Top Manulife One facts every customer should know

1. They have a bank account as part of the Manulife One.
2. There is a single monthly $16.95 Unlimited Banking fee ($9.95 for those age 60 or older) for all account holders because they have a bank account as part of their Manulife One and it is comparable to many of their most used chequing account features.
3. Any balance in their bank account counts toward their mortgage loan because that account is also their main account for their mortgage loan.
4. They can only repay their mortgage from their Manulife One account, and not directly from another financial institution. If the client submits a Funds Transfer Agreement, a payment can come from another institution. In this case, the money is deposited into the main account.
5. They can track their debt or create fixed-rate mortgage terms with sub-accounts.
6. They can leave borrowing room in their main account if they want to use it like a line of credit to lend themselves a sum temporarily, which they can pay back the same way they pay their mortgage loan.
7. They can keep their Manulife One open for as long as they want after they have paid off their mortgage, just in case.
8. Once the Manulife One mortgage is paid off, if a customer has a $5,000 positive balance, the monthly Unlimited Banking fee is waived.
9. Seniors can use the Manulife One as an alternative to a reverse mortgage if they are looking to access tax-free equity from their home in retirement.
10. Customers with a Manulife One can put as much toward their Manulife One main account balance as they want, as often as they want. They could even pay it all back at once with no penalty. Any fixed rate sub-account in place will continue to have Principal and Interest payment but there are pre-payment privileges available.

If your clients have questions after funding, they should contact:

Customer Service Centre
1-877-765-2265
mybank@manulife.ca