Motus Bank, a full-service digital bank

Read an item in a newspaper section about the new bank by a credit union (Meridian). Did not realize that a share membership is not required with Motus Bank. Meridian Credit Union itself does require share membership of its customers.

Quote:

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motusbank is different from other digital banks. Like Meridian, motusbank customers, referred to as members, will benefit from better pricing and services because there are no shareholders expecting quarterly returns. Digital, but not impersonal, motusbank promises to deliver superior member service regardless of communication channel. Members will also have a say on ideas for new products and features using tools for feedback to help inform the continuous evolution of motusbank offerings.

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https://www.newswire.ca/news-release...852496201.html

The thing is, banks are regulated by the federal government (and deposits are insured under CDIC). Credit unions are regulated by the provinces (each province has their own statute). I'm trying to understand why a credit union wants a bank --unless it's to offer a Canadawide type of banking service?

The bank's website: https://www.motusbank.ca/

Mortgages, $0 chequing account fees, free e-transfers, TFSAs, GICs-all available here.