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Spring 2019 teaser
March 8, 2019
8:11 am
Peter
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I'm subscribed to the motusbank newsletter and today they sent me this update:

Your friends at motusbank here to let you know we are on track for our early spring launch. Over the last few weeks we've been putting the finishing touches on our website, testing and retesting, to make sure you have an awesome experience.

As one of our early sign-ups, we figured you'd want in on all the motusbank news as it happens.

Since you told us:

You need to start saving.

The motusbank high interest savings account will make it so, with:

  • Unlimited standard transactions
  • No monthly fees
  • No minimum balance
  • RRSP and TFSA options

That's pretty good already, but we're going to make saving even easier. You'll be able to:

  • Use our Auto-save feature to round debit purchases up to the nearest dollar or 5 dollars, and have the difference transferred right into your savings account
  • Save even more when you receive a direct deposit (like your paycheque) by having a percentage transferred to your savings, "automagically"

You need a better bank account.

We hear that. That's why the motusbank no-fee chequing account will include:

  • All the banking you could ever want for zero dollars a month
  • And free, unlimited Interac e-Transfers® too

Speaking of free stuff and sending cash, we're sure you'll dig our Money Mover service. It will let you:

  • Easily (and securely) link your motusbank account to another bank
  • Do it all online, instantly
  • Move money between your accounts for free

What's next? Get ready to move!

Spring will be here before you know it, so keep an eye on your inbox. An announcement of our official launch, rates, and more is headed your way soon.

March 8, 2019
8:23 am
Nehpets
Ontario
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Over the last few weeks we've been putting the finishing touches on our website, testing and retesting, to make sure you have an awesome experience.

Let's hope the same people who manage the Meridian web interface are not the ones setting up the motusbank web interface.

One of my main complaints to Meridian has been the number of deficiencies in various parts of their online functionality combined with clumsy and often obstructive policies in connection with transfers and deposits, on the Meridian CU website.

Astoundingly, their mobile apps are only available to devices registered in Canada, meaning a snowbird whose device may be registered in the U.S. cannot download the Meridian mobile app.

Lets hope those doing the beta testing and setting up the online services take note of how much more in tune some of their competitors are with current digital needs and set up the motusbank website to be more 2020 user friendly.

Stephen

March 8, 2019
10:32 am
Doug
British Columbia, Canada
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It sounds very similar to Canadian Western Bank's Motive Financial and Alterna Savings & Credit Union Ltd's Alterna Bank, with respect to no monthly fees, competitive high interest savings account ("HISA") rates, and unlimited free Interac e-Transfers.

I think, ultimately, this puts further pressure on EQ Bank to increase from five (5) to unlimited free Interac e-Transfers and for Tangerine Bank to make free its Interac e-Transfer functionality.

Still, these companies all offer remarkably similar product suites.

One notable difference to Meridian Credit Union Ltd and its motus bank subsidiary: Surcharge-free ATM access would be for both Acculink (credit union) and The Exchange for Meridian and The Exchange only (not all credit unions, particularly those in the western provinces) for motus bank. sf-cool

Reason is because Canada's credit union system currently control the Acculink ATM network and its membership is limited to provincially- and federally-regulated credit unions. (Another reason, aside from the requirement to maintain only one set of capital buffers, why I think Meridian should've reincorporated federally as Meridian Federal Credit Union, but whatever.)

Also, I do think motus bank will be incredibly challenged trying to grow and acquire customers (unless customers don't require ATM access and want just to do EFT transactions between another bank account) in the western provinces. I expect them to have little to no customer uptake outside of Metro Vancouver, Victoria, Nanaimo, Metro Kelowna, Prince George, Kamloops, Edmonton, Calgary, Saskatoon, Regina, and Winnipeg where Canadian Western Bank and HSBC Bank Canada (Exchange members) have branches. Most of their customer base will likely be in Ontario, atlantic Canada, and major metropolitan Canadian cities elsewhere. If they don't permit Quebec customers out of the gate, that's going to significantly impair their growth from the outset. To use a nickname given to me by a social media commenter in reply to one of my posts, sorry to be a bit of a "Dougie downer" here. sf-wink

Cheers,
Doug

March 8, 2019
10:53 am
Shawguy
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Doug said
It sounds very

One notable difference to Meridian Credit Union Ltd and its motus bank subsidiary: Surcharge-free ATM access would be for both Acculink (credit union) and The Exchange for Meridian and The Exchange only (not all credit unions, particularly those in the western provinces) for motus bank. sf-cool

Reason is because Canada's credit union system currently control the Acculink ATM network and its membership is limited to provincially- and federally-regulated credit unions. (Another reason, aside from the requirement to maintain only one set of capital buffers, why I think Meridian should've reincorporated federally as Meridian Federal Credit Union, but whatever.)

