yourself and deposited it elsewhere by mobile banking with no delay. In some cases you would have started earning interest at the new FI immediately.

It is for reasons like this that I remain a fan of chequing accounts and always enrol for one when available. This might be useful for you for the future.

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