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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.
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