Motive Financial (formerly Canadian Direct Financial) profile, discussions, and reviews

Website: https://www.motivefinancial.com
Headquarters: Edmonton, Alberta
Parent company: Canadian Western Bank
Credit union? No
Available to Quebec residents? No
Founded in: 2009

GIC rate history

Disclaimer: Although our best efforts are made, the information posted on this website is not guaranteed to be accurate. Please visit their website for authoritative information.

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Pay bills
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Latest discussions about Motive Financial (formerly Canadian Direct Financial) -- view all

Forum/Topic Started Last post Posts

Motive Financial (formerly Canadian Direct Financial)

Mobile Banking Apps

November 21, 2019
11:49 am by
davidgeorge
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November 21, 2019
1:59 pm by
Briguy
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2

Motive Financial (formerly Canadian Direct Financial)

Motive Online Glitch

November 19, 2019
10:10 am by
frugal lady
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November 20, 2019
2:06 pm by
Oscar
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6

Motive Financial (formerly Canadian Direct Financial)

Hoops and Hoops and Hoops

July 21, 2019
6:11 am by
MapleOne
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November 14, 2019
3:04 am by
Loonie
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28

Motive Financial (formerly Canadian Direct Financial)

CRA Declaration Required

November 1, 2019
9:55 pm by
commonboy
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November 6, 2019
6:50 am by
dougjp
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11

Motive Financial (formerly Canadian Direct Financial)

Interac e-Transfer request money and autodeposit

September 26, 2019
7:30 pm by
Adam1
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October 30, 2019
11:12 am by
matkokubko
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7

11 Reviews »

  1. Customer service: Rated 4 / 5 stars

    Account features: Rated 4 / 5 stars

    Interest rates (consistency and amount): Rated 4 / 5 stars

    Fees: Rated 5 / 5 stars

    Interface (online, telephone, in-person, etc.): Rated 4 / 5 stars

    How long have you banked with them?: 6 months

    Why do you bank with them?: High interest rates

    What do you like about this bank / credit union?: High interest rates, but also that they use the familiar MemberDirect online interface.

    What could be improved about this bank / credit union?: 1. Offer a more convenient way to link external accounts 2. Polish the online interface (for example, you cannot open a TFSA from within your standard account interface; you cannot determine what to do with GIC money after the term has expired) 3. Offer a competitive RSP savings account rate

    General comments: Canadian Direct Financial has a very attractive offering as a "virtual bank". But they just need to add some more polish as noted above. In general, they require a mix of mail, phone, and online interaction, and not everything is properly documented. For example, they've waived the monthly fee on their chequing account since several months ago, but they still haven't updated their website to reflect this change.

    Review by Peter — April 13, 2013 @ 10:33 am

  2. Customer service:

    Account features: Rated 5 / 5 stars

    Interest rates (consistency and amount): Rated 5 / 5 stars

    Fees: Rated 5 / 5 stars

    Interface (online, telephone, in-person, etc.):

    How long have you banked with them?: Over 6 years

    Why do you bank with them?: Higher interest rates

    What do you like about this bank / credit union?: Good customer service at my branch and higher interest rates

    What could be improved about this bank / credit union?: Try to match higher interest rates offered by smaller institutions

    General comments: Good customer service at my branch and higher interest rates compared to big 5

    Review by Deepak Dilawri — September 11, 2013 @ 9:07 am

  3. Customer service: Rated 5 / 5 stars

    Account features: Rated 5 / 5 stars

    Interest rates (consistency and amount):

    Fees: Rated 5 / 5 stars

    Interface (online, telephone, in-person, etc.): Rated 4 / 5 stars

    How long have you banked with them?: 5 years

    Why do you bank with them?: High interest rates, stable organization, nothing flakey.

    What do you like about this bank / credit union?: Good customer service, better than average interest rates, good web interface.

    What could be improved about this bank / credit union?: The signup process is long and via snail mail. They should have virtually everything done through their website. Transfers could be easier, especially internal money transfers. Broad ATM access.

    General comments: All round, the best combination, imo.

    Review by PJW — December 29, 2014 @ 5:05 am

  4. Customer service: Rated 5 / 5 stars

    Account features: Rated 5 / 5 stars

    Interest rates (consistency and amount): Rated 5 / 5 stars

    Fees: Rated 5 / 5 stars

    Interface (online, telephone, in-person, etc.): Rated 3 / 5 stars

    How long have you banked with them?: 1 year

    Why do you bank with them?: High interest

    What do you like about this bank / credit union?: High interest,no fee and trustworthy

    What could be improved about this bank / credit union?: Online banking interface and feature need to improve.

    General comments: Overall is good.

