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Email this10:48 pm
November 16, 2018
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Not a good start with my PC Money Account......
For the last two months (November and December 2025), the Savings portion of my PC Money Account has not been credited with interest - as it should have been. I opened the PC Money Account back on November 6, 2025 to give me another option for decent interest rates (to help fill the gap after my Motive accounts had been migrated to National Bank).
To avoid any holds, I used a Bill Payment from Simplii to to push-transfer in a few thousand dollars to the Spending portion of the account which I was then able to immediately transfer the Savings portion. So I am thinking - ok all is good and interest should be accruing on the Savings portion. Well not exactly - not even close......
This is besides the point but about a week later they dropped the rate from 2.7% to 2.2% and replaced the 200,000 PC Point Welcome offer with an additional 0.7% bonus rate increase (i.e. to 2.9%) if you did direct deposits. I had already started the process of getting direct deposit set-up with my employer, but decided to move all the funds but 1 penny out of the Savings portion to another bank with a higher rate until at least the first auto-deposit of my pay (when the rate would boost back up to 2.9%).
Anyways, on December 1st (the first business day of the next month which is when PC Financial is supposed to pay interest), I expected about $4.00 in interest to be paid to my Savings Account. It never happened and is still missing.
Even though it is only $4.00 interest, I can't let this go unresolved as I need to know they will get their act together before depositing any significant amount of money. I submitted a customer complaint on December 15th (well within their 30-day window to contest any errors), and received an e-mail confirmation of the complaint. I never heard back within 14 days which is their standard response time for initial complaints. So, I escalated the complaint on December 29th to the next level of customer complaint resolution (Executive Customer Care) and they again acknowledged its receipt. I have not heard back from them yet as it has only been a few days, but at this point I am definitely not happy
, because......
My statements for December 2025 (Dec 4 to Jan 2) have now been issued and once again, the Savings Portion of my account never received any interest as it should have on January 1st. In late November, after my the first auto-deposit of my pay, I even received an e-mail from PC Financial indicating that I was now receiving the 0.7% bonus rate (i.e. 2.9%) on the Savings portion of my account (which matched what I was seeing online on my account). During the month of December, a couple more paychecks were automatically deposited into my Spending account and each time I immediately transferred it to the Savings portion of the account. Based on my daily closing balances of my Savings account, I should have earned a bit over $10.00 in interest for December.
Looks like I will have to submit yet another complaint about the missing interest for December on top of the one for November. Fortunately, it's not a lot of interest, and most of my cash deposits are held at other FI's, but for PC Financial to miss 2 months of interest payments is brutally negligent. Hopefully they resolve it soon and I don't have to escalate it further with PC Financial or worse yet turn to the Ombudsman for Banking Services and Investments or (OBSI) - what a pain in the you know what!
Has anyone else had any problems with not receiving interest payments on the Savings Portion of their PC Money account? If so, I would be interested in hearing what happened or if it ever got resolved.
Thanks!
9:47 am
April 6, 2013
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Sounds like PC Financial messed up and set the savings balance of the PC Money account up as a non-interest earning goal of the account.
The account used to have a feature called goals. Goals allowed one to carve up the account balance and label each of the portions, like "Vacation".
12:20 pm
November 16, 2018
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Thanks Norman1 for the historical background on being able to set "Goals" for the PC Money Account. Not sure if this applied in the past to both the Spending and Savings portions, but either way, that feature no longer exists - at least not for recent account holders such as myself (new client as of Nov 6, 2025).
It's certainly not a setting that account holders can currently see or modify (at least not me), so it would be pretty pathetic if it actually still existed as a hidden internal setting that could be so badly screwed up by PC Financial.
Meanwhile when logged into PC Financial, the Savings portion of my PC Financial account clearly states that its interest rate is 2.90%. Before anyone asks, the balances in the Spending and Savings portions of my PC Money Account has never dropped below $0.01 for each one (so always a positive balance in both accounts for the entire time - I added funds to both the day the accounts were created). Furthermore, for December, the Savings balance was fairly significant, ranging between $2000.00 and $7000.00 for the entire month. Bottom line - no visible reason why interest was not deposited for both November (about $4) and December (about $10).
On January 5th (next business day), I will transfer all the funds out of both accounts (except $0.01 in each). Going forward, until they make good on the interest payments, I will only keep the bare minimum in both the Spending and Saving portions of the account.
At the very least, they better provide those interest payments - sooner rather than later would be nice. Not expecting anything more, but an apology, if not an explanation would go a long way. Time will tell.....
