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People's A Worthwhile Addition?
November 7, 2022
8:59 am
cgouimet
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People's seem to be a worthwhile addition to one's 'FI Portfolio'. But, a few questions from those in the know ...

1. Joint GIC's available?

2. Ease of establishing links to other FI's. EQ, Hubert, Tangerine.

3. Ease of establishing links from other FI's. e.g. EQ, Hubert, Tangerine, Oaken.

4. Whatever else you can think of.

5. Online banking.

Thank you ...

CGO
November 7, 2022
12:10 pm
HermanH
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I have purchased joint GICs from them.

November 7, 2022
3:06 pm
Nehpets
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cgouimet said
.....

Joint GIC's yes.
Peoples Trust and Peoples Bank provide separate CDIC coverage.
Can't speak to ease of linking external FI's since I did this several years ago.
They do not charge an exit fee for transferring out TFSA money, just like Hubert.

Stephen

November 7, 2022
3:10 pm
cgouimet
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Nehpets said

cgouimet said
.....

Joint GIC's yes.
Peoples Trust and Peoples Bank provide separate CDIC coverage.
Can't speak to ease of linking external FI's since I did this several years ago.
They do not charge an exit fee for transferring out TFSA money, just like Hubert.

Stephen  

Thanks. Joint GIC's online at point of purchase or needing phone call?

CGO
November 8, 2022
10:37 am
frugal lady
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Its been several years since I opened accounts but I just checked and it appears linking external accounts is still a form to fill out and then mail or fax in. They required a VOID cheque when I opened accounts. Not sure cheque still required or not. They do not link by micro deposits.

November 8, 2022
1:00 pm
dougjp
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cgouimet said

Thanks. Joint GIC's online at point of purchase or needing phone call?  

My experience has been that each joint GIC requires a phone call. Basically they need to make sure both parties want the GIC.

Its not a big problem, although my wife thinks ANY contact with a bank IS a nuisance at best! sf-confused

It's not so bad being senile; you get to meet many more people.

November 8, 2022
1:20 pm
cgouimet
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dougjp said

My experience has been that each joint GIC requires a phone call. Basically they need to make sure both parties want the GIC.

Its not a big problem, although my wife thinks ANY contact with a bank IS a nuisance at best! sf-confused  

My wife thinks the same way but I need more FI's ...

CGO
November 9, 2022
9:18 am
mmlt
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I started the signup process with them yesterday. Like cgouimet, I need another FI. Hopefully, they don't disappoint.

November 9, 2022
5:47 pm
Denise
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I would say yes. I love PT.
Keep in mind they do not offer RRIFs.
And People’s Bank only has non registered products.

They have decent agents and I have had few issues, but always fixed in my favour.

What’s unique about them is you have to call back to make GIC joint, interest paid annually and to have GIC funds at maturity go into tge associated savings account.

No fee transfers from PT are quick for TFSA money. As does Oaken.

What I don’t like, recently, is their stubbornness to offer a 5 year GIC at 5% or more like the competition offers. It’s obvious they are ok with a 1 year commitment but not a 5 year. I find that disappointing and makes me to want to look elsewhere. I have cash in my TFSA to move soon if I don’t see a change in rates.

And they advertise that the ROARING rates are back! Lol

83196374-4F6A-4DE9-B8C1-818E2B40D75D.jpeg

November 9, 2022
9:58 pm
HermanH
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Denise said
No fee transfers from PT are quick for TFSA money. As does Oaken.

So, PT does not charge a Transfer fee to move TFSA away from PT?

November 9, 2022
11:06 pm
Loonie
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HermanH said

Denise said
No fee transfers from PT are quick for TFSA money. As does Oaken.

So, PT does not charge a Transfer fee to move TFSA away from PT?  

Correct.

November 10, 2022
10:24 am
RetirEd
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Denise: Peoples BANK and TRUST both have registered products: see applications.peoplesbank.ca

Opening any of the account type windows will show you registered products. They do not provide direct URLs, so you'll have to drill down yourself.

I like them a lot, too.
RetirEd

November 10, 2022
10:35 am
Denise
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I found that mis nomer web page too. About a month ago I called them and they confirmed that the "bank" only handled non registered.

Screen-Shot-2022-11-10-at-10.37.12-AM.png

This is a screen shot from Peoples BANK and notice what it says on any selection of a registered account. Proceed to Peoples TRUST.

November 11, 2022
6:52 pm
Doug
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Denise said
I found that mis nomer web page too. About a month ago I called them and they confirmed that the "bank" only handled non registered.

Screen-Shot-2022-11-10-at-10.37.12-AM.png

This is a screen shot from Peoples BANK and notice what it says on any selection of a registered account. Proceed to Peoples TRUST.  

Interesting...that's a bit of a clumsy implementation, in my view. They could still offer Peoples Bank of Canada registered GICs and registered variable savings accounts inside of a People Trust Company-trusteed RRSP/RRIF/TFSA. This is what most banks do and, indeed, what most credit unions do for their registered savings options within either of Concentra Trust or Central 1 Trust-custodied RRSPs/RRIFs/TFSAs.

Cheers,
Doug

November 11, 2022
7:03 pm
Denise
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@Doug

When you are on Peoples Bank website I don’t like the idea of tripping into the Peoples Trust website.
1. Some of us might not be that sharp and only see “Peoples”.
2. If was going to bank with both I would want to join or apply to both accordingly and know that I had done so.
3. I would not want to go over my CDIC coverage.

I hope there are some good warnings. Would be nice if they were like Oaken.

November 12, 2022
6:41 am
RetirEd
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Thanks, Denise. I didn't spot that!
RetirEd

November 12, 2022
10:27 am
Doug
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Denise said
@Doug

When you are on Peoples Bank website I don’t like the idea of tripping into the Peoples Trust website.
1. Some of us might not be that sharp and only see “Peoples”.
2. If was going to bank with both I would want to join or apply to both accordingly and know that I had done so.
3. I would not want to go over my CDIC coverage.

I hope there are some good warnings. Would be nice if they were like Oaken.  

Denise,

To be clear, I agree with you completely. It's clumsy. It's kind of like EQ Bank's clumsy, though perhaps more efficient, runoff or make consumers do the legwork transition of their direct-to-consumer Wyth Financial HISAs.

Cheers,
Doug

November 13, 2022
1:55 pm
cgouimet
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Thanks everyone for your comments ...

CGO

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