Manulife Bank of Canada
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Manulife Bank of Canada (Operating as Manulife Bank; French: Banque Manuvie du 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 $22 billion in assets and serves customers across Canada. Manulife Bank headquarters are in Waterloo, Ontario.
|Headquarters||Waterloo, Ontario, Canada|
|Richard Adrian Lunny, CEO|
|Total assets||CA$ 25.2 billion (2018)|
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.
Manulife Bank is a member of Canada Deposit Insurance Corporation (CDIC).
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 (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 April 2016, Manulife was fined by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) for "violations [of] a technical nature". Manulife was originally levied a $1.5 million fine, which was subsequently reduced to $1.15 million.
- Institutions, Office of the Superintendent of Financial (2012-10-30). "Who We Regulate". www.osfi-bsif.gc.ca. Retrieved 2019-04-22.
- "Financial Performance and Regulatory Disclosures Q4 2018" (PDF).
- THE EXCHANGE®, is a registered trademark of Fiserv, Inc., licensed for use in Canada by FICANEX Services Limited Partnership., direct payment purchases and chequing.
- Manulife Bank launches trust company, .
- Gerster, Jane (2015-07-06). "Manulife Bank to Install 830 ATMs in Canadian Stores". Wall Street Journal. ISSN 0099-9660. Retrieved 2018-10-15.
- "Small banks level the field with surcharge-free ATM network". The Globe and Mail. Retrieved 2018-10-15.
- Canadian bank fined $1.1M by anti-money laundering agency
- Manulife admits it was the bank fined $1.2 million by Canada’s money-laundering watchdog
- "Watchdog agency Fintrac needs two years to review system of fines". CBC News. Retrieved 2018-10-31.