Manulife Bank of Canada (Operating as Manulife Bank; french: Banque Manuvie du Canada) is a
wholly owned subsidiary
A subsidiary, subsidiary company or daughter company is a company (law), company owned or controlled by another company, which is called the parent company or holding company. Two or more subsidiaries that either belong to the same parent company ...
of
Manulife
Manulife Financial Corporation (also known as Financière Manuvie in Quebec) is a Canadian multinational insurance company and financial services provider headquartered in Toronto, Ontario. The company operates in Canada and Asia as "Manulife" an ...
. As a
direct bank A direct bank (sometimes called a branch-less bank or virtual bank) is a bank that offers its services only via the Internet, email, and other electronic means, often including telephone, online chat, and mobile check deposit. A direct bank has no ...
, 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.
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
The Canada Deposit Insurance Corporation (CDIC; french: Société d'assurance-dépôts du Canada) is a Canadian federal Crown Corporation created by Parliament in 1967 to provide deposit insurance to depositors in Canadian commercial banks and ...
(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
The Laurentian Bank of Canada (LBC; french: Banque Laurentienne du Canada, link=no) is a Schedule 1 bank that operates primarily in the province of Quebec, with commercial and business banking offices located in Ontario, Alberta, British Columbi ...
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 2015, Manulife Bank entered into a deal with
Alimentation Couche-Tard
Alimentation Couche-Tard Inc., or simply Couche-Tard, is a Canadian multinational operator of convenience stores. The company has 15,000 stores across Canada, the United States, Mexico, Ireland, Norway, Sweden, Denmark, Estonia, Latvia, Lithuani ...
to add ATM machines to 830
Mac's Convenience Stores
Mac's Convenience Stores (commonly known as Mac's) is a chain of convenience stores in Canada. The company was divided into three geographic business units: eastern Canada, central Canada, and western Canada. It had been owned and operated by A ...
,
Circle K
Circle K Stores, Inc. is a Canadian chain of convenience stores headquartered in Laval, Quebec, Canada. It is owned by the multinational company Couche-Tard. Founded in 1951 in El Paso, Texas, the company filed for bankruptcy protection in 1 ...
, and Couche-Tard locations.
In 2016, Manulife was fined by the
Financial Transactions and Reports Analysis Centre of Canada
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC; french: Centre d'analyse des opérations et déclarations financières du Canada) is the national financial intelligence agency of Canada. FINTRAC was established in 2000 ...
(FINTRAC) for "violations
fa technical nature". Manulife was originally levied a $1.5 million fine, which was subsequently reduced to $1.15 million.
In 2017, Manulife Bank launched the ManulifeMoney+ Visa Infinite and ManulifeMoney+ Visa Platinum Cards.
In 2019, Manulife Bank launched the All-In Banking Package, an integrated banking package and mobile app that rewards customers for saving money each month.
See also
*
List of banks in Canada
This is a list of banks in Canada, including chartered banks, credit unions, trusts, and other financial services companies that offer banking services and may be popularly referred to as "banks".
The "Big Five"
Canada's "big five" banks ...
*
Manulife Financial
Manulife Financial Corporation (also known as Financière Manuvie in Quebec) is a Canadian multinational insurance company and financial services provider headquartered in Toronto, Ontario. The company operates in Canada and Asia as "Manulife" an ...
References
External links
Manulife Bank
{{Canadian banks
Banks of Canada
Banks established in 1993
1993 establishments in Ontario
Companies based in Waterloo, Ontario
Online banks
Financial services brands