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 either Meridian and Coast Credit Unions in the coming months.
Most Ontario lending products moving to Meridian
For most members located in Ontario, lending accounts will be transitioned to our parent company, Meridian, effective May 1, 2025. Lending accounts include mortgages, lines of credit, and home equity lines of credit. If your lending accounts are being transitioned to Meridian, you can expect to receive a letter in the mail in late March.
When your lending account moves to Meridian, you will be banking with the same company, using the same digital technology, and will have increased access to a diversity of financial products and services. As a credit union, Meridian is 100% owned by its Members. This means your Member needs are always first and you are never treated like a number, as larger financial institutions often do. To learn more, visit meridiancu.ca.
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. Transition of these accounts is subject to regulatory approval. Please contact us if you would like clarity on what is moving to Coast Capital.
What happens next for accounts transitioning to Coast Capital?
Until regulatory approval is confirmed, your accounts will continue to be available through motusbank as they are today. Once regulatory approval is received, you will be notified of the anticipated transition date to Coast Capital via email.
Your accounts will be transitioned automatically with limited action required from you. In the coming months, Coast Capital will contact you about account access and other administrative details. In the meantime, you can learn more about Coast Capital by visiting Coast’s website.
Some accounts unaffected
A small number of products will not be transitioned to Meridian or Coast Capital. These accountholders will be contacted directly and supported to move their products to a financial institution of their choice.