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Peoples Trust questions.
October 27, 2022
5:27 pm
RetirEd
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I don't get the same person every time I call Peoples - there are six regulars who recognize my voice and vice versa (though they still verify me, of course). All very helpful and competent.

My original choice of PT was prompted by their lack of on-line banking, believe it or not. Just months later, though, they added it - and it was immediately breached. Similar history with BlueShore (formerly North Shore Credit Union). These are among five financial institutions where I cite their past breaches to blunt their attempts to push me to on-line.

Peoples still doesn't argue with me getting printed statements without extra charge. That's a big plus. And they will send me printed confirmation of specific GIC transactions on request. And answer the phone in a reasonably timely way.

My wish list for Peoples is simple - 24/7 banking and touch-tone phone banking.

Coast Capital has instituted a fee for statements, but grandfathered those already getting them. That's keeping my accounts there open, if minimal.

Tangerine wants the fee, and when I protested they offered to pay me the equivalent amount for one year's statements. I refused because I feel it's important to show the pushback. Not a client anymore. (Spent hours on hold getting disengaged, too.)

Wealth One demanded $5 for ANYTHING sent to me other than one annual statement. Not a client any more. (They're pretty dinky in a lot of other ways, too.)
RetirEd

RetirEd

October 27, 2022
9:47 pm
Loonie
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My main issue with Peoples is that they don't offer RIFs.
I haven't had any issue with service.

October 27, 2022
10:37 pm
mmlt
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Thanks for everyone's input. All good information.

Lack of RIFs is something to consider.

It does concern me that a small player was targetted by hackers and were breached. Hopefully they know what they're doing now.

I do have Interior Savings and Prospera close enough if I want to deal with another brick& mortar CU. Last thing I need is to play phone tag, wait for email, or make an appointment to see someone for something simple. I diddled around for 2 months trying to get GICs renewed before I gave up and sent the funds away.

October 28, 2022
9:47 am
Martster
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mmlt said
Thanks for everyone's input. All good information.

Lack of RIFs is something to consider.

It does concern me that a small player was targetted by hackers and were breached. Hopefully they know what they're doing now.

I do have Interior Savings and Prospera close enough if I want to deal with another brick& mortar CU. Last thing I need is to play phone tag, wait for email, or make an appointment to see someone for something simple. I diddled around for 2 months trying to get GICs renewed before I gave up and sent the funds away.  

I recently asked about the GIC RIF's and they said they are coming next year

October 28, 2022
10:01 am
rodeworthy
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Martster said

I recently asked about the GIC RIF's and they said they are coming next year  

That is very good news. There is a dearth of FI's offering RIF service. It will be imperative though to offer RIF HISA accounts as well as the GIC RIF's.

October 28, 2022
10:52 am
Loonie
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... and they need to offer the RIFs at same interest rate as non-registered.

June 11, 2023
9:36 am
Rail Baron
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I'm thinking about opening an RRSP with Peoples Trust, and dug into their web site about whether they offer RIFs. Still no RIF option, which would mean that the RRSP will have to get transferred out to another FI in a couple of years.

Anyone hear anything recent about the launch of RIFs at Peoples?

Why would a FI offer RRSPs but not RIFs?

June 11, 2023
1:24 pm
Pewter
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Rail Baron said
I'm thinking about opening an RRSP with Peoples Trust, and dug into their web site about whether they offer RIFs. Still no RIF option, which would mean that the RRSP will have to get transferred out to another FI in a couple of years.

Anyone hear anything recent about the launch of RIFs at Peoples?

Why would a FI offer RRSPs but not RIFs?  

All I can think of is they don’t have the system, protocols or standards in place to pay partial amounts from a RRIF GIC.
If they had RRIFs I would move some there. Also keep in mind that People’s Bank has NO registered accounts.....only Trust.
I would imagine if they did have RRIFs that they would have a RRIF savings account too.

Hubert is good for RRIFS. Oaken is NOT.

