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Email this3:02 pm
June 1, 2025
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PC Financial is an absolute Joke!
PC Financial is an absolute Joke and a Rip Off!
I opened an account and planned to transfer $400,000 but wisely transfer a test amount of $1000.00. It was out of my Tangerine account immediately but didn't show up in PC for 24 hrs. When it did show up it was on Hold for a Week with no option to transfer to Savings. So they get your money Interest Free for a week. DISGUSTING!!
Date of experience: June 01, 2025
3:19 pm
January 12, 2019
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.
Welcome to The Club, Ralph❗ 
'Par For The Course' ... There's nothing unusual there ⬆
Cheers,
- Dean
P.S.
FWIW ... The CDIC Insurance on that savings
account is limited to a Maximum of $100K.
" Live Long, Healthy ... And Prosper! "
3:55 pm
January 25, 2024
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RALPHBILLINGS said
So they get your money Interest Free for a week. DISGUSTING!!
Not necessarily. Some FI start calculating interest as soon as funds arrive on your account even if hold is in place.
4:16 pm
April 6, 2013
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We found earlier that one cannot transfer funds from the spending balance of the PC Money Account to its savings balance while the funds there have a hold.
No interest is earned as the rate is 0% on the spending balance of the account.
4:21 pm
December 18, 2024
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RALPHBILLINGS said
PC Financial is an absolute Joke!
PC Financial is an absolute Joke and a Rip Off!
I opened an account and planned to transfer $400,000 but wisely transfer a test amount of $1000.00. It was out of my Tangerine account immediately but didn't show up in PC for 24 hrs. When it did show up it was on Hold for a Week with no option to transfer to Savings. So they get your money Interest Free for a week. DIGUSTING!!Date of experience: June 01, 2025
I emailed them the other day as their HISA rate is pretty good.
No Joint accounts
No GIC’s
No cheques
Perhaps an ATM card and some inconvenient locations to use it at.
I wonder if they know how to handle a probate account?
As Trump would say….I don’t like them…..they are nasty.
Why waste your time. And $400,000 not a good idea. If I was you I would have asked first ……how much can I pull per day?
Push and pull money can vary in time to show ins and outs. A hold means you can’t use it. But does it mean no interest during that hold? I would ask on that one.
4:24 pm
April 6, 2013
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Limits earlier were $1,000/day and $4,000/month pulling funds in.
Not really suited for those seeking to place $400,000.
4:51 pm
October 27, 2013
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My motto is to never, ever chase rates and open an account without knowing all the nuances, constraints, pros and cons, of any financial institution. Only then decide whether the extra 20-50bp may be worth it. Be prepared at any time for a competitive FI to become non-competitive. The need, or not, to attract liquid deposits can change at any time. It is a fluid (pun intended) situation.
5:16 pm
January 12, 2019
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.
RALPHBILLINGS ... Best to be taking notes from all the above ⬆,
and what is Surely to follow.
G'day, Eh 
- Dean
" Live Long, Healthy ... And Prosper! "
6:53 pm
December 27, 2020
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AltaRed said
My motto is to never, ever chase rates and open an account without knowing all the nuances, constraints, pros and cons, of any financial institution. Only then decide whether the extra 20-50bp may be worth it. Be prepared at any time for a competitive FI to become non-competitive. The need, or not, to attract liquid deposits can change at any time. It is a fluid (pun intended) situation.
Exactly right.
7:30 pm
November 18, 2017
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I wonder - is the no-interest hold avoidable by linking directly to a savings account rather than to a non-interest-bearing one?
Don't be too hard on RALPHBILLINGS, folks. He did take the precaution of a test transfer first, at least.
RetirEd
7:35 pm
October 27, 2013
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RetirEd said
Don't be too hard on RALPHBILLINGS, folks. He did take the precaution of a test transfer first, at least.
I don't think there has been any particular attempt to be hard on the OP. A test transfer is always a good idea no matter what. However, he should have known about the 5? day hold if he had dug into the FAQ or perhaps the fine print. That said, some FIs do better than others with plain English disclosure.
8:43 pm
April 6, 2013
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RetirEd said
I wonder - is the no-interest hold avoidable by linking directly to a savings account rather than to a non-interest-bearing one?
Doesn't seem to be possible as there isn't a separate savings account. Just a savings balance and a spending balance of a single account. See previous discussion.
6:27 am
March 15, 2019
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Not sure of applicable here as I have no experience with PC Bank. For a large sum, I almost always call and ask a human to make the transfer.
There's a similar problem with Tang as well. You cannot deposit directly to your savings account at the ATM so you are forced to deposit to your chequing and wait 4-7 days (when your cheque is no longer on hold) before you can transfer the funds to Savings.
8:45 am
April 7, 2021
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I experienced the same issue with Tang when trying to move funds deposited in my chequing to a savings account. The rules were changed with no notice to customers. I was severely upset. The way around this is to use their mobile app where you send them a picture of the cheque and deposit it directly into the savings account. They still hold funds but pay interest starting a day after the cheque is deposited.
9:44 am
April 6, 2013
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The workaround for the PC Money account is to send funds to the account from the other financial institution. One could push funds in using the provided direct deposit information. One could bill pay the debit Mastercard for the account.
Funds will land in the spending balance of the account without any hold. One can then transfer funds to the savings balance of the account to start earning interest.
9:48 am
November 3, 2022
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I got around the 5 day hold by using the bill payment feature to move money into my PC Money account. My traditional bank (TD) treats PC Money as a credit card for bill payment purposes, and when the funds arrive into PC Money account, I can instantly transfer them into the savings segment.
Similarly, PC Financial treats my Q Trade cash account as an eligible bill payee, so I can move money out of PC much more easily and fluidly than using their bank transfer mechanism. I even get 1,000 Optimum points for one bill payment from PC Financial per month (a minimum of $50).
So far, this scheme is working well for me.
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