1:58 pm
April 21, 2021
I have RRSP as well as savvy savings accounts with Motive for years (back to CDF time). I was surprised to find my savvy saving account disappeared recently (there was still a few dollars in my account). Called CS, and was told my saving account has been inactive for over 2 years and they closed it. The New Electronic Alert took effective in July this year. I was never alerted by Motive for low balance. Could Motive closed my saving account without my consent? I am so disappointed with Motive and there is no management call back even I requested.
4:46 pm
October 21, 2013
If you haven't used it for over two years, it probably was closed in accordance with the Terms and Conditions of the account.
Most FIs have a provision that an account can become dormant and/or inactive, and eventually closed. Any proceeds, minus any fee for inactivity, go to Bank of Canada where it could ultimately be redeemed.
4:57 pm
October 27, 2013
https://www.canada.ca/en/financial-consumer-agency/services/banking/unclaimed-balances.html says the institution must try to contact you first at the last address on file before closing.
5:25 pm
April 6, 2013
6:50 pm
January 13, 2022
8:04 pm
January 13, 2022
4:27 am
October 5, 2017
I too had an savings account closed last year without my knowledge.
Fortunately it was a zero balance.
A CSR explained that the account closing was done automatically because the account had been inactive for quite some time , maybe years since I originally opened it.
It was a bit of a shock that they could do that without my consent !
I also agree that their website is antiquated but it works without fail (unlike B2B website) and some processes still require paper documents that can be emailed.
As far as customer service is concerned I have been treated fairly and courteously and expeditiously.
What more could one want from an online bank ?
I would give the 4 stars because they need to add some online functionality to their processes.
6:33 am
November 8, 2018
Motive has $20 fee for 2 years of account inactivity. It is listed in their Motive Service Fees. I am guessing, when account has less than $20, they withdraw what it has and close it. Not very nice, but logical.
I have quarterly calendar reminder set, to login to each FI site I have accounts with. I keep my accounts active by initiating transfer of few dollars. Takes little time, keeps FIs happy and accounts active.
7:12 am
February 7, 2019
Alexandre said
Motive has $20 fee for 2 years of account inactivity. It is listed in their Motive Service Fees. I am guessing, when account has less than $20, they withdraw what it has and close it. Not very nice, but logical.I have quarterly calendar reminder set, to login to each FI site I have accounts with. I keep my accounts active by initiating transfer of few dollars. Takes little time, keeps FIs happy and accounts active.
I do that every January. $20 to each FI, then around our individual and joint accounts within each FI and finally the $20 goes back to its source.
CGO |
7:20 am
September 30, 2017
Motive being a division of a bank, I can only found an account agreement on internet banking.
The Termination section only mentioned withdraw permission to use the Internet Services. However, I will not contest the bank's closing of a long inactive/dormant account.
( Note that the Termination section is not found in the registered account agreements. I think they may be treated differently ... I don't think Bank of Canada take them )
( December is a good time to take inventory & consider closing accounts you don't need )
7:23 am
March 30, 2017
7:23 am
September 7, 2018
9:37 am
April 21, 2021
Thank you all for your comments. Definitely a lesson learned for me to update my accounts each year in the future. I have long term RRSP GICs with Motive and the savings account is a middle account to transfer funds to purchase GICs. If they give me notice of low balance, I would have do something, but no alert of low balance or any communication from Motive. As an online bank, Motive did poor jobs of informing customers. Well, with my experience of sudden closure of my savings account, I have second thoughts of purchasing any more GICs with them.
9:39 am
August 5, 2022
Alexandre said
Motive has $20 fee for 2 years of account inactivity. It is listed in their Motive Service Fees. I am guessing, when account has less than $20, they withdraw what it has and close it. Not very nice, but logical.I have quarterly calendar reminder set, to login to each FI site I have accounts with. I keep my accounts active by initiating transfer of few dollars. Takes little time, keeps FIs happy and accounts active.
Do they request payment for the difference if less than $20 in the account?
10:42 am
October 27, 2013
My two digital online bank accounts are now dormant (inactive) now that I have moved essentially all funds to brokerage ISAs. Every December, I will make a point to more a few dollars in each to reset the clock. I do not foresee using those accounts until at least 2024 when digital bank HISAs may again be competitive with brokerage ISAs.
11:01 am
January 12, 2019
Jimmy said
Do they request payment for the difference if less than $20 in the account?
Not likely ... they got Bigger fish to fry, and time better spent elsewhere.
.
To keep a 'still wanted', but unused SA active (and not subject to automatic closing by the FI), I just simply transfer $1 in/out, once a year ... maintaining a balance of < $5.
What can I say ... it works ❗
- Dean
" Live Long, Healthy ... And Prosper! "
12:45 pm
March 30, 2017
Dean said
Not likely ... they got Bigger fish to fry, and time better spent elsewhere.
.
To keep a 'still wanted', but unused SA active (and not subject to automatic closing by the FI), I just simply transfer $1 in/out, once a year ... maintaining a balance of < $5.What can I say ... it works ❗
Dean
Looks like I am not alone lol
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