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Opening an Account
July 6, 2020
2:54 pm
Vatox
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Just wondering if anyone can tell me if opening an account can be done completely online? That means no sending documents or mailing a cheque or ID.

Thanks.

July 6, 2020
6:43 pm
Briguy
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Vatox said
Just wondering if anyone can tell me if opening an account can be done completely online? That means no sending documents or mailing a cheque or ID.

Thanks.  

You definitely have to send in documents, but I'm thinking you can fax or email them in.

July 6, 2020
10:54 pm
Vatox
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Thanks Briguy.sf-smile

August 7, 2020
5:21 pm
ottawa
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Since this thread is better named, I'll point to my Aug 7 reply in my PT or PB thread, describing the process and timeline.

Bottom line, 24 days and no physical mailings.

August 7, 2020
8:43 pm
Save2Retire@55
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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).

August 8, 2020
2:27 am
Loonie
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For those of us who had the 3% TFSAs several years ago, they still have our personal info on file. I got the same customer number this time after they found my records. I think that probably makes the process faster.
However, it was me who pointed out to them that I'd previously had an account. This became necessary when they started to tell me that they needed extra verification because there was a flag on my credit report. I made it clear that it should have already been removed and that the only reason it was there at all was because of THEIR breach. After that, it went quickly.

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.

August 8, 2020
7:55 am
AltaRed
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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.

August 8, 2020
2:39 pm
Loonie
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Some FIs do a hard check regardless, when opening an account. I've had some of these as I've opened a number of accounts since the Peoples breach. Spouse, who also had a Peoples account at time of breach, took on a new cell phone provider during the red flag period and never had an inquiry. We also got one new credit card during that period. It's ironic that Peoples was the only one to notice the flag. Once burned, twice shy?
It seems haphazard at best.

August 8, 2020
3:25 pm
Norman1
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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.

August 8, 2020
4:57 pm
ottawa
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How do you open a TFSA HISA for an existing customer? I can't find any kind of link when logged in; I can find a link when not logged in, but then it says to do the whole process we just went through. I hope that's not the answer. 🙁

AND... the Contact Us link doesn't work for us either.

Thanks.

August 8, 2020
5:35 pm
Loonie
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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/

August 8, 2020
5:53 pm
Nehpets
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ottawa said
How do you open a TFSA HISA for an existing customer?......  

The Peoples Trust website has been rebuilt so the earlier prompts for opening an account have all been changed. Admittedly the homepage is not intuitive for opening a new account, but when you visit the homepage, click on "Deposits" which then shows GIC's and Savings in yellow circles (again not intuitive). Each of those links describes the respective accounts, and also has a link to open an account.

Or, you can just click on the grey link titles "Open Your Account Today"

Then you select whether you are an existing or new customer.

The folks at People Group are all working from home these days, but I find them to be as accommodating as always.

Remember to call between 11:00 am to 7:30 pm from Eastern Canada

Stephen

August 8, 2020
7:38 pm
ottawa
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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.

August 18, 2020
7:38 pm
picassocat
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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 was 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.

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

August 18, 2020
8:06 pm
GICinvestor
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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.

August 18, 2020
10:03 pm
Vatox
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I got an initial contact within a week of application completion.

August 20, 2020
3:13 pm
picassocat
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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.

August 20, 2020
3:56 pm
Briguy
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Peoples Trust staff are working from home now... so everything is taking longer.

August 20, 2020
6:48 pm
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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.

August 31, 2020
7:33 pm
picassocat
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Well my account if now fully activated and there is a one-way link established from People's bank to Alterna. I initially applied August 3rd and I was able to use the account by the 27th. Too bad there are no interac e-transfers (I hope that changes). Money pulled in is frozen for 7 business days (good to know, I will push in for no hold period). I was told it takes 3 business days to push money out. Over the phone service was very good and friendly, didn't take much time and in French from BC! Now waiting for a direct deposit document so I can link Alterna to People's bank. So far so good!

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