GIC rates decrease | Motive Financial | Discussion forum

I wonder if this is the way for Motive to manage load at their call center.

As they teach in Demand Management, to deal with load you either add capacity or shift/reduce demand.
Dropping GIC rates to less attractive will reduce number of calls from people who want to buy GIC with Motive. Like myself, who can now buy 1yr GIC at Oaken at the same rate as Motive, but with Oaken it is 100% online.

Problem of long hold time solved for Motive.

victor6433 said

At Omnia or WFCU you get 6.05% for 18 months. This promo expires on the 10th.. Omnia is strictly online.  

For people who don't mind parking funds at CU and want top %%, this is indeed a good deal.
For someone like me, 5.4% is good enough and I prefer banks. Personal preference.

Alexandre said
I wonder if this is the way for Motive to manage load at their call center.

As they teach in Demand Management, to deal with load you either add capacity or shift/reduce demand.
Dropping GIC rates to less attractive will reduce number of calls from people who want to buy GIC with Motive. Like myself, who can now buy 1yr GIC at Oaken at the same rate as Motive, but with Oaken it is 100% online.

Problem of long hold time solved for Motive.  

I did my motive GIC online as well as TFSA. For rrsp they asked me to call in via email response to me asking why I couldn’t do it

I spent 30 min ride home on hold waiting to do the rrsp
Gave up once at home, so left msg with number and no call back.. so yes I feel your pain..
you could do it on line and call after rrsp season and change maturity instructions
But I bet you can’t change interest pmt options .. we take the good with the bad with most of these institutions but I will still deal with them over big 5 banks any day of the week.. for me anyway

I decided to give up opening a TFSA GIC account with MF because so hard to get hold of someone on the phone. Let along you have to go through the inconvenience again when you want stop automatic renew at maturity.

Dean said
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Update . . .

According to at least two Motive CSRs recently, most of these problems & shortcomings at Motive are supposed to get Fixed this year.

I don't have or feel any attachment to Motive. I'll be keeping Savings with them because rates are currently attractive and online management of funds is working just fine.
When it comes to GICs, I'll have them elsewhere. If Motive wants my money, they should learn from truly online bank Tangerine. With Tangerine, I can do all routine account activities online, including funds withdrawal from RRSP.

All GIC rates down again, including 1 yr. @ 5.15% & 2 yrs. @ 5.00%.

120 day GIC promo @ 5.50% p.a. still available until July 31, 2024, with conditions.

Wow 2 drops barely a week away from each other... National Bank must be calling the shots already, even though they haven't cleared the regulatory hurdles yet. Look for Motive rates to continue to settle to match their own.

I don't think the website functionality will change at all at this point, they will just do the minimum to maintain it knowing that it will shut down in a year or two. And whatever NB migrates us to will probably be worse