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What you need to know about Lines of Credit

Your Line of Credit (LOC) or Home Equity Line of Credit (HELOC) principal outstanding balance, borrowing limit, borrowing interest rate, repayment obligations, and any security (collateral) or guarantees you or your guarantor may have provided on or before October 31 will remain the same when they are moved to an equivalent Coast Capital product. 

  • If you currently hold a creditor insurance policy with CUMIS Services Incorporated, your policy will be transferred to Canadian Premier Life Insurance Company (operating as “Securian Canada”) when your LOC and/or HELOC transfers to Coast Capital. Details on your new creditor insurance policy will be sent to you directly by Securian Canada before September 30.

  • If your motusbank LOC and/or HELOC monthly payments are made with a Pre-Authorized Payment (PAP) from another Financial Institution, you will be required to set up a new method of payment for a fixed amount, sufficient to pay the minimum monthly payment, on or after November 1. This can be done by setting up a new monthly PAP transfer of funds from another Coast Capital account, Interac® e-Transfer®, External Funds Transfer or digital cheque deposit.

  • Contact us at 1.888.517.7000 if you’d like to adjust your payment account details on or after November 1.  

What’s changing about your account LOC and/or HELOC 

When your motusbank LOC and/or HELOC moves to Coast Capital, the terms and conditions will also move to Coast Capital, subject to the following changes: 

Details motusbank Line of Credit and 
No Fee Chequing Account Coast Capital Unlimited Chequing Account with a Line of Credit 
motusbank Line of Credit Coast Capital Free Chequing, Free Debit, and More Account® with a Line of Credit 
Linked Account  Maxi account Coast Capital Unlimited Chequing Account or Free Chequing, Free Debit, and More Account®
Access to funds with a debit card or cheque   line art cirlce with checkmark in the center line art cirlce with checkmark in the center

In-branch available 

Positive Balance allowance 
N/A		 line art cirlce with checkmark in the center
Minimum payments Interest plus services fees Interest only 
Non-sufficient Funds (NFS), late payment, monthly service charges Applied to the outstanding principal balance Applied to the chequing account. 
See service fee changes.
Convertible to Foreign Currency  2.50% conversion fee  Can only be used for Canadian dollar payments
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Don't forget

You can set up a new monthly pre-authorized payment for your LOC or HELOC through digital banking starting on November 1. 

What you need to know about mortgages

Your mortgage will move from motusbank to Coast Capital with no changes or action required on your part. Depending on the particulars of your mortgage, Coast Capital may follow-up with you to discuss special offers for early renewal.

  • If you currently hold a creditor insurance policy with CUMIS Services Incorporated, your policy will be transferred to Canadian Premier Life Insurance Company (operating as “Securian Canada”) when your mortgage loan transfers to Coast Capital. Details on your new creditor insurance policy will be sent to you directly by Securian Canada before September 30.
  • Some members will receive an early mortgage renewal offer in early November - download this comparison
  • Learn more about Coast Capital mortgages and service fee changes.
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Don't forget

  • Watch for your updated creditor insurance policy arriving late September by mail (if applicable), and updated mortgage terms and conditions after November 1 by mail (if applicable)

What you need to know about term loans

Your outstanding principal balance, remaining term, borrowing interest rate, regular payment amount, and regular payment schedule will remain the same at Coast Capital. 

  • If you currently hold a creditor insurance policy with CUMIS Services Incorporated, your policy will be transferred to Canadian Premier Life Insurance Company (operating as “Securian Canada”) when your term loan transfers to Coast Capital. Details on your new creditor insurance policy will be sent to you directly by Securian Canada before September 30.  
  • If you have a single premium policy, your policy will remain with CUMIS Services Incorporated
  • At Coast Capital, you will not have access to digital banking and debit card if you only have term loan. You can sign up for a Free Chequing, Free Debit and More Account® - no monthly fee and no minimum balance. Instructions to set up this account will be shared by email after November 1. 

What's changing about your term loans

When your motusbank term loan moves to Coast Capital, the terms and conditions of your term loan will also move to Coast Capital, without any changes. This table shows which Coast Capital loan each motusbank loan will move to.

motusbank term loan Coast Capital term loan
motusbank Installment Loan – Retail Coast Capital Retail Loan – Fixed
Coast Capital Retail Loan – Variable