Motive Financial - Watch Out | Motive Financial | Discussion forum

MapleOne said
So I logged into my Motive account this morning and it said 0.25% interest instead of 2.8% interest.

Turns out B2B bank deposited about 20 cents which brought me over the one million dollar limit and my interest rate was adjusted down. I thought it was just the portion over the limit of one million that would have a lower rate but it turns out I was wrong.

No big deal because I just spotted it and only lost two days interest but the funds are on the way over to B2B anyways and I hope they don't pull the same shenanigans.

  

Whatever showed on your web page is likely not accurate. Note their posted rate for savvy savings is 0.25% on the $ 1 million and over PORTION. I'd suggest you get a clarification of that in writing.

There are a few routine things about their web site that aren't accurate. The main obvious one is when you login and choose to register your computer, which isn't happening now because they decided the extra layer of a security question would happen all the time. But they never bothered to change the text to explain that. Their excuse is there is different enhanced security being introduced shortly and they are working on the web site (?!). Some excuse.

I agree with dougjp, their web site seems to indicate the lower rate does not apply to the first million. I'd double check that info.

Really, 20 cents put you over, so you had like $999,999.81 in your account?

Per Motive site:
Interest is calculated on the daily closing balance and paid monthly. Interest is calculated on the portion of the balance that sits within each tier. If you have more than one Motive Savvy Savings Account, where combined Motive Savings Account Balances exceed $1 million, the posted rate for $1,000,000.01 and over will apply.

Seems clear......no?

Completely the opposite impression, taken off their "Rates" page;

Motive Savvy Savings Account (Rates effective 2018-11-01) Rates
$0 - $1,000,000 2.80%
$1,000,000.01 and over 0.25%

Looks plain to me and it confounds me how that looks like the entire rate dropped on all of it?

However taking any text off that site as gospel, is short sighted to me (ref. Post 3).

All I know is, if I had $ 1 million there, I wouldn't be guessing about the facts and would be drilling down to get them, in writing. Then again, if I happened to have $ 20 million spread all over, I might be blase and not really care.

MapleOne, I've dealt with Motive for a while now and have been very pleased with their phone folks, I'd guess a phone voice conversation (with someone calling with over $1M on deposit) would be a priority for Motive to get right.

You must have a lot of confidence in banks, to put $1M with Motive and now with system-trouble plagued B2B/Laurentian.

MapleOne said

No different than the stock market, when you get to a certain level there are always risks. One has to store money someplace and as long as one only puts what one can afford to lose with any institution then I guess it's not the end of the world.

I generally would not exceed the limit because that is the most I feel comfortable leaving at any one bank, I was just surprised to see the interest rate tumble with a twenty cent overage.

Right now I will assume what it said on my account is correct, it clearly tumbled to 0.25% as soon as the .20 cents went in. When removed it went back up to 2.8%

You would figure this would be a priority for motive because they can lose (and have lost) a number of high depositors by listing a false low rate, if that was the case. I am old school, I go by what it says on the account and at 0.25% I was taking no chances. I took the word from somebody at CIBC once and was burned big time. In the end they simply said..... what rate did you see listed online? So I have very little confidence in anything I am told by someone on the phone. One month interest is almost $2,400 @ 2.8% and I'm not risking that by taking someone's word again.

Once burned, twice shy is my motto.  

" it clearly tumbled to 0.25% as soon as the .20 cents went in " No it didn't. Only on the excess over $ 1 mil. Go get it in writing. I'm tired of repeating this, outta here 🙁

MapleOne said
Did I ask you to repeat it?
I was pretty sure I was addressing someone else

Besides, I'm not taking your word for it or anyone else's, period.
Been burned too many times and I will consider what it ACTUALLY SAYS on my account when I log in as correct.  

Doesn't matter to me. You post and we are commenting to try and help.

However this repeated insistence, before coming back to us with what Motive wrote to you to clarify, against what their posted rates said, without reporting a calculation that proved anything amiss etc., seems unreal to say the least. So I doubt the whole story. perhaps its a troll for the other bank, I don't know?