Frequently asked questions

We want to do everything we can to help. motusbank has a variety of solutions to meet your individual needs, including payment relief options. Please call Member Services at 1-833-696-6887 so we can customize a solution for you.

 

Make sure that you have a current email address listed in your contact information.

From online banking:

1. Select “Settings”
2. Scroll to Profile Setting to see your Contact Info
3. Select the Edit button to update your Contact Info

If you are registered for the mobile app we already have your email. If you haven’t signed up for online or mobile banking yet, simply call Member Services at 1-833-696-6887 and one of our representatives will be happy to help you register.

With interest rates frequently changing as a result of the COVID-19 pandemic and the early stage economic impacts, we understand that you may have questions about interest rates on our Mortgages, Loans, Lines of Credit, Savings accounts and GICs and how those affect you. Governments and financial institutions around the world, including the Bank of Canada, are working to find a balance that will allow for sustainability. When the Bank of Canada’s rates fluctuate, so do the rates of all financial institutions, including motusbank. 

When we adjust lending rates, we do so in response to the overall rate environment, in the collective effort to achieve stability. We are actively and closely monitoring the economic and competitive environment and will continue to make changes in the best interests of our members and motusbank. 

Fixed-rate mortgages 
If you have a fixed-rate mortgage with motusbank, you will continue to get the rate you received when you signed up, for the length of your mortgage term. 

Variable-rate mortgages 
motusbank’s prime rate is the base rate for our Variable Rate Mortgages and Variable Rate Loans and it has recently decreased in accordance with the changes made by the Bank of Canada and other financial institutions. If you currently have a variable-rate mortgage with motusbank, your rate will change in response to changes we make to our variable mortgage rate. 

As always, changes to our posted mortgage rates only apply to new mortgage applications and renewals, including refinancing.

We are always here to help. Similar to Canada’s major financial institutions, motusbank will tailor a solution to your individual circumstances, which could result in a number of different approaches to ensure your financial health remains intact.   

As long as you have filed at least one income tax return, and have been a motusbank member for at least 90 days, you can update your CRA direct deposit information through motusbank.

It’s easy. Just sign in to online banking, and from the Account Summary screen, select the link that says "CRA Direct Deposit". You can find the option under 'Settings’ or via the "Set up a Direct Deposit" option located in the "Select an Action" menu from any Chequing or Savings account. Once you sign up for direct deposit it takes about 3 to 5 business days to complete the request. Remember, you must be a motusbank member for at least 90 days to use this feature.

The Canada Revenue Agency will deposit any refunds and payments you’re eligible for into your account, including:
 

• Canada Emergency Response Benefit (CERB)
• Income tax refund
• Goods and services tax / Harmonized sales tax (GST/HST) credit
• Canada child benefit
• Canada workers benefit
• Ontario trillium benefit
• Canada Emergency Student Benefit (CESB)

If you have submitted your online request for CRA direct deposit through motusbank, and you want to know if your information has been updated, you can log in to your CRA My Account and check your deposit information on file. This typically takes between 3-5 business days to update after submitting your online request.
 

Yes, when you submit an online request for CRA direct deposit, your banking information will be updated in your CRA My Account for all direct deposit payments.
 

You need a deposit account such as a chequing or savings account with motusbank in order to successfully submit an online request for CRA direct deposit. Unfortunately without a deposit account, CRA will not be able to properly deposit your funds.
 

When motusbank submits your online request for CRA direct deposit, we need all of the mandatory information to process your requests. If you are receiving this error, you may need to update your My Account information. If you need any help with this request, please give us a call at 1-833-696-6887.

Yes. Your money is safe and motusbank is secure. As a regulated financial institution, deposits at motusbank are guaranteed up to $100,000 per separate deposit through CDIC (Canada Deposit Insurance Corporation). This coverage protects deposits in chequing and savings accounts, term money orders, bank drafts, funds in transit, and index-linked term deposits (principal portion only). Remember, motusbank is a fully owned subsidiary of Meridian, which currently has more than 300,000 members and $20 billion under management. So your money is in good hands!

Read more about CDIC

We are monitoring the situation closely and following guidelines from government and public health authorities. As a digital bank, you will still be able to access all of the regular products and services you would require for your day-to-day banking. We’re always here if you need us, by phone at 1-833- 696-6887 or online at www.motusbank.ca.

Keep checking this page for the latest information. We thank you for your patience as we work together though this difficult situation.

The risk of frauds and scams is ever-present and fraudsters always take advantage of any opportunity, particularly when people are in a vulnerable state, like now. You can help protect yourself by being continuously mindful of phishing scams, protecting and limiting the sharing of your personal information, and taking protective measures such as having an up-to-date operating system and anti-malware software.

Offers that sound too good to be true typically are. There are a lot of resources about protecting yourself on the Canadian Anti-Fraud Centre website.

We have become aware of a number of new fraudulent schemes seeking to exploit the COVID-19 pandemic, including fraudulent websites asking for donations to support those impacted by the virus. Always verify a charity through a reputable source and conduct your own due diligence to make sure they are legitimate before you make a donation.
 

Our Fraud Management team is fully operational. We take the security of our members very seriously and we have a robust fraud-monitoring program in place to protect motusbank and our members.

Please contact us right away at 1-833-696-6887. Our team is available to assist from 8 a.m. to midnight, every day.