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Upcoming changes to motusbank accounts

motusbank deposit and loan accounts will be moving to Meridian and Coast Capital in the coming months.

An important message for our motusbank members

Over the next year, deposit and loan accounts will be moving to Meridian Credit Union (“Meridian”) and Coast Capital Savings Federal Credit Union (“Coast Capital”).

Member accounts remain safe and secure, and this transition will provide members with uninterrupted service. Eligible deposits continue to be insured by the CDIC. 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.

We've compiled the information below, which outlines what this change means for you, your accounts and any actions required.

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.

Your money will remain secure

  • Throughout the transition process, we are working closely with all applicable regulators to ensure that customer funds are protected, and the closure process is managed transparently and efficiently.
  • motusbank deposits remain eligible to be insured by the CDIC.

Watch this page for updates

We will update this page with further details over the course of the wind down process. We recommend checking out our FAQ page for valuable information and more details. In the meantime, 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.

At Meridian, Membership is rewarding

Meridian offers the same wide range of accounts and services as the big banks, enhanced with experts who offer one-on-one advice.

Learn more about all the great things that come with being a Meridian Member

Two ways to learn more

Read the press release   Explore the FAQ