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Questions regarding People Trust TFSA Account
January 3, 2013
5:59 pm
Yas
Member
Forum Posts: 32
Member Since:
January 3, 2013
Offline

Hello Everybody,

I completed and sent the online application today but couldn't find some important information on the web site before sending my first deposit. Here are some questions, I really appreciate the answers and if there is any recommendation through your experience with this corporation.

1. Do they allow online banking? If so, can I deposit and withdraw by transferring funds between my regular bank account and this TFSA account?

2. What other fees are included or may be applied? I mean is there a fee for withdraw a portion of my money? Or is there a fee for transferring it to another bank (In case the interest falls below 2.55%)

3. Has anyone tried to withdraw money? If so how was the experience? Is it as quick as the other banks like direct access to the money?

4. Is the company insured? Just in case of financial disaster to them I don't want to lose my only saved money! sf-confused

5. Should the check for the first deposit be printed by my bank or I can send a regular hand written signed check?

I really appreciate any response and feedback as I have been looking around for couple months and finally decided to go with this one.

Kindest Regards & Many Thanks sf-smile

January 3, 2013
10:27 pm
kanaka
BC
Member
Forum Posts: 297
Member Since:
December 23, 2011
Offline

Yaser said

Hello Everybody,

I completed and sent the online application today but couldn't find some important information on the web site before sending my first deposit. Here are some questions, I really appreciate the answers and if there is any recommendation through your experience with this corporation.

1. Do they allow online banking? If so, can I deposit and withdraw by transferring funds between my regular bank account and this TFSA account?

2. What other fees are included or may be applied? I mean is there a fee for withdraw a portion of my money? Or is there a fee for transferring it to another bank (In case the interest falls below 2.55%)

3. Has anyone tried to withdraw money? If so how was the experience? Is it as quick as the other banks like direct access to the money?

4. Is the company insured? Just in case of financial disaster to them I don't want to lose my only saved money! sf-confused

5. Should the check for the first deposit be printed by my bank or I can send a regular hand written signed check?

I really appreciate any response and feedback as I have been looking around for couple months and finally decided to go with this one.

Kindest Regards & Many Thanks sf-smile

Here is your answer to #4

http://peoplestrust.com/main/?…..8;faq#PTC3

The rest I cannot answer….but I would like to see the responses.

January 4, 2013
1:22 pm
James
Member
Forum Posts: 64
Member Since:
January 30, 2009
Offline

Hi Yaser, welcome to the forum and I'll do my best to answer these.

1. Online banking for TFSA is not yet available (but will be soon). If you want to transfer, what I would suggest is opening a regular savings account, transfer the money electronically to that account, then call Peoples and ask them to transfer that into your TFSA.

2. There is no fee to withdraw the money or transfer to another TFSA. You are however only allowed 1 free withdrawal per month from your account

3. The speed of transfer/withdrawal of the money depends on the method you use to withdraw but it is on par with other banks. Just remember you can't withdraw directly so you'll need to allow time for the money to reach your primary bank via electronic transfer or whatever method you choose.

4. Peoples is insured by CDIC which more than covers the money in your TFSA.

5. The first cheque can be hand written on Canadian bank cheque of your choosing. Interestingly, for the savings account, they will ask you to make the cheque out to 'Peoples Trust', rather than to yourself. However, this has not been an issue for me (the money still goes to your account).

January 4, 2013
5:46 pm
Yas
Member
Forum Posts: 32
Member Since:
January 3, 2013
Offline

Hello James, I am so glad that I found such a great on-line community with such a supportive and beneficial information.

Thanks a lot for your answers which leads to another questions I hope the time to reply.

1. Regarding the first answer (on-line banking), if this is not available now, how can we check our balance and the interest? I guess this is possible through the login but it just gives information without allowing to transfer funds, is this correct?

3. What methods are available? Do you mean like Wire Transfer or Deposit to my checking account or so?

5. Based on their website (https://www.peoplestrust.com/main/?en&faq#General_2) it says: Mail your preprinted personal cheque, made payable to yourself, with your deposit confirmation number written on the front to: …., So why you are saying to make the cheque to them not myself? Second, is this deposit confirmation the same confirmation number I got after completing the online application?

Many Thanks & Have a wonderful weekendsf-smile

January 4, 2013
5:48 pm
Yas
Member
Forum Posts: 32
Member Since:
January 3, 2013
Offline

Hi kanaka, Sorry I forgot to thank you for your useful reply as well. Hopefully, James answered the rest of my questions and I would suggest that he emails "Peoples Trust" and ask them to add these Q/A to their FAQ. (James they may give you a special rate after this) sf-wink

January 5, 2013
2:37 pm
Yatti420
Canada
Member
Forum Posts: 65
Member Since:
July 10, 2011
Offline

Yaser said

Hello Everybody,

I completed and sent the online application today but couldn't find some important information on the web site before sending my first deposit. Here are some questions, I really appreciate the answers and if there is any recommendation through your experience with this corporation.

