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Email this11:12 am
November 20, 2022
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We’re reaching out to let you know that motusbank deposit and loan accounts will be transitioning to Meridian Credit Union (“Meridian”) or Coast Capital Savings Federal Credit Union (“Coast Capital”) in the coming months, subject to regulatory approval.
For most members located in Ontario, lending accounts will be transitioned to our parent company, Meridian, effective May 1, 2025.
All lending accounts held in provinces outside of Ontario, a small selection of lending accounts held in Ontario, and deposit accounts from all provinces will be transitioned to Coast Capital.
11:49 am
October 27, 2020
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I got the same email, as did I'm sure all motus members.
I only have a few dollars left with motus - should I totally empty my accounts, or is there a good reason to still keep a few dollars with motus?
What is everyone else doing?
1:50 pm
November 8, 2018
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I have RRSP GIC with Motus, matures in June 2025. From email I received it is not clear for me where it moves and when. Will be waiting for further clarifications from Motus.
I moved whatever I have in Motus Savings somewhere else.
2:47 pm
October 27, 2020
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Alexandre said
I have RRSP GIC with Motus, matures in June 2025. From email I received it is not clear for me where it moves and when. Will be waiting for further clarifications from Motus.
I moved whatever I have in Motus Savings somewhere else.
Just pushed the meager amount I had in my deposit accounts with motus to Tangerine. I don't see any advantage to having an account with Coast Capital.
7:02 pm
April 6, 2013
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Timing is not known yet. Their wind down deponds on regulatory approval.
According to their announcement Upcoming changes to …, it will be within a year:
… motusbank is slated to wind down within a year, pending all regulatory approvals. Exact timing of the account transitions and when motusbank will cease operations will depend on approval from financial regulators.
All the Motus Bank deposit liabilities will eventually be assumed by Coast Capital Savings Federal CU in return for all the bank's non-Ontario loans and some of the bank's Ontario loans:
Transition of deposits and remainder of lending products to Coast Capital
We chose to partner with Coast Capital, a federal, member-owned credit union. to help support your financial needs. … All lending accounts held in provinces outside of Ontario, a small selection of lending accounts held in Ontario, and deposit accounts from all provinces will be transitioned to Coast Capital. Transition of these accounts is subject to regulatory approval. …
6:31 pm
November 18, 2017
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Coast Capital, once famed for its no-fee saving accounts, has recently been imposing fees as high as $8.50 monthly. If you consider using Coast in the future, check whether a Motus transfer might get you grandfathered status.
RetirEd
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