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Peoples Bank now open for business
January 9, 2020
3:08 pm
mathematiques
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Peoples Bank of Canada is now open for business:

https://www.peoplesbank.ca

Rates are the same as Peoples Trust

January 9, 2020
4:10 pm
Yatti420
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Do both get included on the HISA chart now?

January 9, 2020
5:26 pm
Loonie
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It may turn out to be like Oaken, where there are Home Bank and Home Trust, but both are Oaken and same rates for all.
Anything that provides additional CDIC coverage is welcome by me.sf-smile

January 9, 2020
5:59 pm
Saver-Mom
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That is odd. I called two days ago and was told the bank is not doing business yet, so no double coverage.

January 9, 2020
6:34 pm
Doug
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Yatti420 said
Do both get included on the HISA chart now?  

Since it's a separate website, with separate logo and web design, I would say yes. We did with LBC Digital and B2B Bank until B2B Bank went advisor channel only. What I'm surprised about is that they don't go the Oaken Financial or HSBC Bank Canada route wherein separate CDIC issuer subsidiary deposits can be added to one's online banking profile. This will require a separate KYC verification and online banking profile to set up Peoples Bank of Canada accounts and GICs, but on the other hand, they appear to be making Peoples Bank of Canada strictly a direct-to-consumer operation versus Peoples Trust which operates directly and in the broker space. So, it's possible they might eventually add Peoples Trust deposits to one's Peoples Bank profile, but not the other way around (if that makes sense). sf-cool

Cheers,
Doug

January 9, 2020
6:34 pm
Doug
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Saver-Mom said
That is odd. I called two days ago and was told the bank is not doing business yet, so no double coverage.  

They probably weren't prepared to announce it publicly when you called in. 😉

Cheers,
Doug

January 9, 2020
7:24 pm
Loonie
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What doesn't make sense is to have two FIs with almost identical names, run by the same people, offering the same products at the same rates. Customers are likely to get confused, resulting in a lot of unnecessary phone calls.
Something is likely to change in due course.

January 9, 2020
10:09 pm
Doug
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Loonie said
What doesn't make sense is to have two FIs with almost identical names, run by the same people, offering the same products at the same rates. Customers are likely to get confused, resulting in a lot of unnecessary phone calls.
Something is likely to change in due course.  

Let's hope so because I do agree. I think they went this route because it was easier just to launch a separate MemberDirect online banking instance than to try and integrate the systems, databases, etc.

That said, the way Meridian Credit Union and Motus Bank or Alterna Savings and Alterna Bank are run, with a common staff and banking systems but separate names is also confusing to customers. At least with Simplii Financial and Tangerine, they have separate staff and there's clear efforts to keep the two businesses separate.

Cheers,
Doug

January 10, 2020
2:22 pm
Nehpets
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Difficult to get through to either the Trust side or the Bank side by telephone, apparently due to large number of calls for 3% GIC's.

I was told by a CSR today that if an existing Peoples Trust client who currently has liked external bank account(s) wants to book a GIC on the Peoples Bank side, that an online application for the GIC needs to be done on the Banks website, indicating the application is being made as a NEW CLIENT, and most important, the Bank GIC can be funded by doing an EFT transfer to the Trust side, which would then be transferred to the new Bank GIC. The new client does not have to mail in a check to fund the Bank GIC, if they can EFT transfer funds to the Trust savings account

Once the account is set up, the Bank side can import external linked account information from the Trust side for the client's new Bank account.

So while they are operating on separate websites, as separate entities, there appears to be some degree to overlap and ability to exchange and transfer resources.

Additionally, registered accounts can only be opened on the Trust side:

Account Selection
Thank you for your interest in opening your account with Peoples Bank, where we are always working to provide new products and services for our customers.

If you are opening a GIC or an e-Savings account, please select that option below to continue opening your account with Peoples Bank.

If you are opening a registered account including an RRSP, TFSA or TFSA GIC, please click on the button below to open this account with Peoples Trust Company.

While I was unable to get through by telephone today, I left a call back number and was called back about an hour later which I consider acceptable under the circumstances.

