National Bank to acquire Canadian Western Bank | Page 3 | Motive Financial | Discussion forum

Baffled by the Saven love! I had a few questions of them after seeing these comments, and got back only "forgetaboutit".

To even join I need a smartphone that has a recent software version and biometric capabilities, so I'm out. This captures everyone without a smartphone, everyone with a cel phone and everyone with a smartphone that doesn't cost $$$ per month. Why so restrictive vs. others, perhaps they don't know how to offer through the usual platforms like everyone else, or they simply can't be bothered?

They offer no joint accounts. Really?

There is an all time high 10 day hold on transfers, for 'verification of the funds', and I specifically mentioned EFTs. Maybe they can't do those either?

While the funds are being 'verified', the funds cannot be placed into a GIC. Makes EQ's similiar restrictive policy look generous in comparison and even more noncompetitive! Don't forget that if the funds were put into a GIC on arrival day 1, in the ensuing days the funds are always totally under their control, so no real world 'verification' risk for them.

Try to find any of the above on their web site. Maybe its there, or error of omission, or I just gave up looking out of frustration.

In addition to that 10 day loss of interest, I would have to pay the $ 25- fee to join, like other CU's ! Doesn't make sense to me.

PS: Apologies for diverting a thread, I didn't want to start a Saven thread with no reference but instead of not saying anything, I figured quite a few others may need to know these things.

dougjp:

In addition to that 10 day loss of interest, I would have to pay the $ 25- fee to join, like other CU's ! Doesn't make sense to me.

Actually, most credit unions only require a $5 or even 1$ share to join.

KamWest:

Why would you do business with a digital bank if you had no smartphone?

Like, maybe because you have a proper computer with good security instead of an always-vulnerable smartphone?

Doug said

That problem is not unique to digital banks. All of the Big Five banks rely on either SMS-based two-factor authentication or proprietary mobile banking apps, both of which are insecure and vulnerable. What we need is for the federal government to grow a pair and amend the Access to Basic Banking Regulations to add provisions mandating the use of FIDO/OAUTH 2.0-based authentication tokens.

Cheers,
Doug  

SAVEN does not rely on SMS, they use the app as security, they truly are a bit ahead.

Also you need the app on your phone, you have to unlock your phone and have the app installed, and the app must be in working order.

Again, the security is far ahead of other banks and SMS.