Posted on: 03-02-09 18:13:18
I am considering Manulife One Account. Any feedback on this product (customer service, overall satisfaction, known issues, etc.) appreciated.
Thanks.
Quote:
Originally posted by laksa
I am considering Manulife One Account. Any feedback on this product (customer service, overall satisfaction, known issues, etc.) appreciated.
Thanks.
There are other better option than this account.
You can go in for National Bank All in One account with same rates and facilities but without any monthly costs.
Or you can go in for Canadian Tire One and Only Account with lower rate and no fees. But I have heard that they are going to increase their rates to match Manulife and National Bank.
Some other banks also offer similar or better products products without a high monthly fee as charged by Manulife.
As far as customer satisfaction or dis satisfaction is concerned, just Google it and you may find more dis satisfied clients than satisfied ones.
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
Thanks Pramod. What appeals to me is access to money in the account - i.e. regular banking transactions, hold-over periods for funds transfer, number of subaccounts, etc. I have searched the blogosphere and seen very few, but negative comments. However upon careful reading, it seems that at least in some cases, the customers had not done their homework or understood the product thoroughly. It may also be the case that satisfied customers might not be too inclined to post their experiences. M1 does not charge loan arrangement fees, etc and pay for legalities of property purchase at the moment. CT/NB do not. These costs might run up to $800 - roughly equivalent to 5 years' account fees for M1.
Am I overlooking any vital aspect here? I do not have experience with this type of arrangement and so am apprehensive. Since M1 is not offered by third-party brokers, it is difficult to get unbiased opinion brokers don't make any money for encouraging M1 product so they are typically not very helpful ((in general - except you ofcourse!).
So, it would be good to know the experiences of an actual customer and why they are/were satisified with M1 (or not).
Thanks.
Quote:
Originally posted by laksa
Thanks Pramod. What appeals to me is access to money in the account - i.e. regular banking transactions, hold-over periods for funds transfer, number of sub accounts, etc. I have searched the blogosphere and seen very few, but negative comments. However upon careful reading, it seems that at least in some cases, the customers had not done their homework or understood the product thoroughly. It may also be the case that satisfied customers might not be too inclined to post their experiences. M1 does not charge loan arrangement fees, etc and pay for legalities of property purchase at the moment. CT/NB do not. These costs might run up to $800 - roughly equivalent to 5 years' account fees for M1.
Am I overlooking any vital aspect here? I do not have experience with this type of arrangement and so am apprehensive. Since M1 is not offered by third-party brokers, it is difficult to get unbiased opinion brokers don't make any money for encouraging M1 product so they are typically not very helpful ((in general - except you of course!).
So, it would be good to know the experiences of an actual customer and why they are/were satisfied with M1 (or not).
Thanks.
Laksa,
This is true that a mortgage broker like me would not get paid on offering Manulife one account to his clients but similarly he would not get paid on 'suggesting' Canadian Tire One and Only account which would prove much better than the Manulife One account. Not only it offers you interest rate 1% lower (which means roughly savings of $1000 per year on a $100,000 mortgage or LOC) it also offers similar flexibilities and even takes care of your appraisal and legal costs. By suggesting that account on this forum, I am hurting my self
I have not personally dealt with Manulife One or Canadian Tire account but I am posting a couple of links below which might give you idea about these accounts.
http://www.google.com/search?hl=en&rlz=1T4GGLG_enCA312CA312&q=manulife+one+red+flag+deals
http://www.redflagdeals.com/forums/showthread.php?t=647071&highlight=manulife
The 2nd link is a forum where you can read more about the Canadian Tire One and Only account as well and would read comments from the actual clients as well. You can decide yourselves what is better for you.
.
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
Thanks again Pramod. I hope you did not take offense to my suggestion about M1 type accounts not being of interest to brokers. You have always been helpful on this forum and I really appreciate it.
That aside, it is indeed interesting that currently Canadian Tire is offering one-and-only type account with borrowing rate at 3% and TFSA GIC at 3.5%. For a family of 4, it could mean getting 0.5% on 20K for free!!
After reading various posts on the fora you suggested and some more, I feel that most of these accounts are very similar and since none of these guarantee the factorial equivalence with BoC prime rate, over a period of say 5 years they may all cost more or less the same.
As long as one is willing to go in with eyes open, being willing to keep eyes open and smart enough to switch when the advantages stop accumulating, then they would be fine.
Perhaps I should contact you offline and give you a chance to convince me why these products are NOT better than whatever you might have in your bag of tricks!
Quote:
Originally posted by laksa
Thanks again Pramod. I hope you did not take offense to my suggestion about M1 type accounts not being of interest to brokers. You have always been helpful on this forum and I really appreciate it.
That aside, it is indeed interesting that currently Canadian Tire is offering one-and-only type account with borrowing rate at 3% and TFSA GIC at 3.5%. For a family of 4, it could mean getting 0.5% on 20K for free!!
After reading various posts on the fora you suggested and some more, I feel that most of these accounts are very similar and since none of these guarantee the factorial equivalence with BoC prime rate, over a period of say 5 years they may all cost more or less the same.
As long as one is willing to go in with eyes open, being willing to keep eyes open and smart enough to switch when the advantages stop accumulating, then they would be fine.
Perhaps I should contact you offline and give you a chance to convince me why these products are NOT better than whatever you might have in your bag of tricks!
NO, I did not take offense. It is the right of a consumer to search for the best available product in the market as per his/her requirements. Similarly, I feel it is my ethical duty to guide and educate my clients (or any one else who is seeking my advice) with the options available to them, tell them the pros and cons of each product and help them decide what is best for them.
You are welcome to contact me either by email or phone and we can discuss this further.
Good Luck.
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
So what is the output. Is it good or not. I was also approached by my friend to go for M1. As I have never heard before I was afraid to go for it. As I never understand financial terms, can anyone suggest that it is good product or not.
Jignesh
