• NO! Manulife Bank Business Advantage Account is designed to be an electronic complement to your existing current account
• By adding a Business Advantage Account to your banking structure, you can leave your existing banking arrangements intact
• Preauthorized collections or payments as well as debit/credit card processing remain unchanged – everything stays exactly the way you have it set up

• Transfers between Manulife and your existing bank are always initiated by you – using a Manulife website or call centre.
• Transfers involve exchange of payment files and typically take one business day with Big 5 banks who conduct multiple file exchanges in a business day.
• When you initiate a transfer the changes will be reflected immediately on your Manulife screen.
• At your existing bank, notification could be later in the next business day. You would still receive value for the transfer “as of” that business day.
• To be conservative you should allow two (2) business days lead time.

• Interest is paid on the last day of the month

• Interest is calculated and earned daily, based on the closing balance.
• example: If you had money in the account for any 16 days of the month, you would earn interest on those 16 days.

• Many clients prefer to use telephone banking. At account setup you create a Password/ID combination.
• Using their toll-free number, you speak directly with a Manulife Representative to deliver your instructions verbally

• Yes you can set up automated transfers to and from your Manulife account
• You have to determine the date and amount of the transfer
• You CANNOT set up a transfer based on an account balance reaching a threshold

• When you initiate your transfer through on-line banking (versus telephone banking) there is a $50,000 TRANSACTION limit
• This is NOT a daily limit
• example: You want to transfer $250,000. If done through on-line banking you would make 5 separate transfers of $50,000 – one after the other in the same session
• This can tend to “clutter” your bank statement.
• In practice clients transfer amounts over $50,000 in one transaction by providing instructions through telephone banking
• This tends to result in “cleaner” bank statements (easier reconciliation)

• There are no withdrawal restrictions.
• There are no minimum balance requirements.
• It’s your money. Take out all or some as it suits your needs.

• Manuilife’s published rates are good for initial deposits up to $5 million.
• Contact ICMS to negotiate an interest rate if your balances will be above this threshold.

• Yes Manulife Bank offers $USD Advantage accounts – both Business and Personal
• They function exactly like $CDN accounts – BUT do not offer chequing privileges

• Personal Advantage Account combines chequing and high interest saving in one account
• Maintain a $1,000 balance for free unlimited daily banking , including Interac e-tansfers
• Can be linked to an existing personal account at another bank or operated as a stand alone account 

• Manulife does not charge for deposits. Transfers between your existing bank account and your Manulife account are free at Manulife.
• If your service charges are on a “pay-as-you-go” basis at your existing bank you will be charged for an electronic transaction, just like they would charge you for paying a utility bill or receiving any direct deposit.
• If you are on a fixed monthly fee they will be part of that fee.

• You never pay a fee or commission to ICMS to operate a Manulife Bank account
• ICMS has an Agency Agreement with – and receives a separate payment from – Manulife Bank of Canada.
• Your investment balances will always receive the published rate in full.

• Just because you have an Operating Line of Credit doesn’t mean you will always be a borrower
• There are often times when a borrowing account can be in a cash surplus
• Cash surpluses in a Manulife Bank Business Advantage Account are an asset of the company and improve your bottom line
• As long as they remain on your balance sheet  they do not affect your company’s credit worthiness

Key Points

• To meet federal reporting requirements Manulife Bank relies on ICMS to verify the identity of the individuals who ultimately own the company that is opening the account.
• If the company applying for the account is structured to be owned by other companies (i.e., holding companies)
  • ICMS needs to supply the checklist information for each holding company involved
  • but only when they own 25% or more of the company applying for the account.
• Require personal identification for the signing officers of each company.
• Do NOT require personal identification for the directors.

Checklist Information Required to open a $CDN or $USD Business Advantage Account at Manulife Bank:

• Incorporation Number (from Certificate of Incorporation)
• Business Identification Number (from GST or Payroll remittance)
• Contact info for the company (full legal name, address, phone, fax, email, etc.)
• List of any individual or business that owns 25% or more of the company applying for the account
  • Home address
  • Date of birth
  • Occupation
  • % Ownership
• List of directors of the company and their occupations
• Home phone number + Business phone number + One piece of  photo ID for each signing officer
  • Drivers License  
  •  Passport
  • Other Canadian photo ID
• Void cheque from each bank account that the Manulife account will be linked with.
  • Each account must be in the same legal name as the Manulife account
• If cheques not available on an account – ask your bank to provide a P.A.D. form (Pre Authorized Debit)
  • The same form you would request to set up a utility bill payment or lease payment