kyc issues | Motive Financial | Discussion forum

Canadian Western Bank is in the process of now migrating to a new online banking platform, discontinuing CWBdirect Online Banking (which uses MemberDirect). They're using a Temenos online banking product offering, to supplement their Temenos core banking system. It will quite likely require only a mobile phone number and use only SMS messages as the two-factor authentication mechanism.

What worries me, though, with respect to Motive Financial, is their proposed new online banking platform, at cwb.digital, doesn't use Motive Financial branding. And, their FAQs mention having to attend a Banking Centre should customers need to register for online banking or get locked out of their account. So we could well see Motive Financial being discontinued as a division, with CWB maintaining the HISAs and GICs as a CWB virtual banking branch and discontinuing the Motive chequing accounts.

As to rate competitiveness, if you're going to go to the trouble, I'd probably honest consider spending the time to create a discount brokerage account and have your deposits with multiple issuers all in one place, or just go with the leading HISA provider (Oaken, Hubert, etc.).

Cheers,
Doug

canadian.100 said

Doug said <
As to rate competitiveness, if you're going to go to the trouble, I'd probably honest consider spending the time to create a discount brokerage account and have your deposits with multiple issuers all in one place, or just go with the leading HISA provider (Oaken, Hubert, etc.).
Cheers,
Doug  

Over the years, I certainly tried many of the digital online banks/CUs expecting a better experience than with the major banks - Motive was a letdown as were some others - and now I have come back to using iTRADE etc and even with the Scotia flaws - still a better mix of “pluses” compared to the digital FIs - service was inconsistent, staff untrained, security issues, slow transfers, long waits to speak to agents, old platforms like Motive etc. etc.  

I found iTrade absolutely terrible and completely moved on from both them and Scotiabank. It took iTrade more than 35 business days to move an rrsp trading account over to them. After 30 days, which is beyond their own committed service level, I contacted their CSR. The manager had no idea of status and was unable to investigate, siting that the request is nothing to do with them- another group. As far as I know, there’s only a single CSR call in. The movement of rrsp accounts are regulated, so FIs are supposed to make this happen when transfer requests come through. I had to report the delay in order to get their attention. As soon as they received the funds, I closed all my accounts with both and moved on- show me that you don’t care about my business…I move my money. ITrade was absolutely pathetic for me while Scotiabank requires a chartered accountant to figure out their promos. (Intentionally)

moveyourmoney said

I found iTrade absolutely terrible and completely moved on from both them and Scotiabank. It took iTrade more than 35 business days to move an rrsp trading account over to them. After 30 days, which is beyond their own committed service level, I contacted their CSR. The manager had no idea of status and was unable to investigate, siting that the request is nothing to do with them- another group. As far as I know, there’s only a single CSR call in. The movement of rrsp accounts are regulated, so FIs are supposed to make this happen when transfer requests come through. I had to report the delay in order to get their attention. As soon as they received the funds, I closed all my accounts with both and moved on- show me that you don’t care about my business…I move my money. ITrade was absolutely pathetic for me while Scotiabank requires a chartered accountant to figure out their promos. (Intentionally)  

Sorry to hear about that. It could be related to staff reductions and cost cutting on Scotiabank's part. I don't typically worry about registered plan transfers. I know they can, and typically do, take up to or even around 30 days to go through. So I don't expect things to happen quickly. If they happen more quickly, then I'm ecstatic. Basically, let your expectations really low for registered plan transfers, and you might be pleasantly surprised when they surprise to the upside.

Note there is a Voluntary Code of Conduct, on the Canadian Bankers Association website, related to registered plan timeframes. Adherence to it is overseen by FCAC, so it is an FCAC-complainable area.

Cheers,
Doug

canadian.100: I'm a mathematician/computer geek, not an accountant, but I've certainly done enough work for accountants and their clients to understand the Momentum complexities. It's not easy, for sure, but the bottom line was that the result was never an attractive alternative to other offerings anyway.
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