    Review by RYAN D — February 7, 2015 @ 3:15 pm

  5. Customer service: Rated 1 / 5 stars

    Account features: Rated 1 / 5 stars

    Interest rates (consistency and amount): Rated 3 / 5 stars

    Fees: Rated 3 / 5 stars

    Interface (online, telephone, in-person, etc.): Rated 1 / 5 stars

    How long have you banked with them?: No longer

    Why do you bank with them?: Not anymore

    What do you like about this bank / credit union?: Nothing

    What could be improved about this bank / credit union?: Customer service, and respect for the client

    General comments: I had opened both a checking and savings account with Canadian Direct. Any deposits were made into their parent company's (CWB) ATM. On numerous occasions, holds were placed on cash deposits, and remained on hold even after the ATM had been serviced. This not only happened to me, but to my brother as well in another Alberta city. In addition, my brother checked his account one day, and found a hold placed on his funds for no apparent reason. Canadian Direct could not provide my brother with a reason as to why the hold was placed on his account. I brought my problems to Canadian Direct attention. They were surprised at the problems my family was experiencing, and admitted that this should not be occurring. Even after the discussion, the problems still continued. I finally sent a terse email to their parent company, Canadian Western Bank CEO, how did they handle the problem?? they just shut my account down. Placing a hold on cash deposits is the equivalent of going to the supermarket, paying with cash, only to be informed by the cashier that they would have to hold my milk, meat, and eggs until my cash clears in five days. Absurd to say the least. I contacted their ombudsman, no resolution to the matter.

    Review by taxed — May 8, 2015 @ 7:50 pm

  6. Customer service: Rated 5 / 5 stars

    Account features: Rated 5 / 5 stars

    Interest rates (consistency and amount): Rated 5 / 5 stars

    Fees: Rated 5 / 5 stars

    Interface (online, telephone, in-person, etc.): Rated 5 / 5 stars

    How long have you banked with them?: 5 years

    Why do you bank with them?: High interest rates

    What do you like about this bank / credit union?: The customer service is FABULOUS.

    What could be improved about this bank / credit union?: The rates are no longer quite as competitive as they once were (0.25% lower than a few other online options).

    General comments: Overall, I am quite pleased with this bank.

    Review by D. Irvine — August 8, 2015 @ 11:33 am

  7. Customer service: Rated 4 / 5 stars

    Account features: Rated 4 / 5 stars

    Interest rates (consistency and amount): Rated 4 / 5 stars

    Fees: Rated 5 / 5 stars

    Interface (online, telephone, in-person, etc.): Rated 2 / 5 stars

    How long have you banked with them?: 6 months

    Why do you bank with them?: Combination of relatively high interest rates, CDIC insurance, and based in Western Canada

    What do you like about this bank / credit union?: Easy to contact on the phone the rare time that is required

    What could be improved about this bank / credit union?: Money transfer to other financial institution is cumbersome

    General comments: May 2016 banking system transition was a total fiasco. Transfer delayed by as long as 7 business days, and then the money was transferred the wrong direction.

    Review by mr roboto — May 11, 2016 @ 9:15 pm

  8. Customer service: Rated 5 / 5 stars

    Account features: Rated 4 / 5 stars

    Interest rates (consistency and amount): Rated 3 / 5 stars

    Fees:

    Interface (online, telephone, in-person, etc.): Rated 5 / 5 stars

    How long have you banked with them?: 3 years

    Why do you bank with them?: originally for the interest rates. Now it's because they have a great on-line system with moderately decent interest rates.

    What do you like about this bank / credit union?: On-line system is great.

    What could be improved about this bank / credit union?: they need to increase their interest rates on savings accounts. They are among the lowest right now.

    General comments: CDIC insured. Great on-line system.

    Review by Robert — January 31, 2018 @ 10:14 am

  9. Customer service: Rated 1 / 5 stars

    Account features: Rated 1 / 5 stars

    Interest rates (consistency and amount): Rated 3 / 5 stars

    Fees: Rated 1 / 5 stars

    Interface (online, telephone, in-person, etc.): Rated 1 / 5 stars

    How long have you banked with them?: 1 day

    Why do you bank with them?: high

    What do you like about this bank / credit union?: high

    What could be improved about this bank / credit union?: application process

    General comments: three weeks to open an account

    Review by steve — March 7, 2019 @ 12:18 pm

  10. Customer service: Rated 5 / 5 stars

    Account features: Rated 4 / 5 stars

    Interest rates (consistency and amount): Rated 4 / 5 stars

    Fees:

    Interface (online, telephone, in-person, etc.): Rated 4 / 5 stars

    How long have you banked with them?: Started out a couple months ago.

    Why do you bank with them?: 2.8% hisa

    What do you like about this bank / credit union?: service has been good

    What could be improved about this bank / credit union?: Security protocol is weak.

    General comments: I opened the hisa at 2.8% and now it's been lowered to 2.5%. Not sure why, maybe in the fine print. It's still a good rate but it isn't the 2.8% we are all being told about. It wasn't sold as a promotional rate.

    Review by bobby — August 18, 2019 @ 10:02 am

  11. Customer service:

    Account features: Rated 1 / 5 stars

    Interest rates (consistency and amount): Rated 4 / 5 stars

    Fees: Rated 5 / 5 stars

    Interface (online, telephone, in-person, etc.): Rated 1 / 5 stars

    How long have you banked with them?: Have not used the service. Attempted to setup a TFSA account online

    Why do you bank with them?: Would bank due to competitive TFSA interest rate.

    What do you like about this bank / credit union?: Competitive TFSA interest rate.

    What could be improved about this bank / credit union?: The online account setup process needs to be improved. Unable to link TFSA account directly to external back. Requires cheques or forms to be "mailed" in to complete the setup.

    General comments: The online process needs significant improvement. Motive need to add the ability to transfer from external source directly into a TFSA, both during setup and after the account is establish. Motive also require forms to be mailed in to complete setup.

    Review by Em — November 16, 2019 @ 6:03 am

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