Opening an Account | Peoples Trust | Discussion forum

My wife tried to open a TFSA account with them. The application was completed and confirmation email was received on June 24th. She followed up twice so far with email and phone and still waiting. She gave up on them and instead open a QuestWealth TFSA account and transferring all from Tangerine there.

However, I should be fair and say that I myself have both TFSA and RRSP GICs with them. Opened them earlier this year (Jan) when they offered the 3% interest rate. I already had an account with them 7-8 years ago when their rate was 3% but yet opening a new TFSA and RRSP account took about 3-4 weeks. But I didn't have to mail anything. Everything was done electronically (Emails).

Loonie said
I must say though that I'm really not sure what the point is of having your name flagged as an identity theft risk by the credit bureaus. I opened several accounts during those years and nobody ever raised it as an issue or asked for additional ID or anything extraordinary, not even Motive, which some forum members have found to be very picky.  

The difference was whether it was a soft, or hard, credit check. I had the same situation with a flag on my file. Soft credit checks, such as account openings, didn't trigger a flag and phone call to me, but a hard credit check for my new cell phone provider, did. These flags seem to be of limited value, or maybe Equifax and TransUnion handle them differently.

Equifax and TransUnion just pass the fraud alert or fraud warning flag onto the lender. Lender may not be required to do anything with the flag on an applicant's credit record. This is from How Can I Place a Fraud Alert on My Equifax Credit Report?:

Identity Alert

With an Identity Alert, you can choose to add a personal statement and phone number (mandatory) to your Equifax credit report. If you live in Manitoba or Ontario and are applying for credit, this alert requires lenders and creditors to call you before extending credit. If you live elsewhere in Canada and are applying for credit, lenders and creditors are encouraged -- but not legally required -- to call you before extending credit.
…

Fraud Warning

The main difference between an Identity Alert and a Fraud Warning is that a Fraud Warning is only available to confirmed victims of fraud/identity theft. This special statement added to your credit report will also include a phone number to encourage (but not legally require) lenders to call you before extending credit.

Fraud Warnings are free, and stay on your Equifax credit report for six years. A Fraud Warning must be placed through our Call Centre so we can confirm you are a fraud/identity theft victim. If you place a Fraud Warning, Equifax will also launch a fraud investigation if one is needed to assist you with any fraudulent inquiries/accounts, or other fraudulent information showing on your Equifax credit file.
…

If not obligated to call, the lender may not care if the new credit card will be mailed to the applicant's current address and that address hasn't changed for years before the flag was added to the credit record.

I'm not sure which one you were trring to contact but PB contact page is currently working and does not require login.
https://www.peoplesbank.ca/en/about-us/contact/

Thank you, now I see. I stopped at "don't mail a void cheque, we'll tell you how to sign up with us". Will wait for Monday and see the best way to get the minimum $1000 in.

picassocat said
When I tried opening an account, I got the following message:

«It looks like you’ve come upon a little glitch in the system. We will get right on it. Please call 1-833-309-4860 or email us at deposits@peoplesbank.ca if you have any questions in the mean time.»

Two days later I able to go through the online application. Then I waited. A few days later, I wrote to them and I was told a representative would contact me.

Since my first attempt, it’s been 10 days now; do I really want to deal with such a great service?  

I would say, yes. Today is much different than last year. I would say....proceed.

I completed the application and got a ref number on the 10th of August. Still waiting.

Update:

I just received an answer and uploaded a void check. Now I wait for another follow-up.

Briguy said
Peoples Trust staff are working from home now... so everything is taking longer.  

Depends on who you are talking to. Some will pass the final steps to back office admin and others will do as you wait on phone.