Motive HISA Savings Acct - NOT APPROVED | Motive Financial | Discussion forum

Herman is probably right in one sense, InterestThis. I had this happen to me and had a similar experience. I found out that there was no actual credit check, but there was some kind of discrepancy at one of the credit bureaus regarding a former address, phone number, etc. I battled Motive on this long and hard. Where Herman is wrong in my opinion is that he places the blame/onus on you to somehow identify and correct the problem with credit bureaus that are also notoriously not customer friendly (and probably are the original cause of the problem due to faulty record keeping). In my view, Motive deserves to be slammed on this because they demonstrate a complete lack of customer service. All they need to do is have one person work through the problem with you and resolve it. Instead, they turn ostrich and ignore you. They deserve their abysmal google reviews and more. In my case, because Motive was not willing to work with me and resolve the issue, they missed out on seven figures worth of deposits between me and family members who I work with to manage money. A drop in the bucket for Motive, probably...but if you have enough customers like me and you, it's probably more like a bucket full of lost opportunities for a company that spends a lot on advertising trying to attract new business.

UkrainianDude said
I had no problem with Motive. Yes the process was slow and cumbersome but it got the job done. I would call them and ask.  

Did you read the entire thread? Calling doesn't help.

Maybe you needed to sign up for the checking as well.

In the Age of Equity, I would have thought they would have to give you a reason.

Too many inquiries on your credit file,?

InterestThis said
Thanks for the responses, nothing works, thus this thread.

- on the phone a CSR just says its rejected, can't or won't give reason why. Says it doesn't meet their risk profile, but there is no risk as its a savings account.
- no email response.
- have an absolutely perfect credit file, no credit inquiries for ages. Also its not a credit product, and there was no inquiry from Motive.
- Motive will not check if there are typos in the application, there is no one to ask.
- because its an online bank, they say they don't have to give a reason for denial, unlike a normal bank.
- it says you can try applying again for an account after 6 months. (yeah right, as if)

Again, the financials are perfect, it’s a problem in their system. But there are no checks and balances, and they don't care. Most logical reason is they have enough customers, and don't want to spend time on something that has an issue.  

‘You don’t know what you don’t know…’

With many opening an account without issues, I doubt it’s their system issue. I do feel for you as the CSR does not seem to be able to help, but chances are the system does not give him/her any extra info to try to help.

Motus Bank has been a hard avoid for a long time, with a red flag of caution to consumers for their antiquated banking system that adds days of delay to EFT processing timeframes and a country bumpkin-esque style of risk management and racial and socio-economic profiling to risk management, as compared to other banks, so this is, sadly, nothing new. 🙁

More importantly, though, they're two years into being placed on "strategic review" by Meridian's board of directors, with options under consideration being an asset transfer into Meridian Credit Union, a full wind-down and closure a la Wyth Financial and (likely) LBC Digital, a sale to third party (less likely, in my view), a partial wind-down and partial asset transfer, maintenance of the status quo (least likely, in my view).

We're heading into a major shakeout period for the online/virtual banks, with the following having closed, being stop sold, or likely going to:
* Wyth Financial (full closure and wind-down)
* LBC Digital (stop sold; amalgamation and conversion into Laurentian Bank products the most likely)
* Hubert Financial and AcceleRate Financial (combined into the Access Credit Union platform, with only different SEO sales websites for a single banner; elimination of Hubert-specific features)
* Motus Bank (under strategic review by parent; one of the options described above)
* Motive Financial (leader-less going on two years; no strategic direction; amalgamation into mainline CWB comparable products quite possible)

Cheers,
Doug

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Good question ⬆ Rail Baron ❗

And no ... Motive and Motus are not connected, or related.

Dean