GIC maturity instruction | Page 2 | Motive Financial | Discussion forum

canadian.100 said

Absolutely correct. Similar situation now with Hubert/Access - they have to get their systems up to scratch, so one does not need to call an agent for every little thing. I would not deal with either of these 2 FIs (Motive and Hubert/Access) - just too much time wasted - whether needing to speak to an agent and the inability for clients to initiate their own transactions online.  

First of all, I'm going to go out on a limb here and say in my view this is a case where our general Canadiana works against us (regardless of where we were born). When it comes to customer service, my observation is that we tend to be passive and tolerant to a fault. In the U.S. it is dramatically different. Aggrieved customers will come close to rioting (and some will cross the line).

Up here, we say things like "it took me 2 hours to get in touch with a bank, but at least the person I spoke with was friendly and knowledgeable."

But to get back to your point -- yes, aside from the irritation of it all, I see 2 practical financial pain points with Motive.

One is the time spent on hold. I'm willing to spend, say, an hour or even two hours a year in total on hold if it means I'm getting a better rate. But in my most recent experience, I swear I am not exaggerating: I called FIVE TIMES on FIVE DIFFERENT DAYS and was on hold for more than an hour EACH TIME (and I called a different times of the day). Maybe it was just bad luck. But it gave me a glimpse of what's possible with Motive and once was enough.

Two is a bit more insidious: let's say Motive screws up your renewal instructions (which they will do). For example, you wanted the funds moved to your savings account so you could transfer them out. If it takes you a week to get in touch with Motive and finally get them to cancel the renewal (which you didn't want in the first place), they will not retroactively credit you the interest you lost. On a large $100k GIC this could be hundreds. It could also mean you miss out on an expiring rate elsewhere.

To me, it just wasn't worth it. I'm sure Motive won't notice my absence (just as they didn't notice my presence ). But if they keep this up for long enough, eventually they'll reach the end of the runway. It may not happen for years, but it happens.

Dean said

canuckles said

I spoke with a Motive representative last week to provide GIC maturity instructions. She confirmed it currently has to be done over phone but added that we’ll have the capability to do it online on our own next year.

. . . 

Hope ⬆⬆⬆

That can't happen too soon ... shoulda been done years ago ❗

With any luck, they'll fix some of their other Warts too.

Dean

  

Reposted for any who may have missed it ⬆

Good Things come to those who wait.

Dean

P.S.
Unfortunately, the 'When' next
year remains Unknown.