Using your account: Frequently asked questions

How often will I receive an account statement?

You will receive an account statement once a month, detailing all of the transactions that have took place within your account during the previous month.

Can I receive my account statements electronically, rather than printed statements through the mail?

Yes, you can sign up to receive your monthly statements electronically through your online banking service by consenting to the terms and conditions.

What fees should I be aware of when I use my Manulife One account?

While your Manulife One monthly fee covers your unlimited use of many everyday banking services, some services carry separate charges. Here is a breakdown of other services and the related fees.

How many tracking sub-accounts can I have?

You can open up to 15 tracking sub-accounts.

Do I need to allocate a minimum amount of money to a tracking sub-account?

You can open a tracking sub-account with as little as $1. You can allocate some or all of your debt from your main account to tracking sub-accounts.

Can I open a tracking sub-account at a fixed interest rate?

No, the Manulife One base rate applies to all tracking sub-accounts. However, you can open a term sub-account at a fixed interest rate. See questions 10-15 below for more information on term sub-accounts.

Do I have to make regular payments to my tracking sub-account?

Interest on your tracking sub-account is charged directly to your main account each month. You may set up your sub-account payments as:

• Interest-only payments from your main account, or

• Principal and interest payments from your main account (your sub-account balance will reflect these principal payments on your monthly statement).

Principal and interest payments from your main account (your sub-account balance will reflect these principal payments on your monthly statement).

You can repay any amount at any time including the full balance of a tracking sub-account with no fees or prepayment charges.

Can I transfer money between my main account and my tracking sub-account?

Yes, one-time or recurring transfers between your main account and any tracking sub-accounts can be done through Internet or telephone banking services. Log into your account and go to the “Transfer funds” section or contact us at 1-877-765-2265.

How do I set up a tracking sub-account?

You can quickly set up a tracking sub-account for yourself online when you log into your account at manulifebank.ca. Select “Open Sub-accounts” from the menu on the left. Read each screen and follow the prompts. Or, give us a call at 1-877-765-2265 – we would be happy to set one up for you.

How many term sub-accounts can I have?

You may have up to five term sub-accounts.

Do I need to allocate a minimum amount of money to a term sub-account?

You can open a term sub-account with a minimum of $5,000. You can allocate some or all of your debt from your main account to a term sub-account(s).

A term sub-account has already been set up for me. Why?

If your Manulife One borrowing limit is between 65 and 80 per cent of the value of your home, the amount of credit that’s available over 65 per cent must be allocated to a term sub-account. If you’re a small-business owner or your Manulife One account is for an investment property, the amount of credit that’s available over 50 per cent of the value of your home must be allocated to a term sub-account.

Each monthly principal payment or lump-sum payment you make to your sub-account will effectively decrease the credit limit of your main account.

If your borrowing limit is below 65 per cent of the value of your home and you choose to set up a term sub-account, you can make payments that either:

• Decrease the credit limit of your main account; or
• Create additional borrowing room in your main account – the choice is yours.

What types of interest rates are available to me when I open a term sub-account?

You can open:

• An open variable-rate sub-account for a five-year term;

• An open fixed-rate sub-account for a one-year term, or

• A closed fixed-rate sub-account for any of the following term lengths:

  • 6 months,

  • 1 to 5 five years,

  • 7 years, or

  • 10 years

Review our fixed rates and variable rates for term sub-accounts.

Do I have to make regular payments to my term sub-account?

Principal and interest payments for your term sub-account(s) – based on the type and amortization schedule you choose -- are made from your main account on the last day of every month. Interest paid on the sub-account(s) is tracked separately online and on your monthly statement. If there are insufficient funds in your main account to cover this payment, the principal and interest costs will remain in the sub-account and an additional fee may be levied against your account.

Can I repay my term sub-account anytime?

For variable rate term sub-accounts, monthly fixed principal and variable interest payments are charged to your main account. You can repay any principal amount including the entire balance at any time without incurring a prepayment charge - and when your debt is paid, the sub-account closes.

For closed fixed-rate sub-accounts, a lump-sum prepayment up to 20 per cent of the initial balance can be made each year. If you exceed the annual maximum repayment amount outlined in your sub-account loan documentation, prepayment charges will apply. Early payout of the fixed rate sub-account may result in an interest rate penalty.

For the one-year open fixed rate sub-account term, you can repay any principal amount including the entire balance anytime without incurring a prepayment charge.