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Email this11:12 am
November 20, 2022
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We’re reaching out to let you know that motusbank deposit and loan accounts will be transitioning to Meridian Credit Union (“Meridian”) or Coast Capital Savings Federal Credit Union (“Coast Capital”) in the coming months, subject to regulatory approval.
For most members located in Ontario, lending accounts will be transitioned to our parent company, Meridian, effective May 1, 2025.
All lending accounts held in provinces outside of Ontario, a small selection of lending accounts held in Ontario, and deposit accounts from all provinces will be transitioned to Coast Capital.
11:49 am
October 27, 2020
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I got the same email, as did I'm sure all motus members.
I only have a few dollars left with motus - should I totally empty my accounts, or is there a good reason to still keep a few dollars with motus?
What is everyone else doing?
1:50 pm
November 8, 2018
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I have RRSP GIC with Motus, matures in June 2025. From email I received it is not clear for me where it moves and when. Will be waiting for further clarifications from Motus.
I moved whatever I have in Motus Savings somewhere else.
2:47 pm
October 27, 2020
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Alexandre said
I have RRSP GIC with Motus, matures in June 2025. From email I received it is not clear for me where it moves and when. Will be waiting for further clarifications from Motus.
I moved whatever I have in Motus Savings somewhere else.
Just pushed the meager amount I had in my deposit accounts with motus to Tangerine. I don't see any advantage to having an account with Coast Capital.
7:02 pm
April 6, 2013
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Timing is not known yet. Their wind down deponds on regulatory approval.
According to their announcement Upcoming changes to …, it will be within a year:
… motusbank is slated to wind down within a year, pending all regulatory approvals. Exact timing of the account transitions and when motusbank will cease operations will depend on approval from financial regulators.
All the Motus Bank deposit liabilities will eventually be assumed by Coast Capital Savings Federal CU in return for all the bank's non-Ontario loans and some of the bank's Ontario loans:
Transition of deposits and remainder of lending products to Coast Capital
We chose to partner with Coast Capital, a federal, member-owned credit union. to help support your financial needs. … All lending accounts held in provinces outside of Ontario, a small selection of lending accounts held in Ontario, and deposit accounts from all provinces will be transitioned to Coast Capital. Transition of these accounts is subject to regulatory approval. …
6:31 pm
November 18, 2017
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Coast Capital, once famed for its no-fee saving accounts, has recently been imposing fees as high as $8.50 monthly. If you consider using Coast in the future, check whether a Motus transfer might get you grandfathered status.
RetirEd
12:02 pm
December 29, 2018
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With Motusbank closure, could this (trend?) happen to other digital banks, namely Alterna which is also owned, like Motus, by a Credit Union ?
7:15 am
October 27, 2013
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Anything is possible if the 'adventure' is not material to the bottom line of the CU parent.
I suspect some CUs got into digital banking to seize a possible growth opportunity for national digital (fintech) banking. Perhaps too little, too late in some cases given the head start from the MB CUs and the likes of Home Trust (Oaken), Peoples and Equitable (EQ Bank).
8:25 am
November 18, 2017
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Peoples was created quite a while before digital banking was a thing. I was an early customer. When I joined them, it was specifically to avoid digital abuse.
RetirEd
9:18 am
October 27, 2013
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RetirEd said
Peoples was created quite a while before digital banking was a thing. I was an early customer. When I joined them, it was specifically to avoid digital abuse.
I omitted to say, the Peoples e-savings account, which is a digital offering from a long ago established entity. I suppose the same could be said for select e-offerings from the big 5-6 banks as well. RBC, for example, has an e-savings account that has a higher rate of interest than their more vanilla savings accounts.
All of them were brick and mortar trusts&banks to begin with so I should have likely left Peoples out of my prior post.
9:36 am
April 6, 2013
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picassocat said
With Motusbank closure, could this (trend?) happen to other digital banks, namely Alterna which is also owned, like Motus, by a Credit Union ?
Yes. Desjardins Group closed their Zag Bank around 2019.
A digital-only bank is not necessary if a bank or credit union already has an established network of physical branches. If it was, Royal Bank would have set up a digital bank long time ago or kept the digital bank going that was included when they acquired Ally Canada in 2013.
