Manulife Bank of Canada

Manulife Bank of Canada logo

Manulife Bank of Canada is a wholly owned subsidiary of Manulife. It offers high-interest chequing & savings accounts, credit cards, lines of credit and mortgages, including Manulife One. Since it was established in 1993, Manulife Bank has grown to more than $22 billion in assets[1] and serves customers across Canada. Manulife Bank headquarters are in Waterloo, Ontario.

Manulife Bank distributes its products and services through independent financial advisors, mortgage brokers and a Canada-wide network of more than 200 mortgage specialists.

Manulife Bank does not have any physical branches, however customers can access their accounts using a mobile banking app, online banking and Interactive Voice Response (IVR) telephone banking. In addition, customers can make debit purchases using their access cards, write cheques and make surcharge-free Automated Banking Machine (ABM) transactions at thousands of ABMs across Canada through The Exchange Network.[2]

Manulife Bank is a member of Canada Deposit Insurance Corporation (CDIC).

History

Manulife Bank is a Schedule I federally chartered bank that was established on January 1, 1993, when Cabot Trust Company, Huronia Trust Company and the Regional Trust Company were merged by Manulife Financial. Its branch network was sold to the Laurentian Bank of Canada later in 1993 and it became Canada's first bank to sell its products through independent financial advisors.

In 1999, Advantage Account was launched - a high-interest savings account.

In 1999, Manulife One was launched - Canada’s first "all-in-one" account. Manulife One allowed Canadians to combine their mortgage and other debts with their chequing and savings accounts to simplify their banking and make their money work more efficiently.

In 2001, telephone and internet banking were introduced to provide customers with 24-hour self-service.

In 2003, Business Advantage Account was launched - a high-interest account for small business owners.

In 2007, Manulife Bank opened an office in Halifax, Nova Scotia.

In 2009, Manulife Bank began offering Tax-Free Savings Accounts (TFSA).

In 2010, Manulife Bank established Manulife Trust Company[3] (Manulife Trust) - a federally chartered trust company licensed to do business in all Canadian provinces and territories. Manulife Trust is a wholly owned subsidiary of Manulife Bank. Like its parent company, Manulife Bank, Manulife Trust is a member of the Canada Deposit Insurance Corporation (CDIC).

In 2015, Manulife Bank added more than 800 ABMs across Canada[4]

In 2015, Manulife Bank introduced both Natural Language Understanding and Voice Biometrics[5] to their telephone banking system.

In April 2016, Manulife became the first financial institution in Canadian history to be fined by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) for reasons that were initially undisclosed to the public. Details of the confidential settlement were later made public and a statement was issued by the Director of Financial Transactions and Reports Analysis Centre of Canada: "Violations were of a technical nature and the penalty had nothing to do with money laundering or the financing of terrorism." Manulife was originally levied a $1.5 million fine, which was subsequently reduced to $1.15 million.[6][7][8]

In 2017, the ManulifeMONEY+TM Visa Infinite[9] Card and ManulifeMONEY+TM Visa[9] Platinum Card were launched.

See also

References

  1. ↑ OSFI
  2. ↑ THE EXCHANGE®, is a registered trademark of Fiserv, Inc., licensed for use in Canada by FICANEX Services Limited Partnership., direct payment purchases and chequing.
  3. ↑ Manulife Bank launches trust company, .
  4. ↑ Manulife Financial looks to cash in with new bank machine network.
  5. ↑ Manulife adopts technology to make customers' voices their passwords to their telephone banking system.
  6. ↑ Canadian bank fined $1.1M by anti-money laundering agency
  7. ↑ Manulife admits it was the bank fined $1.2 million by Canada’s money-laundering watchdog
  8. ↑ Statement from the Director of the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)
  9. 1 2 Trademark of Visa Int., used under license


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