Log In
Register
Home
Topic RSS
Facebook
Twitter
Email this10:04 am
November 3, 2022
Offline
Now that rates are dropping in Manitoba credit unions, it looks like I will be exploring adding an account with Peoples Bank to my account with Peoples Trust.
I've maxed out the GIC amount that can be insured at PT, and want to confirm that a PB GIC would be separately and fully insured up to CDIC limits.
I'd also appreciate any shared experience from those who have accounts with both PB and PT. Are they connected in any way, or are the two portals and online systems totally separate?
I'm used to the integration of Home Trust and Home Bank through the Oaken portal, but I don't think this is the way PB and PT work.
10:48 am
April 14, 2021
Online
Rail Baron said I've maxed out the GIC amount that can be insured at PT, and want to confirm that a PB GIC would be separately and fully insured up to CDIC limits.
I have both PB and PT accounts. Both are separate entities, each with their individual CDIC coverage, but both exist under the Peoples Group of companies.
Rail Baron said I'd also appreciate any shared experience from those who have accounts with both PB and PT. Are they connected in any way, or are the two portals and online systems totally separate?
The portals are separate. I think that their phone lines run to the same centre, but they are answered in slightly different ways. Once you reach a CSR from either PB or PT, you can complete any transaction you need for the other institution. However, I am not certain that you can instantaneously transfer funds from PB to PT. I think that you need to happen over night; whereas you can transfer funds from a PT account to another PT account immediately.
10:48 am
November 18, 2017
Offline
Rail Baron: I have used PT/PB for over a decade, and have been pretty happy with them... until this year, where delays and difficulties have multiplied. I use either a drop-in visit or live phone calls, and have found that calling their local number from Vancouver two or three hours before 9am here gets through much more quickly than in normal business hours. This didn't work for me on a Monday last time.
It's possible they shift hours during peak RRSP, Tax or other busy seasons. I make a point of always complaining about phone response, since they have recently limited phone waiting time to 20 minutes; after that one is told to arrange an automatic call-back, which blows because one has to try to keep the phone line clear for hours.
I'll be with them for at least another five years - bought lots of 5%-plus GICs from them last year and today.
RetirEd
9:52 am
January 3, 2013
Offline
I have used them in the past in GICs. Never had any issue. Everything was easy except the first time I joined it took a bit to create my account.
Do you have any specific question or concern? I love doing things online so I could do a lot by email and they would have called if needed to authorize / authenticate etc
10:00 am
November 3, 2022
Offline
Thanks for all the feedback. I wanted to be sure that I could get CDIC coverage for another 100k in PB GICs, since I already have maxed out insurance coverage in PT GICs. And that seems pretty clear.
I was hoping that there was a quicker and easier way to open a mirror account at PB, since I already hold accounts at PT. But it sounds like I just start at square one and go through a parallel process in setting up PB accounts.
They still haven't fixed their phone response capacity. I called yesterday, waited on hold for 20 minutes, and left a callback message. No one called back yet.
9:19 am
January 3, 2013
Offline
20 minutes? Try Desjardins. I waited 65 minutes just to be transferred for another hour wait. 20 is pretty awesome nowadays.
9:54 am
November 3, 2022
Offline
Save2Retire@55 said
20 minutes? Try Desjardins. I waited 65 minutes just to be transferred for another hour wait. 20 is pretty awesome nowadays.
The problem with PB and PT's phone response is that one is automatically switched to voice mail after 20 minutes. Then you leave a message, and they never call back.
I'd take Desjardins two hour wait on the phone over Peoples 20 minute dead end if I could choose. But they don't give you a choice.
Please write your comments in the forum.