Canadian Direct Financial rebranding to Motive Financial | Page 3 | Motive Financial | Discussion forum

AltaRed said
Which is what I've said all along. CDF doesn't have separate CDIC coverage from CWB.  

LOL, you guys are still arguing about this? 😉

I find it rather peculiar when I see people concern themselves greatly with deposit insurance when, save for a few small trust companies in the late 80s and early 90s, the federal regime has never been tapped. Provincial regulators have had to step in a few more times but, even then, they ultimately find another entity to assume the troubled entity's deposits and loans and the provincial deposit insurance is never tapped.

If you do want to concern yourself with (federal) deposit insurance: use the acronym K.I.S.S. You really only need to know this page, if the entity you're researching isn't listed but attributes itself to being CDIC insured as a CDIC member, it's more than likely a "brand," operating as a "branch transit number(s)" of an existing CDIC member and, as such, your deposits with them in the same beneficial ownership and type of account (i.e., RRSP, TFSA, non-registered, mortgage property tax account, etc.) are included within the same CDIC limit of the "parent" institution under which it operates. You simply need to do a "second step" and go to that "brand"'s website, click on the "CDIC Information" link (usually in the page's "footer") and find out under which entity(ies) they operate. It's that simple, folks.

Some examples:
* Motive Financial is included with Canadian Western Bank as it is a "branch transit," operating in the direct-to-consumer or non-face-to-face channel environment
* PC Financial (previously, President's Choice Financial) is a trademark owned by Loblaw Companies Ltd but exclusively licensed for use to and operated by Canadian Imperial Bank of Commerce for the provision of direct-to-consumer and through banking pavilions in space leased (likely for free as part of their revenue sharing arrangement) any banking, revolving or installment credit (excluding cards) or investment products and so it's the same as your CIBC deposits. This one is only slightly more complicated in that there's also a President's Choice Bank that is wholly owned by Loblaw Companies Ltd that provides and issues only the PC Financial MasterCard product in the direct-to-consumer channel environment, which it "funds" through GICs sold only through the independent deposit broker and/or self-directed or full-service investment brokerage channels. In most cases, you don't hold President's Choice Bank-issued GICs unless you deal with a deposit or investment broker. Even if you did, you wouldn't be able to "see" them from within PC Financial online banking operated by CDIC. 🙂
* Oaken Financial operates as a "branch transit" of Home Trust Company (which owns the trademark) but also issues savings accounts/GICs under a related Home Bank entity and "codes" your products with each entity separately so in that case, you can have two CDIC limits with the same beneficial ownership provided the deposits are portioned accordingly between the two entities/CDIC members.
* EQ Bank operates a "branch transit" of Equitable Bank, though Equitable Bank is slowly moving their other deposit broker-sourced deposits and mortgages over to the EQ Bank "brand" but, if and when they do, as it's the same entity, unless under Equitable Trust, uses the same CDIC limit.

Tangerine Bank is separate from The Bank of Nova Scotia as BNS pays separate CDIC premiums to maintain Tangerine's CDIC membership.

Cheers,
Doug

Bill said
Doug, are you saying the separate corporations of Tangerine and BNS have a choice, based on whether or not separate CDIC premiums are paid, about having separate CDIC limits vs a single CDIC limit?  

No, you're reading way too much into what I said. 🙂

I'm just saying, because Tangerine Bank, although a wholly-owned subsidiary of The Bank of Nova Scotia, is a separate CDIC member and either pays CDIC premiums itself or from its parent company's funds, it has its own CDIC limit.

Cheers,
Doug

Anybody expecting or hear of any better offers on interest rates with the rebranding next week.

Notice some of their GIC rates have dropped... again.

Rick said
No new account offerings, no change in interest rates, no change in internet banking activities / policies, no special rate offerings. Only thing different is the name and site graphics. What was the point? Spend a bunch of money making over the web site and supplying everyone with new debit cards? At least I don't have to update all the direct deposit info with my linked accounts AGAIN... so far anyway.  

I agree, Rick. I would've liked to see some technology improvements (i.e., client onboarding such as digital signature capture and linking of external bank accounts using either of the third-party account verification service, Interac e-Transfer or "micro deposits" methods).

For a website refresh, rebranding and new debit cards, as well as a new social media site (they didn't even retain the existing one!) and no new product offerings, they seemed to have squandered an ideal marketing opportunity. I'm also not certain why they even needed 30 days to implement the website refresh with not even a service fee change. 😉

This could've been an ideal opportunity to snag disenfranchised Tangerine clients (myself included).

Cheers,
Doug