[EXPIRED] 3.25% (for everybody) or 3.35% (for group benefits) for 6 months in new Advantage Accounts | Page 4 | Manulife Bank | Discussion forum

Thanks, Stephen...yeah, I saw, on their website, that joint accounts can be added and changed as needed, via telephone, after both individuals have opened sole customer profiles (i.e., bank cards) and/or sole accounts. So, that's easy enough.

That's great that CSRs can manually override the maximum EFT limit of $50,000. Is that a daily limit or a transaction limit for Manulife-initiated EFT transactions?

I'd like to find out if Manulife has "hold release" limits for established and/or good credit risk clients such that they might make available, immediately, a portion of the funds deposited (i.e., up to $5,000) and also whether they will send out postage paid deposit envelopes with their deposit slips and whether you can still make deposits at RBC branches.

Also, would be nice to know if you can choose either Manulife Bank or Manulife Trust as GIC issuer online.

Cheers,
Doug

Nehpets said

Doug said
..........and also whether they will send out postage paid deposit envelopes with their deposit slips and whether you can still make deposits at RBC branches.... 

What is the relationship between RBC and Manulife, Doug?

Stephen  

I assume that RBC Royal Bank is likely Manulife Financial Corp.'s primary banker and, by extension, that Manulife Bank (and Manulife Trust) clear their deposits through RBC. 🙂

It's probably more than just clearing Manulife Bank's deposits - the deposits may actually be held in institutional RBC accounts, temporarily or for the long-term, but you can "test" the theory that they clear through RBC.

How to test it: Deposit, via Exchange ATM or through your Manulife mobile app (assuming they have remote deposit capture?), a cheque drawn on your other bank payable to yourself into your Manulife Advantage Account. When it clears, look on the back of the cheque for the intermediary clearing bank's information. If you see an 'RBC' and/or '-003' on the back, we have our answer.

Cheers,
Doug

Loonie said
With reference to Doug's evaluations, I note that Desjardins Trust Inc is listed with CDIC.
How does Desjardins Trust Inc relate to the other parts of Desjardins? and what are its functions? Does it do anything related to personal banking?  

Hi Loonie,

Yes, I noticed, too, that Desjardins Group has a CDIC issuer subsidiary in Desjardins Trust. I suspect that, among other things, Desjardins Trust is the trustee and custodian for its asset management divisions, for its self-directed discount brokerage Disnat Direct (they also own a majority stake in Aviso Wealth, which owns the Credential Direct and Qtrade discount brokerages), and for the Desjardins registered plans (TFSA/RIF/RSP, etcetera). They may also issue GICs, but perhaps not HISAs, in the deposit broker channel since the deposit insurance for Desjardins is ... complicated, in that your deposits would be provincially deposit insured based on the local Desjardins caisse populaire to which you belong. And finally, to Desjardins customers, it might be possible to book GICs directly within their Desjardins online banking under either their local Desjardins caisse populaire or under Desjardins Trust.

In my analysis, I was mainly referring to Desjardins Group, which isn't CDIC insured and hence the qualifying statement. not the Trust subsidiary, which is a CDIC issuer.

Hope that helps,
Doug

Like many have said, my account opening online was fast and the linked account was available the next day. Unfortunately in order to have a joint account that I/we wanted, my wife had to go through the same account opening process. When that gets completed, we are to phone in to make one joint account out of both. And...my wife's account opening seems to have fallen into the same (temporary?) black hole that Nehpets just posted about!

A helpful bit of info - once the online opening is done the completion page says, in order to link an account, either use their free mobile app to deposit a $ 1- cheque, or mail a voided cheque. For those who want an immediate link made in order to deposit money, and are part of the 25% of the population who don't have a smart phone, there is a 3rd alternative, if you can scan a cheque. Phone in and they will get you access to your account. From there you can choose the option to link an external account. Fill in the numbers and choose the image file to attach from the search box of your computer.