Where ever you go......find out what their rules are from where they take the mandatory payments from and what options are there for non mandatory payments.

June 12, 2023
7:33 am
Wanderer
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I’ve been with People’s Trust since after the breach. Knew they fixed that and figured they were probably the safest after that. I had no trouble with PT as long as I’ve been with them. The only thing I’d like them to do is have the button for Do Not Reinvest. They said it was coming but so far nothing.
I have a maxed out my TFSA under CDIC rules so want to dump some into an EQ TFSA. The interest on EQ’s 2 year GIC is the same as People’s and the bank had good reviews and has no fees.
Too bad CDIC wouldn’t up the insured amount. I don’t really like having three financial institutions.

June 12, 2023
9:19 am
Pewter
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Wanderer said
I’ve been with People’s Trust since after the breach. Knew they fixed that and figured they were probably the safest after that. I had no trouble with PT as long as I’ve been with them. The only thing I’d like them to do is have the button for Do Not Reinvest. They said it was coming but so far nothing.
I have a maxed out my TFSA under CDIC rules so want to dump some into an EQ TFSA. The interest on EQ’s 2 year GIC is the same as People’s and the bank had good reviews and has no fees.
Too bad CDIC wouldn’t up the insured amount. I don’t really like having three financial institutions.  

Let’s get 2 buttons. = no more calls.
1. Do not reinvest at maturity
2. Pay out interest annually.

Kind of minimize accounts.
Have People’s Bank mirror People’s Trust.

June 12, 2023
12:45 pm
RetirEd
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At least Peoples Trust doesn't charge a fee for trasferring money out of their registered products. Or for mailed statements.

Except for tax-scramble season, they are also pretty good at answering the phone. I live in Vancouver, so I can also easily visit their offices and avoid all manner of delays or holds on the spot.

My preference is to have several financial institutions for security. Usually about five. I never allow direct deposit to an institution where I hold negotiable assets.
RetirEd

RetirEd

June 12, 2023
1:30 pm
Pewter
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@retirED
I am in Maple Ridge.

No charge for transfers is good. And would help alleviate frustration with being forced to move out RRSP to a RRIF account elsewhere.

Phone service is up and down, wait wise. Service is usually good except for one guy that won’t listen and keeps interjecting.

Holds? As in newly deposited funds? You can remove them over the phone.

I have never been to the office. But Peoples Trust is part of my estate strategy by having a face to face option.

I too have a few FIs and have reduced them and narrowed down as to what goes where so the investment is to my best benefit.

Oaken has a downtown office too.

June 14, 2023
9:40 am
RetirEd
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Pewter: Yes, but their staff don't seem as prepared and up on things as I'd like. I have used them only for non-registered GIC products, and I'm unsure whether I will in the future. Their deposit rate is good, but their phone service so poor I don't bother with their good savings-account rates.
RetirEd

RetirEd

June 14, 2023
5:56 pm
Bill
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Logged in to Peoples yesterday morning to transfer money in to HISA from external big bank, by late afternoon it was there, I phoned to have hold removed, she stayed on the line while I purchased 1-year GIC with the funds online to make sure all went well, everything did, all in one day. Very good service.

June 16, 2023
9:11 am
RetirEd
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I just want to make it clear that my post #33, replying to Pewter, was in reference to his last-line mention of Oaken, not about Peoples Trust. PT has been pretty solid to me. Oaken's the one I'm unhappy with.
RetirEd

RetirEd

June 16, 2023
11:08 am
Pewter
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RetirEd said
I just want to make it clear that my post #33, replying to Pewter, was in reference to his last-line mention of Oaken, not about Peoples Trust. PT has been pretty solid to me. Oaken's the one I'm unhappy with.
RetirEd  

We are on same wave length.
PT is decent.
Oaken and Telus are on a downward slide.

June 17, 2023
4:57 am
dougjp
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Confusion increases trying to follow this thread.

I searched all posts and until this, Telus was never mentioned? Searching didn't disclose it owns any bank. Why is this here?

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