Stephen

January 10, 2020
4:26 pm
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Quote from Nehpets above.
"...the Bank GIC can be funded by doing an EFT transfer to the Trust side, which would then be transferred to the new Bank GIC. The new client does not have to mail in a check to fund the Bank GIC, if they can EFT transfer funds to the Trust savings account".

Caution: In my telecon with a Manager today, I was advised that the transfer to Peoples Trust savings account would be held a few days and not released to Peoples Bank immediately to fund the new Bank GIC, as they are two separate institutions.
Perhaps someone might want to verify this by phone.

January 10, 2020
7:52 pm
Save2Retire@55
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I completed 2 applications on Trust side. I already had a linked external account. Emailed them. They confirmed today that they are going to transfer from ESaving (I moved money there just 2 days ago for the GICs) to the new accounts but it will take time as they are busy.
I asked if they can start the GIC date from the date of the applications. No response to that yet.

No mention by any of them to the new bank. Everything was done via Trust.

January 14, 2020
6:33 am
dougjp
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I can't comprehend why they are doing this, except to double up on the CDIC availability. Despite overlap with staff, there were/are costs to establish and run a bank. Then more costs for advertising.

January 17, 2020
8:22 am
Nehpets
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Largely positive experience dealing with Peoples Bank, which is staffed, it seems with the same people as Peoples Trust, including CSR's. Therefore, when speaking to a CSR, they have knowledge and access to accounts and information on both the Trust and the Bank side.

Perhaps due to the recent 3% GIC promo, or the dilution of staff availability due to answering calls for the separate institutions, telephone response waiting time has been a bit longer than I have experienced in the past.

Leaving a callback number does get a response, or after waiting to be answered while on hold for several minutes, the CSR's are truly attentive and helpful and do not rush the conversation despite being busy with other incoming calls.

I had the opportunity to transact several pieces of new business with both the Trust and the Bank side and was pleased with the outcomes and responsive service I received, even though getting the initial Bank side account set up required several calls because I was migrating information from the Trust side to the Bank side to open the new account.

I think they just needed to get the kinks out of the new association between the two entities, but overall satisfaction with my experience was very good.

I would recommend dealing with Peoples Trust / Bank without hesitation.

Stephen

January 20, 2020
9:16 pm
Bud
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P.bank they slow dont fund a gic till u open a savings with a few dollars and get the electronic transfer connection. If u go the gic mail-in route first u could be lookin at two weeks till open. hope this isnt a lure get a bunch of clients mailed in then drop the rate before they act.

January 21, 2020
1:17 pm
Alexandra
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Bud said
P.bank they slow dont fund a gic till u open a savings with a few dollars and get the electronic transfer connection. If u go the gic mail-in route first u could be lookin at two weeks till open. hope this isnt a lure get a bunch of clients mailed in then drop the rate before they act.  

I called them today and they said the "mail-in" application is the only way to open an account. Once opened, you can transfer funds. Once you have your application in though, from what I understand, and you get your Reference #, you can phone to have funds transferred from your Peoples Trust account to your new Peoples Bank account. I will be mailing my application in today, then I will wait until Friday to call them to transf. some of my Trust money into the Bank. Also, they will give you 10 day guarantee for their rates. From what I got to from the rep I was talking to, he doesn't think the 3% will last til the end of February.

Anyway, hope all my efforts don't turn out to be futile. They are always coming up with some good rates though, so if I don't get it this time, at least my Peoples Bank account will be opened. Right now I have the max CDIC (and more) in Peoples Trust.

January 22, 2020
5:31 am
Nehpets
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Alexandra said

I called them today and they said the "mail-in" application is the only way to open an account. Once opened, you can transfer funds. Once you have your application in though, from what I understand, and you get your Reference #, ...... 

The response you received is contrary to my own experience with Peoples Bank and Peoples Trust. Their website clearly points new account applicants to their online application platform, at the conclusion of which a reference number is given. That reference number is then indicated as a memo on the initial deposit check, and the bank from which those funds are drawn is then linked to the new Peoples account.

I too am an existing Peoples Trust client, and funds were transferred from the Trust side to the Bank side to open the new e-savings account on the Bank side, with no additional mail in documentation.

The only mail in documentation I required was to open a TFSA, which was on the Peoples Trust side, as the Bank side apparently does not provide TFSA. The PDF Transfer Authorization form came from Peoples Trust by email, which I then faxed back to them rather than mail.