I can imagine their back office backlog at present, as they have chosen this massive splash in the pond to enter the competitive retail savings market, sort of like Simplii did. I hope Manulife doesn't basically vanish after the initial high rate offer (I've never got any rate offer from Simplii since the initial one).

dougjp said
Like many have said, my account opening online was fast and the linked account was available the next day. Unfortunately in order to have a joint account that I/we wanted, my wife had to go through the same account opening process. When that gets completed, we are to phone in to make one joint account out of both. And...my wife's account opening seems to have fallen into the same (temporary?) black hole that Nehpets just posted about!

A helpful bit of info - once the online opening is done the completion page says, in order to link an account, either use their free mobile app to deposit a $ 1- cheque, or mail a voided cheque. For those who want an immediate link made in order to deposit money, and are part of the 25% of the population who don't have a smart phone, there is a 3rd alternative, if you can scan a cheque. Phone in and they will get you access to your account. From there you can choose the option to link an external account. Fill in the numbers and choose the image file to attach from the search box of your computer.

I can imagine their back office backlog at present, as they have chosen this massive splash in the pond to enter the competitive retail savings market, sort of like Simplii did. I hope Manulife doesn't basically vanish after the initial high rate offer (I've never got any rate offer from Simplii since the initial one).  

I actually like that they can add or remove people from a joint account by having each call in and be verified. That's actually pretty convenient. Compare this to HSBC whereby you can't add people to an existing joint account. You have to create a brand new joint account, with a new account number and everything.

Cheers,
Doug

dougjp said

Actually I might not have been clear. There was no way they knew she was opening an account online in order to ultimately have one or the other of our accounts be made into a joint account. It was something I was told on the phone. To make a joint account with Manulife, both people have to get on the phone. There was something unrelated with my wife's account opening attempt.  

Hrm, I'm not sure what that could be. She didn't want to get on the phone, or there was a problem with her individual account opening? If the latter, could it be that she has a fraud monitoring protection on either (or both) of her credit bureau(s) (Equifax and/or TransUnion)? That will often snare online or non-face-to-face account openings.

Cheers,
Doug

-bsv- said
Looks like I was lucky enough to open an account? Also, my daughter opened one on Sunday without any problem.

  

Nice, thanks -bsv-! I like the way they show you the promo rate in your account details screen. Tangerine does that as well, but this is even simpler and it's crystal clear.

Cheers,
Doug

Doug said
Tangerine does that as well, but this is even simpler and it's crystal clear.

Yeah, agree. Hate that RBC does not do this. I lost interest for almost one month cause of that.

dougjp said
A helpful bit of info - once the online opening is done the completion page says, in order to link an account, either use their free mobile app to deposit a $ 1- cheque, or mail a voided cheque. For those who want an immediate link made in order to deposit money, and are part of the 25% of the population who don't have a smart phone, there is a 3rd alternative, if you can scan a cheque. Phone in and they will get you access to your account. From there you can choose the option to link an external account. Fill in the numbers and choose the image file to attach from the search box of your computer.
 

I didn't use any of those mechanisms to link an account. I linked it myself by entering the details on their website. It was really easy.

Choose "Link an External Account" under Transfer Funds menu. You then enter your bank details and attach a scan of a voided cheque. I've done it for two different accounts. In both cases the linked account was available to use the next day.

See here for the screen I am talking about.

jtfrogger said
I didn't use any of those mechanisms to link an account. I linked it myself by entering the details on their website. It was really easy.

Choose "Link an External Account" under Transfer Funds menu. You then enter your bank details and attach a scan of a voided cheque. I've done it for two different accounts. In both cases the linked account was available to use the next day.

See here for the screen I am talking about.
  

Thanks for posting that screenshot, jtfrogger.

I knew there was an online option. It sounds like you do still need to upload an account "proof" of some sort, but they'll accept either a VOID cheque, account statement, direct deposit form, and pretty much anything reasonable from the sounds of it.

Definitely a good option.

Cheers,
Doug