Why is motusbank winding down?
Meridian, motusbank’s parent company, has made the decision to sharpen its focus on growing as a Member-owned organization and Ontario’s largest credit union. motusbank remains committed to the financial success of its members across the country, and has arranged for motusbank accounts to transition to Coast Capital in the coming months.
Most Ontario lending products have moved to Meridian
For most members located in Ontario, lending accounts were transitioned to our parent company, Meridian, effective May 1, 2025. Lending accounts included mortgages, lines of credit, and home equity lines of credit. If your lending accounts were transitioned to Meridian, you should have received a letter in the mail in late March.
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. Coast Capital aligns with motusbank’s values and is as committed to you as we are. 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. Accounts will transition to Coast Capital on November 1, 2025.
What happens next for accounts transitioning to Coast Capital?
Until the transition to Coast Capital on November 1, 2025, your accounts will continue to be available through motusbank as they are today.
On November 1, 2025, your accounts will transition to Coast Capital automatically, with limited action required from you. In the coming weeks, Coast Capital will contact you about account access and other administrative details. For more information on the upcoming transition to Coast Capital website, coastcapitalsavings.com/welcome.
Some accounts are unaffected
A small number of products will not be transitioned to Meridian or Coast Capital. These accountholders have been contacted directly and will be supported to move their products to a financial institution of their choice.
Your money will remain secure
- Throughout the transition process, we are working closely with all applicable regulators to ensure that member funds are protected, and the wind down process is managed transparently and efficiently.
- motusbank deposits remain eligible to be insured by the CDIC.
Learn more about the upcoming transition
Visit Coast Capital’s website at coastcapitalsavings.com/welcome or check out our FAQ page for valuable information and more details. Questions? We’re here to help. Contact our Member Service Team at 1 (855) 219-1437, Monday to Friday, 8:00 a.m. to 8:00 p.m., or on Saturday, 8:00 a.m. to 4:00 p.m., or send us a secure message via motusbank online banking.