Unwilling and Involuntary Motive Refugees | National Bank | Discussion forum

Just move on. Many of us "old timers" (old in forum account age, not actual biological age) will recall this has happened many times in recent history. First there was the demise of Citizens Bank of Canada, owned by Vancity, which technically still exists as a mere skeleton of its former self and no longer focused on consumers. Then came the demise of HSBC Direct. Next it was time for the demise of Ally Canada following the asset sale to RBC Royal Bank and subsequent product closure. Then came the total demise of HSBC Bank Canada and subsidiaries following its asset sale to RBC Royal Bank. Now it is Motive Financial's demise.

Still to come, the final demise of Motus Bank, and, a fait accompli, the total demise of LBC Digital as Laurentian Bank is expected to eventually merge the currently grandfathered accounts into fee-paying, branch-based accounts at some point...

Moral of the story: close accounts and move on

Cheers,
Doug

Ya I hear ya. As I said in an earlier post, I moved a matured small amount RSP GIC held at a different FI into Motive after doing my DD buy checking their transfer out fee which is/was $50. Now that RSP GIC will be moved to NB & when it matures & if I choose to move it to a different FI it will be $150. In my opinion the $50 transfer fee for people like you & me & others should be the $50 that was in effect when we purchased our Motive GIC's.

dommm said
Ya I hear ya. As I said in an earlier post, I moved a matured small amount RSP GIC held at a different FI into Motive after doing my DD buy checking their transfer out fee which is/was $50. Now that RSP GIC will be moved to NB & when it matures & if I choose to move it to a different FI it will be $150. In my opinion the $50 transfer fee for people like you & me & others should be the $50 that was in effect when we purchased our Motive GIC's.  

That is a good point, and that is a symptom of bad banking regulation. Transfers do not have to take a long time, but the big banks use it as a scare tactic to try and retain clients. Fortunately, the Carney government has signaled a willingness to tighten the screws on the big banks, with plans to bring in consumer-focused banking regulatory amendments.

Wealthsimple is lobbying heavily to mandate use of so-called ATOA electronic transfers, which can be done essentially almost instantaneously. The cost for a bank to transfer a registered account can be essentially pennies (or, at most, less than a nickel). There is zero reason for transfer fees from a cost recovery perspective. Full stop.

Cheers,
Doug
Shareholder, The Bank of Nova Scotia
Shareholder, Canadian Imperial Bank of Commerce
Shareholder, The Toronto-Dominion Bank of Canada
Shareholder, National Bank of Canada

National Bank ATM's

Seems all National Bank ATM's here are all with Credit Unions, i.e. Coast Capital, Vancity, Community, Island Sav. etc. Is there a charge using these ATM's does anyone know?

The actual NBofC is downtown and not at all convenient. Just want to activate the card that I will never use.

thank

Norman1 said
According to 1.10 Automated Banking Machine (ABM), there is no fee for using ATM's that are part of THE EXCHANGE network.

Many of THE EXCHANGE ATM's can also accept deposits.  

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Thanks going over to Coast Capital now.

Any ATMs that show up on NB's locator won't charge you fees.

The ding-free (Acculink) and Exchange networks are two separate entities. Nearly every credit union is part of the Acculink network. The Exchange is a mashup of some credit unions and banks (like NB). So you need to use locators or look for the logos on the ATMs to be sure. One of my local credit unions left and then rejoined Exchange within the last decade.