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Experiences with both Peoples Bank and Peoples Trust
March 17, 2023
10:04 am
Rail Baron
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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.

March 17, 2023
10:48 am
HermanH
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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.

March 17, 2023
10:48 am
RetirEd
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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

RetirEd

March 18, 2023
9:52 am
Save2Retire@55
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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

March 18, 2023
10:00 am
Rail Baron
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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.

March 19, 2023
9:19 am
Save2Retire@55
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20 minutes? Try Desjardins. I waited 65 minutes just to be transferred for another hour wait. 20 is pretty awesome nowadays.

March 19, 2023
9:54 am
Rail Baron
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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.

March 23, 2023
4:41 am
savemoresaveoften
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How’s ur People’s bank account opening experience so far ?

March 23, 2023
9:20 am
Rail Baron
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savemoresaveoften said
How’s ur People’s bank account opening experience so far ?  

I did the online application yesterday - just before they lowered their rates.

With the GIC not yet funded, I'm caught in limbo. I'll be interested to see whether they honor the 5.3% rate.

March 30, 2023
7:45 pm
Rail Baron
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Today, I got the email notification that my People's Bank GIC has been opened. I'm having some trouble setting up online access, but when I called in to reset the initial login, I learned that they will honor the 5.3% rate that was in effect when I initiated the online application, over one week ago.

It might take another day or even into early next week to get everything fully organized, but all seems to be heading in the right direction with this GIC purchase.

March 31, 2023
6:37 am
savemoresaveoften
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Rail Baron said
Today, I got the email notification that my People's Bank GIC has been opened. I'm having some trouble setting up online access, but when I called in to reset the initial login, I learned that they will honor the 5.3% rate that was in effect when I initiated the online application, over one week ago.

It might take another day or even into early next week to get everything fully organized, but all seems to be heading in the right direction with this GIC purchase.  

same here.

I called them around 9am EST yesterday and able to speak to someone within a 5mins hold on the phone. RRSP season's over and their volume back to normal maybe.

April 1, 2023
5:00 am
RetirEd
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Yesterday, a PT/PB rep answered in about five minutes but told me they had hired extra staff for the tax/RRSP/TFSA/etc season. And the extra staff are temporary. I hope that doesn't mean things will go back to the 20-minute cutoff regine.

sf-frown

RetirEd

RetirEd

April 1, 2023
8:48 am
Rail Baron
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Today, I succeeded in logging in to my PB account. It took an extra day to reset the login, because the initial temporary password that they had assigned me was not working. The second temporary password (which was different) worked, and all appears to be in order.

I now have GICs at both PT and PB, and will be letting them ride until 2025. Hopefully, by then they will have perfected their ChatBots so that we can talk to their computer system directly without the 20 minute dead-end holding periods!

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