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Email this4:49 am
December 20, 2019
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I have multiple accounts, services, GIC's, tax accounts etc at Motus Bank.
Most are locked in terms at decent interest rates from days gone by.
Multiply the above by my wife, son, mother etc and there are dozens of accounts and services.
We like Motus for everyday family banking because they pay interest and have free e-transfer which we use so much it's not even funny.
I get a lot of "How are we doing" surveys and more and more I'm feeling ominous that Motus Bank does not know how they feel about their own service and something at the pit of my stomach tells me Meridian is going to shut them down or sell the company off cheap.
Last time I went through that was with Royal Bank and Ally and I ended up with no services at Royal but at Motus we have so much stuff that is not possible.
I would not be upset if our stuff automatically moved to Meridian because similar to Saven they could expand their services outside of Ontario for a smooth transition.
If everything stayed the same and the move to Meridian was transparent and automatic then I would be happy but they would have to keep the no charge e-transfers. That is how our family moves money and pays bills so its a necessary feature.
I like both Meridian and Motus and I have a couple of business accounts at Meridian so I am familiar with both. The software and services are identical except my hold times are way shorter at Meridian so that is a plus. Lately Meridian has been outperforming Motus on the interest rates as well causing me to look at abandoning Motus for Meridian anyways.
For peace of mind I did make an appointment at Meridian with the family to make the switch over but the $1.50 e-transfer fee and even the rebated fees at the end of the month with a package was not appealing.
You send an e-transfer for $100 and it is listed at $101.50 which throws off the accounting. It does not list for $100 + a fee for $1.50 but it actually changes the e-transfer amount.
Meridian would be such a choice for me if this crazy e-transfer stuff were to stop.
12:32 pm
August 16, 2024
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I don't think the "how are we doing" surveys are anything to worry about. It could just be a bug in there system that is making them send too many of these emails.
9:42 am
December 12, 2009
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Motus Bank is now in year five of a strategic review by Motus Bank. Cumulatively, its continued operation has depressed (reduced) earnings to its parent company by, conservatively, at least $40 million over the same period, as it's had annual losses of between $5-8 million since the start of the strategic review in 2019. The losses grow when you consider it's never made a nickel of earnings since its founding.
It is a poster child for the failed implementation by its brainchild, former Meridian CEO Bill Maurin. They've stemmed the bleeding somewhat by cutting the dual executive positions at Motus, having Meridian executives hold dual titles with Motus, but they still have a separate board, additional contact centre employees, and so forth.
Curious, what did the survey say?
6:09 pm
November 20, 2022
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KamWest said
You send an e-transfer for $100 and it is listed at $101.50 which throws off the accounting. It does not list for $100 + a fee for $1.50 but it actually changes the e-transfer amount.Meridian would be such a choice for me if this crazy e-transfer stuff were to stop.
While I dislike the charge-first-and-rebate-at-month-end process as much as you do, the statement does list $myTransferAmount plus a $1.50 as the Service Charge. However, the on-screen transactions display the same issue you mentioned.
6:17 pm
December 20, 2019
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Yes in my account it shows $101.50.
If I pay a bill for 33.89 and I search for that amount I never find it because it got charged as $35.39 which is so confusing when I search to see if I've paid a bill.
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