Motus has launched | Page 2 | motusbank | Discussion forum

Loonie said
For a lot of us, the unlimited interac would not be significant. Why use interac when you can use a credit card, delay payment and get a rebate? - assuming you pay it off every month.
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Unfortunately, there is a sizeable population who don't have the tracking or the restraint to only charge what can be paid off when the bill comes. They are the target audience for this Interac Debit Christmas commercial.

Oscar said
Kr Wilson ,
Can you elaborate where you get the bar code on your phone ? Do they send it to you ? And you had to hand your ID to the clerk at the post office also ? Isn't there an option to go to a Meridian credit union instead ?  

They send you an email at the end of the signup process. This email has your personal barcode in it. So it is easiest to just show this email on you cell phone. No, you do not need a cell phone for you can just print out the email and take that with you. Do not recall an option to go to Meridian.....same company but different bank entity.

This is on par with what I was expecting. Their main competition will be Alterna Bank (owned by Alterna Savings & Credit Union Ltd), Motive Financial (owned by Canadian Western Bank), EQ Bank, Oaken Financial, and the aforementioned Tangerine and Simplii. They're offering a slight premium on registered GIC and savings account rates, which I've always thought makes strategic sense since it's harder to transfer out those funds.

Also, the main focus of this expansion will be on mortgages outside of Ontario. I expect them to, eventually, enter the mortgage broker market (if they're not already) and to expand their share of directly-sourced mortgages outside of Ontario (if Meridian is in the mortgage broker market already). So, they really do want mortgages - that's their prime competition. Note also that they've done a number of hundred million dollar plus equity raises, past credit union deposit promotions, so they're likely sufficiently capitalized and want to grow their revenue.

As someone who doesn't yet own an Oaken or an EQ Bank account, Motus is compelling in the sense that they're offering something that is equal to those two (and Alterna). They're also slightly better than Motive Financial all around in the sense that the savings account deposit rate is not tiered and also in terms of no transaction fees on the savings account. Motive should've just changed the features of existing accounts instead of launching their lamely named "Cha-Ching" Chequing and Savings accounts.

Depending on how things shake out with Coast, I may even potentially use Motus as my new primary chequing account since they also use MemberDirect, have e-Transfers, and bank-to-bank transfers. Coast doesn't offer me a lot of in-branch advantages other than depositing my HSBC USD dividend cheques (that's not especially significant - I could either keep my Coast USD chequing account for that, deposit in-branch at Scotiabank to my Scotia iTRADE USD brokerage account, or open a Motus USD account, if and when they launch one, and mail in my cheques).

Cheers,
Doug

SG said
Looks like Motusbank will be bank number 374 and transit number 20002.  

That's likely, at least initially, but if they expand their transits, make sure you look at your bank statements or ask Motus Bank for your specific transit number so as not to have your EFTs manually processed. 🙂

Cheers,
Doug

JenE said
Further to the “free money” - I guess it’s been so long since I borrowed money from anyone I’d forgotten the hoops one is asked to jump through, so it’s thanks but no thanks Motus. ($5000 is the minimum amount one can borrow, interest is 5.15% variable)  

Are you one of those people that opens copious accounts just to get "free money" promo offers?

From a business standpoint, it actually makes more sense to offer "free money" to borrowers. I assume it can't be for revolving credit (i.e., obtain an authorized line of credit but not borrow anything or borrow for only a day or two before the required end period of the loan holding period), but it's good that it includes personal loans and mortgages. The $150 would barely, if at all, cover appraisal fees let alone potential discharge fees at the losing FI (unless they're fully reimbursing for those separately from the promo), so I think they've got to have better "free money" offers for borrowers. Potentially, they could offer $100-150 per $5,000 amount borrowed, up to $50,000 borrowed, such that if you borrow a mortgage of at least $50,000, you'd get at least $1,000 cash back. That's what Coast and CIBC do.

Cheers,
Doug

Loonie said
Clever ad! very seductive.

I think I'm not part of motus' target group.
I am not interested in debt or debit!

It says something about our society, that this is where the "growth" area may be in banking.

Not sure if those are "growth" areas. They may just be areas of business that Meridian wants a bigger slice of. motusbank is a way for them get a bigger slice of those across Canada instead of just in Ontario.

Loans seem to be a priority with motusbank. Their press release yesterday Introducing motusbank: The fresh, new banking alternative for digitally-savvy Canadians only mentions the rates for their mortgages:

TORONTO, April 2, 2019 /CNW/ - Starting today, every Canadian who has ever felt frustrated or underwhelmed by their banking experience has an entirely new and exciting option available to them. Allow us to present motusbank: a full-service bank providing Canadians with an exceptional digital service offering, as well as access to some of the most competitive rates and fees in the country.

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To celebrate its official launch, motusbank is introducing an unprecedented new mortgage offer with a highly competitive low rate of 3.09% on all one to five-year fixed rate mortgages. In addition to this time-limited mortgage offer, it is also offering the same amazing rate for a five year variable closed mortgage and 3.75% for a Home Equity Line of Credit (HELOC).

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I think their slogan should be, "At last! a bank for spenders!"

How clever of them. It will probably work. That's a lucrative market.

Doug said

Assume you mean Interac Debit? I would use Interac e-Transfer a lot more if free for person-to-person money transfers. My barber, who has previously only accepted cash and cheques, will accept Interac e-Transfers since they're free for him to receive. He refuses to accept debit and credit cards because of the processing fees. 🙂

Cheers,
Doug  

No, I actually meant what I said. I was confused by what others were reporting.

Where I get my hair cut, they take credit cards. Have been going to the same person for about 25 years, so not likely to change any time soon.
I carry cash, and find it simpler than learning a new trick, considering how often I use it, which is not very often. No doubt it's a sign that I'm getting old. I won't use interac ot e- unless forced, but I don't think that will be any time soon.