Demanding National bank gives us saving account the same as Motive | National Bank | Discussion forum

Darlene said
I am pretty sure no one is pleased that the interest on our new accounts is no longer competitive with other on line banks and that we have lost the ability of paying bills from our Motive savings accounts. I have sent National an email and got an unsatisfactory response, they will forward my email to ????
National originally offered 1.75 % for just a year. There was a huge outcry and they have responded by not limiting this to just a year. If everyone were to email National, telling them how much we depend on a savings account that will allow us to pay bills, just maybe they will respond to that and offer legacy accounts for this too. This is the email address I used. service.telnat@bnc.ca  

Wow, I don't know where to start!

Norman1 said
All four Motive accounts

1. Motive Savvy Savings Account
2. Motive Cha-Ching Chequing Account
3. Motive Chequing Account
4. Motive Savings Account

were migrated to National Bank CAD Progress Accounts. Cheques can be written on and bills can be paid from the CAD Progress Accounts.

What are you talking about?  

Would seem logical to be able to write cheques on the NBC Chequing Account -they indicated cheques are free (except for delivery cost.)
I doubt the 1.75% on the Savings Account will last longer than a year. That is getting to be a bit high based on the ongoing drop in interest rates.

None of the Motive chequing or savings accounts were migrated to National Bank Chequing Accounts or National Bank HISA accounts.

All the Motive chequing and Motive savings accounts were migrated to National Bank CAD Progess Accounts. The CAD Progress Account currently has a higher special rate if it is for a former Motive Savvy Savings Account.

For 12 months, National Bank will forward direct deposits and pre-authorized debits to the former Motive chequing and Motive savings accounts to their corresponding CAD Progress Account.

@everhopeful, I would personally like to see it federally mandated that all banks must provide EFT functionality for their clients. In the USA, it seems the norm in the banking industry, so I don't know why the aversion here, other than to keep clients capital from moving freely.

JohnnyCash said
@everhopeful, I would personally like to see it federally mandated that all banks must provide EFT functionality for their clients. In the USA, it seems the norm in the banking industry, so I don't know why the aversion here, other than to keep clients capital from moving freely.  

We are all free to move our business to the Financial Institutions that provide the Products and Services we are wanting or needing.

JohnnyCash said
@everhopeful, I would personally like to see it federally mandated that all banks must provide EFT functionality for their clients. In the USA, it seems the norm in the banking industry, so I don't know why the aversion here, other than to keep clients capital from moving freely.  

Completely agree! And we need a framework to set up EFTs that don't require sharing banking logins between institutions. I despise Flinks, Plaid, etc... but it is all too common now, and many times no alternative is provided.

cgouimet said
We are all free to move our business to the Financial Institutions that provide the Products and Services we are wanting or needing.  

Completely agree as well! Having more common EFTs would enhance our freedom by making moving our business even easier.

I think Interac would be a good organization to lead this change. Their successes with ATM interoperability and e-transfer service would lend well to setting up EFT links. I would trust them a lot more than fintechs.

Darlene, I admire your peaceful protest and activism, but it's unlikely to change National Bank's mind. In my view, you are better off finding a new home for your savings and closing out your National Bank accounts. If you need the chequing account, keep it so long as National Bank provides you the fee waiver, but otherwise, close it all down and be done with it. I did that with Coast Capital Savings and Hubert Financial.

Cheers,
Doug

The signal is pretty clear, treat a buyout the same as a bank closure, nothing ever stays the same.

I moved away from...

Hubert
Motus
Motive

I moved from them as soon as the buyout announcements were made, the idea of my money going to a place I did not have control over immediately raised my red flags.

My personal migration went like this...

Hubert -> Saven (great savings vehicle)
Motus -> Meridian (have business account there too)
Motive -> Wealth Simple (daily working account)
PC Financial -> Simplii (to keep one big bank) only used for subscriptions and bills

I picked who to move to, I did not allow any of them to make the decision for me.

PS. A word to the wise, keep your CRA deposit account at one of the big banks like Simplii (CIBC) so you don't give CRA access to your main bank accounts.

KamWest said
I moved away from...

Hubert
Motus
Motive

I moved from them as soon as the buyout announcements were made, the idea of my money going to a place I did not have control over immediately raised my red flags.

My personal migration went like this...

Hubert -> Saven (great savings vehicle)
Motus -> Meridian (have business account there too)
Motive -> Wealth Simple (daily working account)
PC Financial -> Simplii (to keep one big bank) only used for subscriptions and bills

I picked who to move to, I did not allow any of them to make the decision for me.

Did not think of Wealthsimple but I am hearing it is a great alternative to other banks - high interest rate on chequing account approx 2%, unlimited transfers instead of cheques and no service charges etc. Are u satisfied with Wealthsimple?