Would you trust an online bank - motusbank launches in Canada

So I watch TV online.  I typically shop for many items online (definitely do research for it).  We book our trips and hotels online.  My music and books I purchase online.

I even do my banking online.  Which reminds me... gotta do some transactions, be right back.

Okay ... so I bank with one of the big banks.  Been there since I was a kid and had that little bank book you gave to them to print your transactions on.  It allows me to set up my etransfers for my kids tutor, arrange auto deposits to savings etc...

I even pay all my bills through it.  I can't recall the last time I stepped foot into the bank aside from ATM (okay, every few years having to do my mortgage renewal).  Why not have a 'digital bank'?

motusbank is a new option, which feels like a credit union - which even has backing from Meridian CU.

It's an interesting concept, lower overhead means less fees to pass on to users.  But are people willing to accept it?  I know personally when I advise clients - I like to tell them about my 'yell factor' (meaning that if something goes wrong, I like to be able to YELL at a physical person if at all possible).

What do you think?  Fintech is all the rage and disruption is happening everywhere.

Check out their presser:

Introducing motusbank: The fresh, new banking alternative for digitally-savvy Canadians

Toronto, ON, April 2, 2019 – Starting today, every Canadian who has ever felt frustrated or underwhelmed by their banking experience has an entirely new and exciting option available to them. Allow us to present motusbank: a full-service bank providing Canadians with an exceptional digital service offering, as well as access to some of the most competitive rates and fees in the country. 

“This is a truly momentous and exciting day, not only for our organization, but also for the millions of Canadians who have told us they are eager for an attentive, competitive and digitally-friendly alternative to the Big 5 banks,” says Bill Maurin, President and CEO of Meridian and motusbank. “motusbank is a full-service, digital bank with a full retail product line that is supported by friendly and professional member service.”

To celebrate its official launch, motusbank is introducing an unprecedented new mortgage offer with a highly competitive low rate of 3.09% on all one to five-year fixed rate mortgages. In addition to this time-limited mortgage offer, it is also offering the same amazing rate for a five year variable closed mortgage and 3.75% for a Home Equity Line of Credit (HELOC).

“We believe that every Canadian deserves a shot at owning a home,” says Dave Baldarelli, COO, motusbank. “Because we’re committed to offering a truly tailored and personalized approach, we’re giving our members an opportunity to choose what mortgage term fits their needs best. motusbank is a simple and hassle free way to bank with a seamless and exceptional digital experience. There’s the added comfort in knowing that knowledgeable and professional staff are just a phone call away to help people make important decisions that require customized solutions.”

While motusbank operates as a standalone digital bank, it is owned and backed 100 per cent by Meridian, Ontario’s largest credit union, and Canada’s fastest growing credit union by membership. motusbank brings Meridian’s unique value proposition digitally to all Canadians.

“We think Canadians will be particularly delighted by our level of friendly, attentive service, complimented by a full suite of banking products and services,” says Maurin. “Our digital platform is super simple to navigate and every member will have access to quick, courteous service through our online support and member services.”

motusbank’s unique offerings include end-to-end digital platforms for deposit account openings, unsecured loans and lines of credit. Its digital mortgage platform enables members and prospects to apply for and receive mortgages completely online – on their own time and at their own pace – from the application phase straight through to the receipt of funds.

“We are the first financial institution to offer a fully digital lending experience for mortgages and for unsecured lending,” says Maurin. “And with the backing of Meridian, Canadians can feel confident in securing loans from an established organization with a track record of financial strength and stability.”

motusbank also says its members will benefit from better pricing and services than traditional banks because there are no public shareholders demanding increased returns every quarter.  Members of motusbank will be actively engaged as valued partners to provide their feedback to improve and enhance the motusbank experience on an ongoing basis as it evolves.

“motusbank is about a different way to bank,” says Maurin. “We’ve built an exceptional, friendly and transparent digital banking experience that is designed to make every experience a superior one, no matter how motusbank is accessed. And, on top of that, we’re serving up some of the most competitive rates in the country.”

To experience a whole new approach to banking and to take advantage of our low, introductory mortgage rate, please visit motusbank.ca for more information. Follow @motusbank on Twitter and InstagramFacebook and Linked In