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Is there any point to complain about poor service at People’s Trust
February 7, 2023
6:14 am
RetirEd
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Peoples Trust and Peoples Bank are both owned by the same outfit and have almost identical functions, though PB doesn't do TFSAs (or I think RRSPs). Once one gets a rep on the phone, they can do whatever you want with anything you need done at either institution, including switching the rep's attention back and forth between the two.

I have never done anything on-line, so I can't say whether their web functions are similar. I suspect so, but don't trust me on it.
RetirEd

If you want to set up an RRSP, probably a good idea to call way early, once one sees how the rates are going. The 5.4% 2-year would get my attention if I had any significant amount of free cash after my TFSA stashing... Come to think of it, I still have it in savings and could probably take the GIC rate if it fits my ladder! Got to go back to the planning spreadsheet... and get that RRSP after 70 advice, too.

OFF TOPIC: Do we have any topics helpful about maturing out of RRSPs and tax treatment of forced withdrawals? I looked around last week but couldn't find anything.

RetirEd

February 7, 2023
9:41 am
Rail Baron
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rodeworthy said

Rail Baron said
Why not just open up a new GIC following PT's online procedure and have their staff pull the funds directly from another FI into the GIC? That's what I'm in the process of doing, and so far it is working fairly smoothly, and without the need for telephone calls. I hope that typing the above doesn't jinx my GIC going forward!  

RB, not sure what method you are using to set up a GIC online and using PB staff to pull the funds into the GIC. The only process I found to initiate the purchase was through Account Services\Term Deposits. As described above, that was not successful due to the pulled funding being 'on hold'. I don't know of any way to deal with staff without talking to them and, for me, that requires a phone conversation. Care to elaborate on your method?

@rodeworthy - I had hoped that my GIC would be set up by now, and wanted to wait until that had occurred before responding to your query. But it still has not happened, so I'll provide an interim answer.

I initiated the GIC application with PT through their web site. All the usual questions about my taxpayer IDs and other particulars were filled out online.

Within 24 hours of submitting this info, I got a secure email asking for a scan of a void cheque from the account where the funds would be pulled from. Unique (in my experience) the VOID cheque had to be signed.

Within 24 hours of submitting the signed void cheque scan through PT's secure portal, I got another secure email confirming receipt and advising that my accounts would be set up and the funds pulled directly by their deposit services department. That email arrived on Friday, and I have been keeping an eye on both my bank balance and my emails since to see when the account gets established and the funds get pulled. I shall wait one week before trying to call in for information on where things stand. The emails and/or the acknowledgements that I received from PT upon applying for the GIC online state that the GIC rate will be guaranteed for 10 business days from the application date. Hopefully, I'll have my GIC by then, and will report back further.

February 7, 2023
9:55 am
HermanH
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After two weeks, I FINALLY got through to a CSR. It's a good thing, too. I wanted some joint GICs and this cannot be done through the portal. So, we arranged a phone meeting for tomorrow to finish the process. I cringe to think what to do if something really important arose, such as a fraud or compromise of my account. With PT refusing all contact via phone, fax, and e-mail, what else can a customer/victim do?

Ironically, I was online at the time trying to fill out a complaint form for Ombudsman for Banking Services and Investments (OBSI).

February 8, 2023
4:28 pm
Rail Baron
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One week and a day after I started the online application to purchase a GIC, my online banking account was set up. I received an email with instructions on how to log in and set up my account this afternoon.

It currently shows my e-Savings account in it, and when I did not yet see the GIC, I phoned the deposit services line to make sure that I had done my set up correctly.

They didn't pick up as quickly as Hubert or MAXA, but I wasn't on hold more than 15 minutes, when the CSR confirmed that my GIC was established today, and would appear in my online account by tomorrow.

I never had to transfer the funds by phoning, and if I had been more patient, I would have been able to get this GIC without phoning a PT representative.

It really was a pretty straightforward experience, and I would recommend this bank to those who are looking for that 5.4% 2 year GIC rate.

February 8, 2023
5:42 pm
HermanH
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After two weeks, I finally got through to a CSR. Very helpful, if you can find one. He was supposed to call me this morning. We had an appointment scheduled. No surprise that he never called.

Had to call back and sit in the queue, but managed to find a CSR (twice!) Got my GICs set up for joint (only they can do it, supposedly.) One CSR told me of a trick that might help. He said not to purchase a GIC from the online portal, if you want it to be joint. Do not log into your online service. Use the Website service whereby you create a new account. Create a new GIC account this way and you can (supposedly) fund it from your savings account as well as set it up for joint ownership and non-renewal. I will try it tomorrow but, if accurate, could help avoid the phone service in the future. CSR said that January is just a nightmare at PeoplesGroup and that the phone queue only had 8 today. I don't think he counts all the folks who get thrown out of the queue after 20 mins or the ones who leave messages and await a return call that never comes.

February 8, 2023
10:33 pm
HermanH
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HermanH said
Had to call back and sit in the queue, but managed to find a CSR (twice!) Got my GICs set up for joint (only they can do it, supposedly.) One CSR told me of a trick that might help. He said not to purchase a GIC from the online portal, if you want it to be joint. Do not log into your online service. Use the Website service whereby you create a new account. Create a new GIC account this way and you can (supposedly) fund it from your savings account as well as set it up for joint ownership and non-renewal. I will try it tomorrow but, if accurate, could help avoid the phone service in the future.

Sigh, just tried to do as the CSR suggested and the process does not work as described. I can set up the Joint status and maturity instructions, but it demands that Joint applicants/purchasers upload a cheque for the amount of the purchase. This is silly, because the money is already sitting in our Joint savings account at PTrust. I thought about attaching a cheque(s) from PTrust, but could not find any way to create a void or blank cheque. Oh, well. Just bought it in my name and have to call back (again!) tomorrow to get them to change the details. All this for a 0.15% bonus rate. sf-frown

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