1. Do they allow online banking? If so, can I deposit and withdraw by transferring funds between my regular bank account and this TFSA account?

2. What other fees are included or may be applied? I mean is there a fee for withdraw a portion of my money? Or is there a fee for transferring it to another bank (In case the interest falls below 2.55%)

3. Has anyone tried to withdraw money? If so how was the experience? Is it as quick as the other banks like direct access to the money?

4. Is the company insured? Just in case of financial disaster to them I don't want to lose my only saved money! sf-confused

5. Should the check for the first deposit be printed by my bank or I can send a regular hand written signed check?

I really appreciate any response and feedback as I have been looking around for couple months and finally decided to go with this one.

Kindest Regards & Many Thanks sf-smile

Hi Yaser,

To answer your questions fully.. Yes online banking is now supported.. TFSA and regular savings.. They are in the process of converting accounts right now..

There are no transfer fees with PTC for TFSA to TFSA registered transfer or standard withdrawal to chequing etc.. PTC will place holds as applicable (probably on deposits/eft transactions).. Money is CDIC insured like just like any other big cdn bank..

Your personalized cheques are fine.. You shouldn't have to go to the bank to have them produce one.. Your first deposit (cheque) should auto link that chequing/savings account.. PTC deposit department is good with replying to emails if you have any problems or want them to setup transfers etc for you.. The first deposit may setup an initial account at this point which then gets converted to an online TFSA.. I'm not sure if they sign up process is for a "e-savings" tfsa yet as I signed up a few months back..

See ya,

January 10, 2013
1:03 pm
James
Member
Forum Posts: 64
Member Since:
January 30, 2009
Offline

Hi Yaser,

1. Peoples Trust mails out account statements and you can also check your balance via email, or phone. Note that you can't check your TFSA balance online – it's not available as of today (January 10, 2013) but they are working on this.

3. To withdraw from the TFSA, you must transfer the funds to your chequing or savings account (either with Peoples, or with another bank). This can be done by phone, email, or EFT.

5. I would follow the instructions found here:
https://www.peoplestrust.com/main/?en&deposit_services

If you are opening a non-electronic savings account with Peoples, the cheque is made out to them but for other accounts, this may be different.

Good luck!

January 10, 2013
2:01 pm
Yas
Member
Forum Posts: 32
Member Since:
January 3, 2013
Offline

James said

Hi Yaser,

1. Peoples Trust mails out account statements and you can also check your balance via email, or phone. Note that you can't check your TFSA balance online – it's not available as of today (January 10, 2013) but they are working on this.

3. To withdraw from the TFSA, you must transfer the funds to your chequing or savings account (either with Peoples, or with another bank). This can be done by phone, email, or EFT.

5. I would follow the instructions found here:
https://www.peoplestrust.com/main/?en&deposit_services

If you are opening a non-electronic savings account with Peoples, the cheque is made out to them but for other accounts, this may be different.

Good luck!

Thanks James. Do you mean the online option is temporarily down due to technical issue or they cancelled this couple days after activating it?

I have sent my cheque payable to myself but wrote the details on the Memo mentioning it's for TFSA account with Peoples Trust. The cheque hasn't cleared yet. Shall see how long it would take them to set me up.

Kind Regards

January 11, 2013
2:58 am
Yatti420
Canada
Member
Forum Posts: 65
Member Since:
July 10, 2011
Offline

TFSA online is operational and running.. I posted screens on my other thread here http://www.highinterestsavings…..irst-look/ .. If you just setup an account it might take awhile to get you up and running online.. Just give PTC a call or email..

January 11, 2013
4:49 pm
James
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Forum Posts: 64
Member Since:
January 30, 2009
Offline
10

Yaser and Yatti, the TFSA online interface is not available as per a Peoples Trust representative. I inquired this week about receiving the online TFSA access and the response was: "Once we move all the regular savings accounts, we will move the TFSA accounts."

January 18, 2013
6:41 pm
fredwillard
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Forum Posts: 3
Member Since:
January 18, 2013
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11

I signed up online for a new TFSA account with People's Trust (as a new, never-before customer) on Sunday Dec.30, mailed my cheque on Dec. 31, the cheque cleared on Jan. 15, and today on Jan. 18 I received my login info in the snail mail, and the online access is now activated and appears fully functional.

January 18, 2013
7:02 pm
Yas
Member
Forum Posts: 32
Member Since:
January 3, 2013
Offline
12

Thanks for your feedback FredWillard. I mailed my cheque on Jan. 8th and guess have to wait another week. It hasn't been cleared yet. Good to know the online is fully functional. Regards