Alterna Bank has access to both the Acculink and Exchange networks for free.. It's not heavily advertised... But it's free as I use the MB credit union ATMs all the time for free.

March 8, 2019
11:42 am
Doug
British Columbia, Canada
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SG said
Alterna Bank has access to both the Acculink and Exchange networks for free.. It's not heavily advertised... But it's free as I use the MB credit union ATMs all the time for free.  

Hrm, can you confirm the names credit union ATMs you've used personally so I can confirm whether indeed they're an Acculink member and not an Exchange network member also?

Edit: I see you use Manitoba credit union ATMs, with your Alterna Bank (not Alterna Savings and Credit Union, right?) debit card. Yes, that's correct. Very interesting! This does potentially change the thesis on motus bank, then. If motus bank gives access to Acculink, because they're a Meridian subsidiary, then this gives them an edge against Motive Financial but not much (if any) over Alterna.

Thanks,
Doug

March 8, 2019
3:39 pm
Shawguy
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Doug said

Hrm, can you confirm the names credit union ATMs you've used personally so I can confirm whether indeed they're an Acculink member and not an Exchange network member also?

Edit: I see you use Manitoba credit union ATMs, with your Alterna Bank (not Alterna Savings and Credit Union, right?) debit card. Yes, that's correct. Very interesting! This does potentially change the thesis on motus bank, then. If motus bank gives access to Acculink, because they're a Meridian subsidiary, then this gives them an edge against Motive Financial but not much (if any) over Alterna.

Thanks,
Doug  

Yes all the Manitoba Credit Unions are on the Acculink network and not the Exchange.

Also if you look at Alterna Bank's service fees you will see on the small print at the bottom of the second page it says Acculink and Exchange Networks... This was only added in June 2018, prior to that it was only Exchange Network. Also on the back of the new Alterna Bank debit cards it says Acculink as well. Which in the west is very helpful as Exchange network bank machines were sparse up till last year.

https://www.alternabank.ca/SharedContent/documents/Fees/AlternaBank_ServFee-Personal_EN_Mar11_18.pdf

Now most Mac"s stores (now Circle K) have manulife atms on the exchange network here in Manitoba and the Coop Gas stations in Winnipeg have Alterna Bank Atms as well as our major Hospitals as well. But again this is only in Winnipeg and not much help outside the city... Which ia why again Acculink is so nice, because most small towns in Manitoba have a credit union on the Acculink network.

Realistically though... I barely ever use an ATM as I put every thing on Credit card and just pay it off, or send eTransfers to people.

March 8, 2019
4:51 pm
Doug
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Thanks, SG. Alterna was always, to my knowledge, a member of the Acculink ATM network, so I suspect they just added that reference to Acculink in the statement of disclosure/service charges brochure in June 2018? That's helpful to know your Alterna Bank debit card has both Acculink and Exchange logos - that means you can definitely use both networks.

It's neat that Alterna Bank, a non-credit union, can still use Acculink, but I guess there's provisions in Alterna's agreement that lets them extend that to wholly-owned subsidiaries. Either that, or since Alterna Bank just uses the same banking platform, Acculink treats them as one institution and Canada's other credit unions don't realize there is a bank on this network. sf-confused

Addition of Manulife ATMs at Circle K/Mac's locations definitely helps, but as far as I know, you can only do cash withdrawals. The reason I usually use the ATMs is for deposits. Also, I hope Manulife doesn't decide to give up the Circle K/Mac's contract - or that they don't get outbid by another bank (i.e., Scotiabank, CIBC, TDCT, or RBC Royal Bank). sf-wink

Cheers,
Doug

March 8, 2019
11:34 pm
Loonie
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Doug, I'm not sure why you think the uptake in the west will be more limited than elsewhere, but you live there and I don't.
Nonetheless, since you think it will appeal to all the larger centres in the west, that plus Ontario and whatever else they pick up in other areas will cover most of the population. So I don't see a problem. I also would anticipate that they will cover Quebec. What's the point in going to all the bother of opening a federal if you don't operate "federally"? They're already the biggest CU in Ontario, by far.

