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Motusbank

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Motus Bank
Subsidiary
IndustryBanking
Founded3 October 2018[1]
Headquarters3280 Bloor St. W., Toronto, Ontario[2]
Areas served
Canada
OwnerMeridian Credit Union
Websitemotusbank.ca

Motusbank (sylized as motusbank) is the branding-name used by Motus Bank, a federally chartered online-only bank in Canada, owned and operated by Meridian Credit Union.[3][4] This was announced after the credit union purchased Roynat's auto lease business from Scotiabank.[5][6]

On 3 October 2018, Motus Bank was incorporated by federal letters patent of the Bank Act.[7][1] On 11 February 2019, Motus Bank officially became a member of the Canada Deposit Insurance Corporation.[8] The bank is entirely digital and thus it has no physical branches. On 2 April 2019, Motus Bank launched across Canada, [9] but all of its mortgage loans were in Alberta [10]. As of June 2019, it had approximately CAD$ 54 million capital.[11]

See also[edit]

References[edit]

  1. 1.0 1.1 "Canada Gazette, Part I, Volume 152, Number 45: GOVERNMENT NOTICES". Canada Gazette. Government of Canada. 10 November 2018. Archived from the original on 16 April 2019. Retrieved 7 April 2019.
  2. "Who We Regulate". Office of the Superintendent of Financial Institutions. Office of the Superintendent of Financial Institutions. Archived from the original on 16 April 2019. Retrieved 7 April 2019.
  3. "Meridian credit union to launch national bank". Toronto: Canadian Broadcasting Corporation. 17 August 2016. Archived from the original on 23 August 2016. Retrieved 22 August 2016. Unknown parameter |url-status= ignored (help)
  4. Shecter, Barbara (17 August 2016). "Meridian credit union seeking license for national online bank to take on Big Five". Financial Post. Toronto. Archived from the original on 23 August 2016. Retrieved 22 August 2016. Unknown parameter |url-status= ignored (help)
  5. "Scotiabank To Sell Roynat Lease Finance To Meridian". The Globe and Mail. 19 April 2016. Retrieved 22 August 2016.
  6. Fraser, Don (19 April 2016). "Meridian Credit Union acquires Roynat Lease Finance". St. Catharines, Ontario: St Catherines Standard. Archived from the original on 23 August 2016. Retrieved 23 August 2016. Unknown parameter |url-status= ignored (help)
  7. Zochodne, Geoff (13 November 2018). "Meridian Credit Union eyes spring launch for new digital bank | Financial Post". Financial Post. Retrieved 7 April 2019.
  8. "CDIC welcomes new member". Canada Deposit Insurance Corporation. Canada Deposit Insurance Corporation. 11 February 2019. Archived from the original on 16 April 2019. Retrieved 7 April 2019.
  9. "Introducing motusbank: The fresh, new banking alternative for digitally-savvy Canadians". Canada Newswire. 2 April 2019. Archived from the original on 16 April 2019. Retrieved 3 April 2019.
  10. "OSFI Guideline B-20 Disclosures" (PDF). March 31, 2019. Retrieved Oct 8, 2019. Unknown parameter |url-status= ignored (help)
  11. "First month's worth of balance sheet data for Motus Bank available | motusbank | Discussion forum | Canadian High Interest Savings Bank Accounts". Canadian High Interest Savings Accounts. Retrieved 2019-10-08.

External links[edit]



This article "Motusbank" is from Wikipedia. The list of its authors can be seen in its historical and/or the page Edithistory:Motusbank. Articles copied from Draft Namespace on Wikipedia could be seen on the Draft Namespace of Wikipedia and not main one.


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