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Accelerate Financial, large deposit and NSFs
January 8, 2016
8:08 pm
Joebart
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I am almost speechless and in shock to find out that Acclerate Financial charged my wife’s account NSF charge of $45 for unsuccessful attempt to place a substantial sum of money in their saving account.
The money was ready in PC saving account and was transferred to checking account just before New Year’s Eve.
Unfortunately due to the holiday it took PC Financial took longer to transfer the money between the accounts instead usual 24h.
Due to that, my check was marked as NSF and I was charged NSF charges plus overdraft plus interest etc by PC Financial.
I spoke to PC Financial on January first and they apologized and refunded all the charges.
Right away I called Accelerate and explained the situation and informed them that the replacement cheque is already in the mail.
I was shocked and stunned that the bank punished me and charged me NSF charge for in fact trying to place almost $*** 000 in it.
That is just unbelievable!!
Basically, it is me lending them a large sum of money and them telling me they will deduct $45 since I was 1 day late. I LEND them money and they punish me for beeing late.
I do not care for technicality, it is absurd and not moral.
Now it is just matter of principals so I am taking my money somewhere else.
They sticking to their guns saying I should get refunded by PC but I disagree.
Do not charge you good customer punishment fee if he lends you money! Period!sf-yell

January 8, 2016
10:01 pm
Norman1
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Friday, January 1, 2016 was not a business day. Withdrawals from PC Financial savings accounts are at least next business day and never same business day. Consequently, a withdrawal submitted on Thursday, December 31, 2015 (just before New Year's Eve) would take effect no earlier than Monday, January 4, 2016, the next business day.

Sounds like the cheque given to Accelerate had been deposited and ended up clearing on December 31. If that was the case, then PC Financial correctly returned it as NSF. There was not sufficient funds until January 4.

It seems that PC Financial was willing to refund their NSF charges as a goodwill gesture. But, I don't think they made a mistake.

January 9, 2016
4:57 am
Joebart
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"It seems that PC Financial was willing to refund their NSF charges as a goodwill gesture. But, I don't think they made a mistake."

I newer said Pc made a mistake.
They acted in "a gentleman manner" at the end.
It is Accelerate greedy people. Make no mistake, point is, when you make DEPOSIT you LEND them your money and is just preposterous and immoral and simply just greedy to impose high NSF charges when the is a glitch on the way.

Is like me, lending $1000 to my friend (with the interest of let say (to be funny) 1.75% a year, so it's 1.45 a month.
I promised him the money of Monday but I gave it to him (for some technical reason) on Thursday. At the end of the month, he pays me $1000 back +$1.45-$45NSF=$954.45, end he feels he is justified. Can you see now, how ridiculous and obscene it is?sf-yell

January 9, 2016
11:13 am
kanaka
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Let me get this straight.
You moved money from a Savings Account to a Chequing account at PC?
You write a cheque from PC to Accelerate and mail it?
The transfer did not occur immediately at PC.
The cheque arrived at Accelerate and was NSF.
PC charged you for allegedly writing an NSF Cheque and they refunded you.
Accelerate also charged you for handling the NSF Cheque?????

January 9, 2016
11:36 am
Joebart
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You got it!
The want me to go to PC and ask for reimbursement NSF from Accelerate side too.
I guess I could do it and maybe they would but I still think it was morally wrong to charge me NSF too. They don't want to badge so I wrote to parenting company Board of Directors asking the for their opinion.
Is it a good business practice to lose very substantial deposit over NSF Fees. The battle is not over and if I loose I will take my money with me.
They do not do me any favor accepting my money. I do the favor lending it to them. Most people forget that.
It is them for us and not us for them.

January 9, 2016
1:44 pm
kanaka
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I see your point. Have you talked to Debbie or Kim at Accelerate? I allegedly wrote a bad cheque from Coast Capital to Oulook Financial...my error for sure but an honest mix up...ooooops....I think I used the wrong year in the date! I paid NSF at Coast Capital and contacted Outlook.....they confirmed no charges from them.

When I transfer from savings to chequing it immediately reflects the + - in both accounts accordingly. Doesn't PC do same? And for me from BC to Manitoba is 4 days in the mail or X days to process from an ATM deposit.

I have had problems with at least half of my transactions at Outlook and am phasing them out.......but like you I email the VP every time...and I am always right. My point is....good rates...all on line....little to no payroll dollars...then make web site work for the customer.

January 9, 2016
2:17 pm
Joebart
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I spoke with Debbe but she was cold and unhelpful like a stone.
I wrote a long letter to the Board Chairman Mr. Jascha Bodge of Crosstown Civic Credit Union which is parenting company for Accelerate and will see what will happen. I nothing I will publish the letter for everyone to see and after 90 days will move the money somewhere else.
Accelerate dropped their interests yesterday so there is no real advantage keep the money with them.
Anyway, it is not just only about $45 NSF but about principles. sf-smile

January 9, 2016
3:50 pm
kanaka
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Just an FYI. Both Oaken and Hubert has watched this site and has made postings.

Accelerate charges for closing an account if closed within 3 months of opening. http://www.acceleratefinancial.....eFees.aspx

January 9, 2016
7:22 pm
Joebart
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Thank you for letting me know. I am aware of that. I will wait three months, get some interest and move my money. Where did you see those posting of Hubert or Oaken?sf-smile

January 9, 2016
7:52 pm
kanaka
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Joebart said

Thank you for letting me know. I am aware of that. I will wait three months, get some interest and move my money. Where did you see those posting of Hubert or Oaken?sf-smile

On this site. Benjy the VP of Oaken. And I forget the name from Hubert. Maybe some one else will remember. Try to search for Benjy. I just worked through the cob webs....for Hubert was Vanessa Foster.

January 10, 2016
11:18 am
kanaka
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I must add. I have dealt with Accelerate for years and have no issues. Of the Manitoba Credit Unions I would rate:
1. Accelerate
2.0 Implicity
2.1 Hubert
10. Outlook Fianancial

1 being the best.

March 9, 2016
12:44 pm
frostyk
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So, I have a PC savings account and they told me when I opened it that the transfers from the savings to the chequing would always happen the next business day and therefore the funds would not be available for use until the transfer has been completed.

So my question is, why would you have written the cheque from PC if the funds were not there at PC? I was taught that you should never sign a cheque if the money is not in the account the cheque is written on. This is your error and not knowing how your PC account works from what I have read here.

Why shouldn't they charge you if you gave them a cheque where the funds were not available? And you're right, PC refunded your money even though they did not make a mistake and based on how you are carrying on they probably did it to get you off their phone line. Take some responsibility for your banking and act like an adult. You made a mistake, and there are consequences for making mistakes. Simple as that.

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