I do see, as you do, though, that there doesn't seem to be much differentiation between a lot of the "alternative" FIs. I don't use their ATMs at all, and push all bills through BigBank. They all look pretty similar to me. The differences that matter to me are in rates (always fluctuating), quality of customer service, ease of operation, meaningful 24/7, security (hard to assess), withdrawal limits, how much insurance coverage I can get (joint accounts needed), etc - things they don't talk about in their promotions.
I hope somebody at some FI somewhere is listening!!!

March 9, 2019
9:12 am
Doug
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Loonie said
Doug, I'm not sure why you think the uptake in the west will be more limited than elsewhere, but you live there and I don't.

I based this statement largely on surcharge-free ATM network coverage (many prairie province and rural B.C. credit unions withdrew from The Exchange a number of years ago). With the ability to use Acculink (credit union) ATMs with an Alterna Bank debit card, this is mitigated substantially. sf-cool

Still, consider that provincial credit unions in Saskatchewan and Alberta have the ability to do shared in-branch banking at another credit union. That's quite compelling for many people and both Saskatchewan and Alberta have credit unions that offer free chequing accounts now. sf-cool

Nonetheless, since you think it will appeal to all the larger centres in the west, that plus Ontario and whatever else they pick up in other areas will cover most of the population. So I don't see a problem. I also would anticipate that they will cover Quebec. What's the point in going to all the bother of opening a federal if you don't operate "federally"? They're already the biggest CU in Ontario, by far.

I agree with you, but was basing this on a presumption that, like so many virtual FIs that don't want the hassle of complying with Quebec's added financial consumer protection laws, they end up like Motive Financial and Simplii Financial, which don't operate in Quebec. I'm not sure if Alterna Bank is accessible in Quebec?

I do see, as you do, though, that there doesn't seem to be much differentiation between a lot of the "alternative" FIs. I don't use their ATMs at all, and push all bills through BigBank. They all look pretty similar to me. The differences that matter to me are in rates (always fluctuating), quality of customer service, ease of operation, meaningful 24/7, security (hard to assess), withdrawal limits, how much insurance coverage I can get (joint accounts needed), etc - things they don't talk about in their promotions.
I hope somebody at some FI somewhere is listening!!!  

Agree with you there. 🙂

Cheers,
Doug

March 9, 2019
3:54 pm
Loonie
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I think that AlternaBank does operate in Quebec. They are headquartered in Ottawa and I think they have a physical branch in Gatineau. But that would need to be confirmed. Being located in Ottawa might have made them more sensitive to the QC market.

I think that the whole banking scenario is different in QC because of the popularity of the home-grown caisses populaires and Desjardins.

March 9, 2019
4:08 pm
Doug
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Loonie said
I think that AlternaBank does operate in Quebec. They are headquartered in Ottawa and I think they have a physical branch in Gatineau. But that would need to be confirmed. Being located in Ottawa might have made them more sensitive to the QC market.

I think that the whole banking scenario is different in QC because of the popularity of the home-grown caisses populaires and Desjardins.  

Desjardins likely does enjoy popularity in Quebec, especially in the smaller towns. National Bank of Canada, too, has a strong presence. That said, Quebec has separate rules with respect to overdraft, line of credit, and credit card fees and interest chargeability. So, all of those rules mean separate disclosure statements and rules to adhere to, so I believe that plays a role in certain FIs not operating there. The Manitoba CUs are somewhat different in that they don't provide mortgages or credit products thru their virtual banking divisions, so it's easy for them to operate in Quebec.

If Alterna Bank is available in Quebec, and it looks like they are, then it's likely Motus Bank (I think we can safely refer to them with capital letters as that's how it's stylized on their Letters Patent and listed at OSFI, even if branding wise, they go by motusbank and motus bank) will also operate in Quebec.

So, I have to modify my initial negativity and think Motus Bank has some attractive qualities similar to Alterna, especially if they really do offer an easy online mortgage application and pre-approval process and client onboarding.

Cheers,
Doug

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