I checked the Peoples Bank website just now and the page to open an account leads to an online only process:

Welcome
Thanks for opening an account with Peoples Bank. It’s a very simple process that will only take a few minutes of your time.

We’ll ask for some personal details, including your Social Insurance Number (SIN). You’ll also need a valid email address and a personal cheque preprinted with your name and address. As long as you have all that and you’re over the age of 18, you’re ready to get started.

What type of account was involved in your case, and were there unusual circumstances?

Stephen

January 22, 2020
5:54 am
dougjp
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Nehpets said

Alexandra said

I called them today and they said the "mail-in" application is the only way to open an account. Once opened, you can transfer funds. Once you have your application in though, from what I understand, and you get your Reference #, ...... 

The response you received is contrary to my own experience with Peoples Bank and Peoples Trust. Their website clearly points new account applicants to their online application platform, at the conclusion of which a reference number is given. That reference number is then indicated as a memo on the initial deposit check, and the bank from which those funds are drawn is then linked to the new Peoples account.

I too am an existing Peoples Trust client, and funds were transferred from the Trust side to the Bank side to open the new e-savings account on the Bank side, with no additional mail in documentation.

I checked the Peoples Bank website just now and the page to open an account leads to an online only process:

Welcome
Thanks for opening an account with Peoples Bank. It’s a very simple process that will only take a few minutes of your time.

We’ll ask for some personal details, including your Social Insurance Number (SIN). You’ll also need a valid email address and a personal cheque preprinted with your name and address. As long as you have all that and you’re over the age of 18, you’re ready to get started.

What type of account was involved in your case, and were there unusual circumstances?

Stephen  

I'm also interested in adding a savings account on the bank side just to get it in place, but although your description is somewhat straightforward, I'm still confused.

Above you mentioned the reference number goes on the initial deposit check, but then say funds were transferred from Trust to Bank to open the account with no additional mail in documentation. What value is the reference number to them or you if you successfully opened the account with a transfer and no check to start with?

Also, before I go through the process and find it doesn't work, does the bank online account opening provide for joint accounts, and if so, separate linked accounts for transfers?

January 22, 2020
9:50 am
Nehpets
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dougjp said .....
... mentioned the reference number goes on the initial deposit check, but then say funds were transferred from Trust to Bank to open the account with no additional mail in documentation. What value is the reference number to them or you if you successfully opened the account with a transfer and no check to start with?

Excellent question, Doug! The reference number is generated automatically in the final step of the online application process. On the Trust side the number looks like this AC1234, while on the Bank side the reference number looks like LL1234.

This is the number you use to point the CSR to your application, whatever your funding process would be. It's the way they link your specific application to your name.

In my case, since I already had a Peoples Trust e-savings account, and they had all my external banking and reference information in house, they simply made an internal transfer by creating a pseudo check from my Trust e-svgs acct to fund my new Bank e-svgs acct.

dougjp said ......... does the bank online account opening provide for joint accounts, and if so, separate linked accounts for transfers?  

Yes, we have individual accts as well as a joint acct with both Trust and Bank. We each have our separate logins, that display our respective individual accts along with the joint acct.

The application initially asks if this is an individual or a joint acct. If joint, the specifics of the joint holder are subsequently entered....and each holder can enter his/her respective email address (if desired) for return correspondence.

Let me know if I've answered your questions, Doug, and if I can help further.

Regards,

Stephen

January 22, 2020
10:42 am
dougjp
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That's great Stephen, thank you for the details.

My Trust CDIC limit is used up with GICs, but forgot there was zero in e-savings! Correcting that now and then I'll wait for the hold to disappear before proceeding.

January 22, 2020
12:26 pm
Nehpets
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dougjp said
.....there was zero in e-savings! Correcting that now and then I'll wait for the hold to disappear before proceeding.  

My understanding, Doug, with Peoples, is that if you EFT funds into your Peoples e-svgs account in order to fund a Peoples GIC, the hold is waived as it is an internal transfer. I think the hold is in place to preclude deposited funds immediately being withdrawn.

Check with one of the CSR's to confirm, however.

Stephen

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