Canadian High Interest Savings Bank Accounts

I was making an online purchase and had just added a credit card to my PayPal account. I thought that PayPal would default to using my credit card for the transaction, but instead it went to my PCF account first. I didn't have any funds in my PCF checking account at the time because I keep my funds in the PCF high interest savings account until I need it.

Needless to say, I was charged $35 for an NSF EFT by PCF. I didn't notice this until almost a week later when I phoned customer service. I was greeted with a rep. who actually spoke English as a first language. I asked her if she could determine the recipient of the EFT since I couldn't remember making a transaction for $5.22 (I wasn't lying, I actually couldn't remember). She said that she didn't have access to that info, but asked immediately if I had a PayPal account because it consists of the majority of small transactions. I told her I did and she said that I should just check my PayPal records and if no transaction existed, I could just phone back and ask for her and she would setup an inquiry.

I checked my PayPal account and found the transaction. It turned out that it was originally for $5.00 USD, but after the exchange rate it was $5.22 CAD.

I phoned back PCF and got hold of a different rep. (Indian accent, but easily understandable compared to many other banks' reps.). I explained the situation and she said that she would remove the NSF charge as a one-time gesture of good faith and to check my account in a couple of days.

A couple of days later my NSF charge was removed and I avoided paying what would have effectively been 770% interest.

Moral of the story: it doesn't hurt to try.

I can't believe I'm complimenting the service I received from a bank but here goes…

I had a very similar experience. I too, keep most of my funds in PCF's high interest savings account and make transfers back into my chequing account when needed. Last month, due to my own forgetfulness, I was one day late transfering money to cover a post dated cheque I'd written.

I called and spoke to a very friendly rep. who upon seeing the money transfered in the next day was happy to remove the NSF charge. I'd have to say I was very pleasantly surprised.

Sorry to hear about your troubles. Dealing with the death of a family member is tough enough without these hassles.

The online banks keep their overhead to a minimum, which is partly how they are able to offer high interest rates. "Overhead" includes staff with the knowledge and authority to help with requests such as dealing with funds held by deceased persons.

I have actually left all the username/password info for my online accounts in a safe deposit box accessible by the executor of my estate. If I get hit by a truck or something, I've authorized my executor to transfer-out all the funds in my online accounts to my linked chequing accounts at the big banks. This way, the funds will be in accounts held at bricks-and-mortar banks which are much more capable of dealing with requests from estate executors than the online banks are.

There's nothing wrong with that in my view, since no funds are being withdrawn before my will passes through probate.

You definitely get what you pay for with PC Financial. You pay no fees and you get no customer service and a very very frustrating banking experience.

When I first closed my td account and moved to PC, I told all my friends and family to also make the switch so they could save on the fees and earn the high interest. BIG MISTAKE. PC FINANCIAL IS A HUGE HEADACHE. I am now closing my PC chequing and savings account and mastercard and going with a bank.

I called the PC financial hotline and asked if they were capable of processing savings bonds. They told me to put it in the bank machine. I didn't receive the interest on these savings bonds until 4 months later after countless calls to customer service reps who do not know how to handle these type of calls. They would constantly tell me to wait and the interest would be processed. One of the representatives told me to go back to the bank where I purchased the bonds to get my interest. Obviously this woman has no idea what she was talking about.

No one at PC financial customer service can make outbound calls. So as a result, I was waiting to speak to a rep on a weekly basis.

The money I save on fees and earn on interest, is not worth the headache this institution has given me over the past 6 months.

I rather pay fees and have better customer service!