12:22 pm
October 27, 2013
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Here is what Desjardins said about their decision https://www.newswire.ca/news-releases/zag-bank-to-wind-down-its-operations-699672081.html
I had a GIC ladder with Zag and made out well 'maturing' the GICs early but getting paid all interest that would have accrued to original dates of maturity.
2:52 am
March 17, 2018
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RetirEd said
Coast Capital, once famed for its no-fee saving accounts, has recently been imposing fees as high as $8.50 monthly. If you consider using Coast in the future, check whether a Motus transfer might get you grandfathered status.
Looks like they are migrating clients by default to the Unlimited Chequing Account at Coast Capital which has a service charge of $8.50 per month!
Chequing account monthly fees will be rebated for 12 months, until October 31, 2026, and savings account transaction fees will also be waived for the same period.
Someone on RFD posted that they asked to switch to the "Free Chequing, Free Debit, and More Account" at Coast Capital instead.
5:14 am
December 20, 2019
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I emptied and closed my Motus accounts a few months back. Even contacted them and had my login removed and am still getting these emails.
I hope my info is not being sold to coast capital because I want nothing to do with them. The fact that they do this without my permission is bothersome especially because I have both personal and business accounts at Meridian and my stuff should have migrated there instead.
As a long standing Meridian Member I was happy with them and that was the whole reason I also started banking at Motus when they were giving the high rates on RRSP's and TFSA. All of those are now manually moved to SAVEN and in my opinion (for Ontario members) the move should have gone to Meridian, all the coast capital stuff just alienated me.
In fact it alienated me so much that I have no intention of using my Meridian personal accounts anymore. I'll keep my business stuff there because it works but this entire event has shattered my opinion of how Meridian/Motus did business. I had so much money there someone should have contacted me and asked if I wanted to stay at Meridian instead of coast.
The entire handling of this process was terrible and I did the best thing a customer could do, I voted with my dollars, walked away, and went to an institution of my choice.
11:06 am
September 24, 2019
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Has anyone currently with MOTUS received their Debit Card from Coast Capital?
Supposedly a card will be send out by October 31st.
Anything else of interest come up to anyone about the transfers?
Thanks.
6:28 pm
September 24, 2019
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Well, to answer my own question: Yes, I received my brand new debit card from Coast Capital today via Purolator. Inside the great big cardboard envelope was a small paper envelope from Coast Capital containing the card. I can now wait to receive my PIN by mail or I can go to any Coast Capital Branch to initiate.
I'll probably go into a branch. I have two GICs maturing with them in early Nov.
2:30 pm
September 24, 2019
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For anyone who is interested:
I received my PIN via courier yesterday for the Coast Capital Debit Card.
Everything went smoothly and I signed up for on-line banking with them. It all went through apparently and I will be able to view my holdings on Nov.1st.
I also called to make an in bank appointment with a CSR middle of next week.
The CSR who made the appointment on the phone had all of my info and was able to see the three GIC's I have with MOTUS. So that is encouraging.
6:52 pm
September 24, 2019
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Update:
Logged into new Coast Capital account today exactly when they said it would be available.
Membership Share: $5.00 which I never paid into
New High Interest Savings Acct ($0.83)
Three separate GIC's with new GIC account numbers.
Everything came together so well. Received card, then PIN. All info is correct.
See CSR on Tuesday.
11:42 am
September 24, 2019
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Just another update:
Not like I love Coast Capital or anything, but as I said the transition could not have been smoother from MOTUS.
Cash funds, all .83 cents of it went into the C.C. HISA. The three MOTUS GIC's received different individual account numbers and the interest rate/maturity instructions remained the same.
They also opened up a Free Chequing/Free Debit account. You get free cheques as well All transactions are free as well as e-transfers. This account is available to those over 59yrs of age.
Their GIC's aren't that great, however better than a lot of banks. 2.8% 1yr, 3.0% 2yr, 3.15% 3yr, 3.2$ 4 yr and 3.4 % 5yr.
See also that you can link as many external accounts as you wish. Haven't checked into it. So maybe can only transfer in funds and not out.
Please write your comments in the forum.