Motive Financial New Account | Motive Financial | Discussion forum

Dean said

I don't recall anyone on these forums having any beefs with Motive. Does anyone here have any concerns they'd like to share about
Motive  

My experience with Motive has always been excellent, including calling for customer service.

Stephen

Been with Motive since day one, my experience mirrors Nehpets. However I just use them for a HISA or GIC, stash money there when it suits me, no other transactions.

In general I notice on here that people that have difficulties with the ebanks are often using them for daily banking-type transactions, not just as a place to make some higher interest. I've used my TD Canada Trust chequing account for decades as my hub and daily banking place, never paid a fee, never had an issue, I like it.

Motive is not my primary bank, however I do use them from time to time. I've yet to have any negative experiences since opening 2 savings and a chequing account 3 and 1/2 years ago.

I've noticed that if I phone customer service first thing in the morning, I get a quick response. But if I phone near the end of the day (within 2 hours of closing), I often wait for about 20 minutes without a response and hang up. Just today, I waited on the phone for 23 minutes and decided to phone back tomorrow morning. Not a dealbreaker, but maybe something to consider.

Over two weeks ago I applied for a savings account at Motive. I am STILL waiting for it to happen. (not kidding!) First off, they asked me to email them, so that they could tell me what I needed to provide for them to open the new account. I did that and then waited for over a week to hear back from them. Finally I received a reply... saying that I next needed to provide a copy of a bank/CC statement, as well as a recent utillity bill for goodness sake, to show that the info matches what I provided when applying for the account. And once again, I have been left hanging for well over a week again, and still... just crickets. Same thing happened when I tried to get a Meridian account last month. Jeez, what's going on with these people? Only time I've ever had a pain-free experience was when I opened an EQ account a few years back. I can't recall ever being this frustrated. I'm able to immediately make a 6-figure initial deposit, but it seems like no one wants my money. What gives?!?

My recent experience opening an account with Motive Financial could not have gone better.

I am especially pleased that a FAX number was provided and accepted as a link to send the personal information required to open the account. I consider this to be more secure that email.

• July 4 - I used Motive’s internal secure messaging to make the initial contact to open a Motive Savvy Savings joint account with my spouse. I made a phone call to find a workaround to providing a mobile phone number in the application. The call was answered immediately and the CSR provided the details on how to proceed. I completed the initial information and send the application request;

• July 5 - Received a welcome message from Motive and a request for additional information in the form of signature cards and RC518 forms (Declaration of Tax Residence for Individuals);

• July 6 - Requested forms plus copy of void cheque were completed and FAXED the same day;

• July 8 - Received confirmation of receipt of documents and request to call in for account login information which I complied with;

• July 9 - First Motive Statement shows account was created on this date; Two small deposits were made to my linked account with request to allow two days to complete transfer;

• July 11- I confirmed the transfer amounts to Motive;

• July 14 - I initiated a test transfer of $1.00. No problem. Made an additional deposit of larger amount the same day;

• July 21 - Made another deposit to bring account to CDIC limits. Intent is to move this money to GICs sometime after the Sept 7 BOC interest rate announcement. We will use this account for savings purposes only – the same as all of our other online accounts.

I suspect that some of the later application delays may be due to application overload considering this FI is now the current leader in HISA interest rate.

I am delighted to have this application go so smoothly and we now have another place to stash our cash.

The opposite is true of our attempt to do the same thing at DUCA but that is another story.

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After reading through posts #10, #11, & #14 above ⬆ (+ three or four recent posts in other threads) , I am now having 'Major' second thoughts about signing up with Motive. What a Gong Show ❗

I just don't have the tolerance to put up with All that *&^%$# Nonsense.

Maybe I'll try next year ... if & when they clean up their act by then.

Dean

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P.S.
This is yet another good example of how helpful
these forums are, and the valuable information
they provide.

One downside with Savvy savings is the withdrawal limit of 2 per month ($5 thereafter). Not a big issue but an inconvenience none-the-less. I understand this can be circumvented by opening a chequing acct and transferring from savings to chequing then sending an EFT (transfers between Motive accts are free and unlimited).

I like the straightforward interest rates with Motive. Tangerine and Simplii play games with their clients by offering new client teaser rates and special rates to "select" customers. You can google Redflagdeals "Tangerine Lottery" to get some idea.

I would advise folks to check out the withdrawal and deposit limits with the FI you're interested in. Motive has a generous withdrawal limit (if you push from Motive) of $150K per transaction with a max of $1M per day. Some small FI's such as Meridian only allow a max of $10k per day (you have to call for larger amounts).

I know it's preferable to pull money from one FI to another but sometimes it isn't feasible. Some FI's don't allow or make it very difficult to make an external link.

I hope Motive EFT's are handled quickly but I have no experience moving money out of Motive yet.

Loonie said The reason Meridian and others limit online transactions is for your security. as I understand it. As long as this can be overridden with a phone call that is promptly answered, it's fine by me.  

That is true only if they actually answer the phone. Motive is decent for service; Tang is not.