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Congratulations on your new Manulife Bank Select mortgage!
You’ve customized your mortgage to meet your monthly cash flow and lifestyle needs, while still paying down your debt. But did you know you can also take advantage of prepayment privileges to become debt-free even sooner?
If you have a closed-term mortgage, take advantage of one or both of these prepayment options:
- Make an annual lump-sum payment of up to 20% of your original mortgage amount
- Once per year, increase your regular mortgage payments by up to 25%1
If you have an open-term mortgage, you can prepay any amount at any time, including the full principal. You can also increase your regular payment by any amount once in each year of the term, without incurring a prepayment charge.
To make a prepayment, call us at 1-877-765-2265.
Tip: find out more about your mortgage in the Manulife Bank Select Client Guide (PDF).
Most of us assume our mortgage will cost a lot and take a long time to repay. But here’s a secret: it doesn’t have to. Your Manulife Bank mortgage has a super-power: prepayment privileges. Here’s how you can pay off your mortgage sooner and save thousands in interest.
When you opened your Manulife Bank Select, you didn’t just get a mortgage, but a high-interest bank account too.
- Put your money to work: have your pay automatically deposited into your Select bank account to get the most out of your money, and get free banking when you keep a balance of just $5,000. To set up direct deposit, print a void cheque using online banking then give it to your employer with this form (PDF).
- Manage your money with ease: using your Select bank account for all your everyday banking needs makes it easy to track expenses, bills, and pre-authorized payments.
- Earn more interest: holding cash in other chequing or savings accounts? Move that money into your Select bank account to earn high interest and help eliminate any fees the other accounts charge.
Bank your way
Manage your Manulife Bank Select mortgage and bank account using our mobile app, online banking, or by calling us at 1-877-765-2265. And of course, you can use your bank card to get cash from thousands of ATMs across Canada, to make Interac® Debit purchases, and to get in-store cash back at participating retailers.
Daily withdrawal/transaction limits
Here are the default daily limits for different transaction types:
- ATM withdrawals: $1,200/day
- Point of sale/debit transactions, including in-store cash back: $3,000/day
- Outgoing transfers: $50,000
- Interac e-Transfer®: $3,000/transfer, $3,000/day, $10,000/week, and $20,000/month
These apply to most people, however, there are situations where individual limits may be different. Our limits are in place for your protection and to comply with regulations. If you have questions about your transaction limits or need to exceed that limit, give us a call.
Flexible fee options
We all bank differently, which is why your Select back account has two fee packages. And if you keep a balance of at least $5,000, we’ll waive the monthly or transaction fees.
- Flat fee: use your card for everything? Get unlimited transactions for just $16.95/month ($9.95 if you’re 60 or older)*
- Pay-per-transaction: don’t do much banking? Only pay for the transactions you use (plus get some for free!)
Want to change your fee package? Call us at 1-877-765-2265.
*The monthly fee includes 3 free Interac e-Transfer transactions per month. Learn more about Manulife Bank Select fees here.
You'll receive annual mortgage statements and monthly bank account statements electronically or by mail. If you didn’t choose a statement type when you opened your account, we'll send your statements by mail. You can change your statement type using online banking, or by calling us at 1-877-765-2265.
You can also review transactions from the past two years using online banking.
With your Manulife Bank Select account, you have access to products that can help provide extra protection and flexibility:
- Mortgage protection insurance: an inexpensive way to help protect your financial stability and maintain your family’s standard of living should an unexpected death, disability, or job loss occur.2
- ManulifeMONEY+™ Visa* credit cards: enjoy valuable introductory offers, cash back rewards, and protection on every purchase.3
1 If you choose to increase your mortgage payments, you will not be able to lower them in the future. Carefully consider your monthly cash flow needs before increasing your mortgage payments.
2 Certain exclusions apply.
3 Insurance is subject to exclusions, limitations, and conditions. Clients should refer to the Certificates of Insurance included with their Cardholder Agreement for complete details on each benefit. Clients should read the Certificates of Insurance then keep the Cardholder Agreement in a safe place with other valuable documents, and take it with them when they travel. Insurance is underwritten by The Manufacturers Life Insurance Company and First North American Insurance Company, a wholly owned subsidiary of Manulife. Manulife, PO Box 670, Stn Waterloo, Waterloo, ON N2J 4B8.
Fees are subject to change with at least 30 days prior written notice. Clients who have chosen not to receive paper statements can find any changes posted online. All fees presented on a per-item basis, unless otherwise stated. Charges are automatically applied to your account.
*Trademark of Visa Int., used under license.
Fiserv EFT is the owner of THE EXCHANGE® trademark and its associated rights. Fiserv EFT has granted FICANEX® the exclusive right to use, market and sublicense THE EXCHANGE® trademark and the intellectual property rights associated with the operation of THE EXCHANGE®Network throughout Canada. Manulife Bank of Canada is an authorized user of the mark.
®Trademark of Interac Corp. Used under licence.
*Trademark of Visa Int., used under license.
You can change your payment frequency (weekly, weekly accelerated, bi-weekly, accelerated bi-weekly, semi-monthly, or monthly) at any time to better suit your monthly cash flow needs. Simply call us at 1-877-765-2265 to make the change.
Your mortgage is a big part of your financial life - and it's nice to be able to see your progress in paying it off. You can see how you're doing using online banking or the mobile app.
Just select your mortgage account from the Accounts page and then select Graph View. You'll see your progress over the last 30 days, but you can customize your view to see up to 1 year of activity.