I just opened an account at Peoples Trust and now I am trying to link both accounts electronically (President's Choice and Peoples Trust) without sending a personalized cheque to President's Choice. (I read James' article about this issue) I have called President's Choice to link both accounts and they keep telling me to send a personalized cheque from Peoples Trust....since I don't have personalized cheques yet....I called Peoples Trust and ask to do it for me....at first the lady said to order personalized cheques from Peoples Trust and I told her that I did not want to spend the $29.00, then she said that she would send a letter to President's Choice....now after three attemps by Peoples Trust...I still don't have a link between both accounts....Is anyone having problems like me out there? Just currious about this one...Is it PC or Peoples Trust?
I simply mailed Peoples Trust my first deposit (PC cheque=free), payable to myself, with memo area stating my confirmation number + "LINK TO ACC'T". From my understanding, Peoples Trust would set me up for EFT. I guess I would have to call/email Peoples Trust each time I need funds transferred from Peoples Trust to PC.
December 12, 2008
December 12, 2009
PC Financial really should be accepting the "Void Cheque Form", djino. HSBC and other banks give out this form to clients without chequing accounts (i.e., a savings account) or for clients that may not qualify for chequing privileges on their account (a no-cheque chequing account). Provided it is stamped and initialled with the Customer Service Rep. posting stamp, which includes the branch transit, FI number, branch address, workstation ID and date, it works the same as a void cheque. We give these forms out for use as account verification, for setting up of direct deposits or for establishling pre-authorized payments with bill payees.
You may want to check Canadian Payments Association rules (http://www.cdnpay.ca/) to confirm, but as far as I know, PC Financial (being a division of CIBC, which I believe does accept the forms) should accept the form. They may or may not accept it as your initial deposit source as they do need to verify your signed cheque clears your bank account successfully (to verify signature and comply with anti-money laundering rules on account opening) but if all you're doing is adding additional bank accounts to an already established PC Financial account, it shouldn't be a problem. 🙂
Hope that helps,
December 18, 2008
Doug I wish it was that simple...PC is so anal. They absolutely will not accept anything but a void pre-printed cheque. You send them void cheque forms with all that info, or a letter from your other bank, and they will not add the account, which is one of the reasons I like HSBC (Direct Bank)...Link all accounts there...because PC won't.
Plus PC has a limit of 10 accounts....HSBC's limit I think is 99 (which I don't think anyone will ever hit) and HSBC will accept account statements, void cheque forms, and even will do a three way call to the other bank to get all the info with you on the line.
For those with HSBC direct bank though....depending on who your account manager is...they can send out 4 void pre-printed cheques...but you have to ask for them...these will work for linking HSBC to PC.
Back to the original topic....the only way to link People's Trust to PC....is to buy pre-printed cheques from people's trust.
If you want to save money on cheques, I have seen many people online mention
They used to be $13 for 100...but it appears its now $17.50 for 50 and $21.50 for a 100 (still cheaper than Davis and Henderson though)
Hope some of that info helps
December 12, 2008
HSBC was NOT my first account I linked with PCF. PCF will ONLY accept pre-printed cheques.
You can go ahead and fill out the account info online and it will ask you to mail in a pre-printed cheque. I sent PCF the HSBC Void Cheque Form, and they sent it back with a letter of rejection (saying it has to be a pre-printed cheque).
I even sent PCF a TD Cheque (it was a new account I had opened with TD, which they supplied non-pre-printed cheques, meaning everything was printed on it accept for my Address Info) and PCF rejected this aswell.
Like the previous poster, I had to get HSBC to send me actually printed void cheques, which I was then able to get PCF to accept.
Linking accounts with HSBC was a much easier task, they dont require pre-printed cheques, you could just send them a bank account statement and they will be able to link it.
"Dont take it from me, go ahead and try to send PCF anything but a pre-printed cheque, and they'll send it back to you without linking"
December 12, 2009
Darn, that sucks. 🙁
PC Financial sounds too automated with little (if any) human intervention. You think you'd be able to give them a call, speak with your account manager assigned to your account and explain your circumstance and get them to add your additional linked accounts with a Void Cheque Form that all other companies accept. That's too bad.
January 30, 2009
The method of account verification used by Peoples Trust is legit, and should be accepted by all banks, however I have a feeling it may be hit and miss at PC financial?
At the time of writing the article, a representative at Peoples Trust informed me that this is done all the time, and dozens of account verfications are accepted by PC financial on a weekly basis.
I recently called PC financial to speak with the manager in follow up to your question (on hold for 15 minutes) and was informed that they will only accept a void cheque with name and address pre-printed (the starter cheques from Peoples Trust won't do it - nor will showing up in person to provide proof of ID). So unfortunately, it sounds like you may now be out the cost of some cheques if you want to link with PC!
Peoples Trust will take about 2 weeks to link to an external account, and you will then need to follow up by email to give Peoples Trust authorization to process any deposits or withdrawals. You can't check your balance, only transfer to the Peoples Trust account.
Thank you to all of you for your help.....I sure appreciate it. I will order personalized cheques from the link stated above by one of the members so that I can save money.
One thing that I try to remember is that there is so much fraud today that President's Choice may have a point in accepting only personalized cheques....they may have had problems in the future and now.....no more exceptions.
Again, thanks for your advice.