5:30 pm
December 12, 2009
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That's unfortunate, Kyle. Be persistent, and consider raising a formal complaint with their contact centre management team member if needed. That's usually the step where most complaints get resolved (don't go to the internal ombudsperson unless you have to). 
Longer term, the PC Money Account will eventually be demised, likely by year end 2026 once the acquisition by EQB Inc. closes and its 193,000 customers are merged into EQ Bank's 609,000 customers and PC Money Account holders become EQ Bank Personal Account and EQ Bank Card holders.
Cheers,
Doug
8:22 am
April 6, 2013
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Kyle said
Thanks Norman1 for the historical background on being able to set "Goals" for the PC Money Account. Not sure if this applied in the past to both the Spending and Savings portions, but either way, that feature no longer exists - at least not for recent account holders such as myself (new client as of Nov 6, 2025).It's certainly not a setting that account holders can currently see or modify (at least not me), so it would be pretty pathetic if it actually still existed as a hidden internal setting that could be so badly screwed up by PC Financial.
…
New goals cannot be created now. The infrastructure for them is still there for any existing ones.
Goals were before the interest-earning savings balance/feature of the PC Money account:
Can I move my money from my Goal account(s) to my savings feature?
Yes, you can easily move money from your Goal accounts into your savings feature. To move your funds:
- Sign-in to your account
- Go to Move Money
- Select Transfer money
- Select the Goal you want to transfer from
- Select the savings feature you want to transfer to
- Define the amount to transfer
Please note that you won't be able to transfer money from your savings feature directly to any Goal account.
I have a Goal account; will I start getting interest on my Goal accounts?
No, to earn interest, you must add the new savings feature to your PC Money™ Account and transfer funds from your Goal account(s) to the savings feature. There is no interest earned on balances held in a Goal account.
4:48 pm
November 16, 2018
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doug said
That's unfortunate, Kyle. Be persistent, and consider raising a formal complaint with their contact centre management team member if needed. That's usually the step where most complaints get resolved (don't go to the internal ombudsperson unless you have to).Longer term, the PC Money Account will eventually be demised, likely by year end 2026 once the acquisition by EQB Inc. closes and its 193,000 customers are merged into EQ Bank's 609,000 customers and PC Money Account holders become EQ Bank Personal Account and EQ Bank Card holders.
Cheers,
Doug
Thanks for the encouragement Doug. Already on the same page - I will be persistent and keep on them. I already submitted a formal complaint on December 15th (for the November interest) and was issued an acknowledgement with a reference id. When they did not respond with a resolution within their standard 14 day response time, I then escalated the same formal complaint to their next (2nd) support level (PC Financial Executive Customer Care) on December 29th (and once again received an acknowledgement). It has only been with the 2nd tier support for a few days - so I am not too surprised that I am still waiting for a response with a resolution.
If their tier 2 level does not resolve it within a reasonable time (I will give it another couple of weeks), then the next (3rd) step in the process is to contact their internal PC Financial Complaint Appeal Office for review. I will try to avoid that if possible.
Worst case: their 3rd internal complaint handling step does not resolve it in which case the final recourse is to submit the complaint with the external review agency for all the Canadian banks/FI's (Ombudsman for Banking Services and Investments). God help me if I have to do that.
If PC Financial does not resolve it, then I may just hang onto the accounts (with minimal balance) until EQ bank formally takes over operations and see what happens.....
In the meantime, I will be collecting a combined $10 in PC Optimum points every month through payroll deposit and bill payments and promptly removing any remaining balance (transfer to external bank accounts). That way PC Financial does'nt get to keep any of my money interest free, while I still get the satisfaction of collecting PC Optimum Points - essentially costing them $120 per year while I maintain a minimal balance. So they are hurting themselves more than me at this point, despite the effort it will take on my part. Have to look on the bright side!
Cheers,
Kyle
5:06 pm
November 16, 2018
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Norman1 said
New goals cannot be created now. The infrastructure for them is still there for any existing ones.
Goals were before the interest-earning savings balance/feature of the PC Money account:
Thanks Norman1 for the additional details on the "Goals". Since "Goals" don't exist for newer clients like myself (I only have the Spending and Savings portions within my PC Money account), hopefully that has nothing to do with my issue - even if the infrastructure for it still exists in the background. Will let you know if I ever get an explanation on the missing interest payments to my Savings portion....
Cheers,
Kyle
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