Frequently asked questions

Meridian Credit Union (“Meridian”) and Coast Capital Savings Federal Credit Union (“Coast Capital”) have announced their intention to acquire motusbank assets and liabilities. motusbank, a national, digital subsidiary of Meridian, is slated to wind down within a year, pending all regulatory approvals. Accounts will transition to Meridian or Coast Capital, ensuring uninterrupted service for members.

Meridian Credit Union (“Meridian”), motusbank’s parent company, has made the decision to sharpen its focus on growing in Ontario as a Member-owned organization and the province’s largest credit union.

motusbank launched in 2019 as a federal, digital bank for all Canadians, and currently serves 16,000 members. Over the last several years, the technological benefits of operating a digital bank have been continuously integrated across Meridian systems.

motusbank is expected to cease operations within a year, pending regulatory approval. The official closure date will be shared via motusbank.ca/announcement. We will also email our members to communicate important news during the transition.  

Coast Capital is a federal, member-owned credit union helping more than 600,000 members realize their goals and overcome financial challenges to live the life they want. They provide trusted and personalized advice alongside a broad suite of banking products and financial services that help their members save, spend and invest confidently throughout their lifetime. Surviscor named Coast Capital the Best Credit Union for Mobile Experience in Canada in 2024. Coast Capital is recognized as a platinum member of Canada’s Best Managed Companies and is a Certified B Corporation™.

In agreement with Coast Capital and upon regulatory approval, all lending accounts held in provinces outside of Ontario, a small selection of lending accounts held in Ontario, and all deposit accounts from all provinces will transition to Coast Capital.

• Most Ontario-based lending (lending accounts held by members who reside in Ontario) will be transitioned to Meridian on May 1, 2025. Lending accounts include mortgages, home equity line of credit and/or line of credit.
• Remaining lending accounts will be transitioned to Coast Capital pending regulatory approval.
• All term deposits and chequing and savings accounts will be transitioned to Coast Capital pending regulatory approval.    

While we have an agreement with Coast Capital, the closing is subject to regulatory approvals. We expect that product transitions will occur in the coming months. We will continue to update these FAQs and our Announcement page throughout the transition. We will also email our members to communicate important news during the transition.

Following formal approval by regulators, Coast Capital will communicate with you specifically if you are affected. A letter will be sent to members with lending accounts not transitioned to Meridian, providing more detailed information about the transition to Coast Capital. These accounts will be transitioned automatically with limited action required from you. Expect Coast Capital to contact you about account access and other administrative details.

Yes, Coast Capital is a member of CDIC, just like motusbank. Deposits remain eligible to be insured by the CDIC. 

Yes, Coast Capital is a member of CDIC, just like motusbank. Deposits remain eligible to be insured by the CDIC. 

Visit our landing page, motusbank.ca/announcement. We will update the page throughout the wind down process.

Contact our Member Services team at 1 (855) 219-1437.

You can also learn more about Coast Capital by visiting coastcapitalsavings.com.

No action is required at this time. These accounts will transition to Coast Capital on the date approved by regulators. The transition date to Coast Capital will be shared with you once it is confirmed. Until then, your accounts will continue to operate as usual.

No action is required at this time. If your term deposit matures before the transition date, principal plus interest will be transferred to a motusbank cash demand account on the maturity date. If funds remain in the motusbank demand account, it will transition to Coast Capital on the date approved by regulators.

If your term deposit matures after the transition date, additional details regarding the transfer of your accounts to Coast Capital will become available throughout the wind down process and before motusbank ceases operation.

Coast Capital will notify you at both 21 days and 5 days before your term deposit matures, so you will have the opportunity to discuss options with them at that time. You can contact Coast Capital at any time after the transition to discuss alternatives.   

Yes, you can early redeem your term deposit if you face severe financial hardship, but an early redemption penalty fee will apply. The fee is 1/3 of the interest paid and payable from the start of the term to the redemption request date. No fee is charged in the case of the term holder’s death. If you do not face severe financial hardship your term cannot be redeemed early and will mature according to your investment’s maturity instructions or will transition to Coast Capital.

Most lending accounts held by members who reside in Ontario will be transitioned to Meridian. If your lending accounts are being transitioned to Meridian, you can expect to receive a letter in the mail in late March.

The remaining lending accounts, including accounts held by members who reside in provinces outside of Ontario, and a small number of other Ontario-based lending accounts are being transitioned to Coast Capital. You will receive a letter from Coast Capital confirming details of this transition at a later date. Please contact us for more information on the products being transitioned to Coast Capital.

Some motusbank lending accounts will be transitioned to Coast Capital in the coming months. There will be limited action required on your part, and we will handle the transition of your lending accounts seamlessly on your behalf at no cost to you. The terms and conditions of your lending account will continue to apply as outlined in your motusbank agreement.

The lending accounts will be transferred to Meridian on May 1, 2025. If you are affected by this transfer, you will receive a letter in the mail in late March 2025.

Yes, you can renew your mortgage with us prior to the transition date. Contact us for more information. 

Meridian is Ontario’s largest credit union, and one of the largest in Canada. Guided by our purpose, “helping you achieve your best life,” Meridian delivers personal, business, and wealth financial solutions to more than 380,000 Members. Our purpose is to help Members get access to the money and advice they need, be financially confident, and plan for a better future that is clean, resilient, and diverse.

Unlike larger financial institutions, credit unions are owned by their Members, who are the shareholders. At Meridian, this means we reinvest profit into the products and services, financial tools, and community programs that best serve our Members. With 380,000+ Members and more than 75 years of banking history, we help Members save, borrow and invest, we actively support the communities we serve.

As with any financial institution in Canada, you may choose to transfer your lending products at any time. However, standard penalty fees will apply if applicable.  If you have any questions or need assistance, please contact our Member Service Team at 1 (855) 219-1437.

We are dedicated to protecting your personal information.

View the motusbank privacy policy
View the Meridian privacy policy

If you hold investments through Aviso Financial Inc. (including Qtrade Direct Investing and Qtrade Guided Portfolios) (collectively “Aviso Wealth”), your relationship remains unchanged. There will be no impact to you as your information will remain with Aviso. You will keep your client number and the same accounts you currently have.

If you have linked one of your Aviso Wealth accounts through the motusbank online banking platforms, you will continue to have access to this information until motusbank closure.  After this time, you will continue to have access to all your account information directly through Aviso Wealth using the applicable online platform.  For more information, please visit this page.

If you have further questions about your investments through Aviso Wealth, please visit the Aviso Wealth Client Support page for contact information and more FAQs.