PC Financial Payroll Direct Deposit Experience Inquiry | PC Financial | Discussion forum
i am really going to change my ING payroll direct deposit comes next payday or this September 2011. while my co-workers a while back (Aug 15, 2011) have already their work pay in their banks mine is still not there. it's already 4x late. my target is PC Financial because they give a $10 bonus (in groceries) for signing up.
the major banks (the Big 5) + my credit union (coast capital) dont give any $ bonus and so is Vancity. Vancity mentioned before of a $30 bonus but when I went to their branch the CSR said that was an old promotion. I emailed their official website and the response from their email was the same (old promotion, no longer exist)
So my question is, anyone among of you guys on this forum have already set-up a payroll direct deposit with PC Financial to please share their experience? How are your pay being updated by PC Financial? Is it as par as say TD Bank/RBC (pay is up-to-date, that is: same day/same pay) or you also experienced one or two days delayed on your payroll direct deposit like my ING Payroll Direct Deposit?
September 11, 2010
I've been a PCF customer for about a decade and at my current job for 4 years with a direct deposit from day 1, and I have NEVER had any problem whatsoever. I get paid every other Wednesday and like clockwork my pay is deposited and fully available to withdraw or transfer (no holds), always between 2-4am Eastern time early Wednesday morning. Nothing beats free, unlimited transactions and no minumum balance or monthly/annual service charge just to have/keep the account in the first place…I'd definitely recommend it for what you need!
I already sent the needed forms to my HR for changing my direct payroll deposit.
So I am now on PC Financial. [I have a checking account with PC Financial for 8 months already]
Anyway, the only thing I have some issues is with their ABM withdrawal limit of $200.
So I called PC Financial to increase my ABM withdrawal limit to $800 (Just like ING) because right now it sits at $200. The CSR can't do anything about it. And so I requested to talk to a supervisor but when I talked to the supervisor the only thing
he can do is increase it to $500 ABM withdrawal limit (and $1000 debit purchases) plus
I must call them again when my direct deposit this coming Aug. 31 for them to make it happen.
And then out of nowhere, someone posts a $250 bonus for TD
[which i guess is way better]
Oh ho ho ho! Too late for me for that.
Don't forget that beside the ABM limit you also have a POS limit that you can use daily (eg. cash-back at Walmart or other stores). I also called in one time when I needed more cash then my limit and they opened it up ones. I keep calling them every 6 – 7 month to review my limit and this way I increased it to where I needed to be …
It's still better than paying fees every month for a service that I may or may not need, right?
indeed Andre, indeed.
oh well, im already on PC Financial Direct Deposit, i waited a month to pass before i'll make this post so that my observation is more timed. anyway, to compare ING Payroll Direct Deposit VS PC Financial Payroll Direct Deposit, on my experience, i find that PC Financial is 12 hours better. I mean, in my experience, for my Aug31-Oct31 pay, PC Financial is late by 12 hours (12 hours late, meaning my co-workers who are direct deposit on the Big 5 banks have already their pay in the morning but for me, it will become available at night when im already home) but this is way much much better compared with ING: that sometimes, it takes even 2 days to update for my account. [when the pay coincides during Friday, i will still have to wait for Monday before my money is online]
December 12, 2009
A $500 daily ABM withdrawal limit is pretty good, actually, with a $1000 per day POS limit. I bank primarily with HSBC and my daily limits are $600 ABM and $2000 POS per day with no holds on deposits. With Scotiabank, I have a $500 ABM and I think $1000 POS per day with no holds on deposits up to $1000.
When PCF increased your ABM and POS limits, did they give you a small cashback limit to (no holds on deposits up to a certain amount)?
I am really glad I got you onto PCF – I should get a commission from them (or go work for them!). I just felt bad at how much you were paying in service fees from Scotiabank (did you keep any accounts with them or no?).
I am not sure if Doug's post ^ is for me or for Dennis. Anyway, if the last message above was for me, then yeah thanks for introducing me to PC Financial Doug. [PCF should really give you a commission!)
(When PCF increased my ABM limits, I did not get any small cashback limit or no holds on certain deposits up to a certain amount)
I still keep one checking account with Scotiabank. (An account called "Powerchecking" whatever) and to keep them away from charging me $3.95/month, I am and trying to maintain that $1,000 monthly minimum balance, but yeah, in the the past, they always ding me for that for about 8 months or so.
In a post above, someone stated that the direct deposit was late getting into their account with PC Financial. Does this happen with everyone? I signed up for a PC Financial account two weeks ago, and changed my direct deposit information to get the money put into this new account. Today was the date that the money should have been deposited into my account (with my old account money was available immediately upon opening of the bank at 8:00 AM), but it is not there. It has also not been deposited to my old account, so I know there is no mix-up of the account information.
I contacted PC Financial to find out when I should expect the money to be released into my account, and they said they don't know.
Is this a common occurrence? Should I expect my money to be deposited a day later than usual?
Thanks in advance to anyone who can help me out with this
December 12, 2009
Not sure on this, kmbw. msl, who banks with both Scotiabank, PCF and ING and has since opened accounts with CDF and Coast Capital Savings, had problems with direct deposits to his ING THRiVE Chequing account always being a day or late than his coworkers who banked with a "Big Five" bank (or CPA "Direct Clearer") and I posted a possible explanation on this here:
PCF, as part of CIBC under the same CPA institution number, never had any issues. It was only "virtual banks" such as ING or, presumably, Manulife.
To kmbw – Yeah, Payroll direct deposits with PC Financial has some delays. I was a little bit worried during my initial "trial" period with them PCF but it works. Never had any problem with them except the rather "low" initial ABM deposit of $200. But you just call them anyway to increase it. I'm on the $500 ABM limit now. About PCF direct deposits, the money becomes comes available more or less 12 hours(late). But compared that with my previous experience with ING's Direct Deposit which is 48 hours late or more… PCF wins!
December 12, 2009
January 30, 2009
With direct payroll deposits, there is no hold (the funds are accessible as soon as they arrive in your account). The same goes for most transfers from other financial institutions (if you use the other institutions to 'push' the money to PCF). Any other deposits, regardless of amount, are subject to at least a 1 week hold (often times more with PC Financial).
The amount you can withdraw via ATM from PCF is negotiated with the institution, for some it may be higher than others (ie. $200, $500, etc.). This is not related to the holds placed on your money.
So, in your scenario, if you had a bank balance of $0 and deposited $500, or $20 to your PCF account via ATM, there would still be a hold on all of your money.
Hope that helps,
December 12, 2009