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Peoples Trust Service
February 24, 2023
2:50 pm
mikethesaver
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What is with this institution? They don't answer the phone, they don't do call backs and they don't answer emails.

February 24, 2023
3:50 pm
AB100
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banks are all pretty much the same. as for peoples trust, they do call back, but usually takes them few hours, sometimes 2 days

February 24, 2023
7:08 pm
pwr1019
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Nope Peoples Trust is by far the worst financial institution I've ever dealt with. I finally broke free from them and there never ending extra fees and incompetence after my mortgage finally came due recently - my lawyer could not get anyone here in Toronto to respond and provide a payout statement (perhaps that is a strategy for autorenewal). I managed to get some basic help from their head office in Vancouver. I payed out the mortgage, then 10 days later they took another payment out. After much cajoling they refunded it almost 4 weeks later and charged me a f-u service charge to refund the payment they took in error. Its been over 3 months now I still have not received any paperwork/confirmation from them on the payout. They are bar none the worst to deal with and I will never deal with them again.

February 24, 2023
9:03 pm
RetirEd
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After over a decade of ISAs, TFSAs and GICs, I've never faced any surprise fees - or any at all that I can remember - from Peoples. They allow TFSA transfer-out without fees. They have lifted holds early for me without fee when I asked for escalation with good reason and lots of financial cover. The recent collapse of phone service is my only complaint, and I do have access to their Vancouver office. The reps are great (with a single exception) when they do answer.

Is it on the mortgage side that these fees occur?
RetirEd

RetirEd

February 25, 2023
5:44 am
davidgeorge
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We have to call to give GIC maturity instruction if we don't want to renew automatically, right?

February 25, 2023
10:20 am
HermanH
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Only if you purchase the GIC through their online portal.

If you use the website and create a new account, you can set the maturity instructions at that time.

https://www.peoplestrust.com/en/account-opening-alert/

March 2, 2023
10:46 am
RAV4guy
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To my surprise, I had a call back from Peoples Trust yesterday, March 1. I had left some messages in February. I had decided I would not call them again until after the Mar. 1 RRSP deadline. The CSR said they were still busy with that. I got the GIC that I wanted with his help. The CSR also mentioned to me the same thing HermanH said in post 6.

HermanH said:
"If you use the website and create a new account, you can set the maturity instructions at that time."

I saw this post but did act on his advice because I assumed that I would be creating a new customer number. The CSR said that does not need to happen because a new account can be linked to my existing customer number while doing the application. I have transferred some more money to Peoples Trust and I will try this account application process that starts on the home page rather than after I log in. After I log in I cannot get a GIC with the options I want, namely, annual pay and pay to my PT hisa on maturity. If I set up a GIC after logging in then I must call to get the options changed to what I want.

I do not understand why their website is designed to work this way.

The CSR said an account to Peoples Trust is an hisa or a GIC. I use the word account to describe the basket that holds my high interest savings account and the GICs that I have with Peoples Trust. Can someone offer me a different word to describe the structure represted by my Peoples Trust Customer #?

I also agree with the comments in this thread and elswhere on this forum about Peoples Trust customer service. When messages are not replied to in a day or two it is not good customer service and it reflects badly on Peoples Trust. While I was frustrated I stayed patient because of the good 2 year GIC interest rate (5.4%) and the bank diversification I want to maintain.

March 2, 2023
11:59 am
HermanH
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RAV4guy said
The CSR said an account to Peoples Trust is an hisa or a GIC. I use the word account to describe the basket that holds my high interest savings account and the GICs that I have with Peoples Trust. Can someone offer me a different word to describe the structure represted by my Peoples Trust Customer #?

Holdings?
Profile?
Aggregate?
Portfolio?

RAV4guy said
While I was frustrated I stayed patient because of the good 2 year GIC interest rate (5.4%) and the bank diversification I want to maintain.

Alas, the rate dropped to 5.3%, today. Had you made your application yesterday, they would have held the 5.4% rate for you.

March 2, 2023
8:34 pm
RAV4guy
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HermanH, I like your suggestion of Portfolio. Thanks.

I did buy a Peoples Trust GIC yesterday at 5.40%. I transferred that money to PT on February 9th. When the new money gets there and I can get another 2 year GIC at 5.30% then I will be be happy enough. I want to use the route you suggest to buy a PT GIC and see how it works. If I can submit an application, without the cash in the hisa, and lock in the rate, that would be good to know. I will try tomorrow. Each bank has different procedures. I have to try things to learn their ways.

March 2, 2023
11:20 pm
RetirEd
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Did anyone succeed in using my suggestion of calling just as they open in eastern Canada? I was able to get through without getting knocked off line in 20 minutes several times in the last two weeks by phoning just after 6am Vancouver time (PST), which is 9am back east. And this despite their offices being in western Canada.

This trick only worked on the Vancouver local line, not the toll-free number.

And yes, I did get the 5.4%!
RetirEd
I only ever got one call-back.

RetirEd

March 3, 2023
9:12 am
Rail Baron
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RetirEd said
Did anyone succeed in using my suggestion of calling just as they open in eastern Canada? I was able to get through without getting knocked off line in 20 minutes several times in the last two weeks by phoning just after 6am Vancouver time (PST), which is 9am back east. And this despite their offices being in western Canada.

This trick only worked on the Vancouver local line, not the toll-free number.
...
  

I'm fast asleep at 6 am in Vancouver, but I can attest that the same trick also works at the other end of the day, after 4 pm Pacific time, for those out on the west coast.

Yesterday, I walked by their headquarters building at Hornby and Dunsmuir, and their big poster in the window advertising GIC's had a paper overlay of 5.3% superimposed on the section that previously displayed 5.4%.

March 3, 2023
9:38 am
HermanH
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I wonder if they wanted to reduce to 5.3% for awhile, but were just too inefficient to get it done.

March 4, 2023
2:15 am
RetirEd
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HermanH: Peoples has a long history of limiting the number of changes to their deposit and GIC rates, whether up or down. This doesn't surprise me. It's just their policy. It makes me slower to move money out in response to moves by other competitors, since I expect Peoples to follow suit in a week or so.

Rail Baron: Now, THAT's interesting. I have never gotten into their telephone system after 4pm, and out east that would be in the late evening! Opening at 6am here allows them to be open at 9 in Toronto (the centre of the universe) and Quebec. But in that case, though, why would the Vancouver local number be the one open, but not the toll-free?

Perhaps they're using Vancouver staff to help the eastern Canada load, but then why not answer the toll-free line? To get everyone into the same line-up for equality? I've never found the PB lines to be any advantage over the PT ones, and staff handle my accounts at both seamlessly. I just give them the customer number I want to use and they pop up the corresponding screen.

I discovered the early-hour secret the one time someone actually called me back, six hours after leaving a message. I felt it necessary to register my displeasure, and the rep said he didn't understand my problem since they'd been open since 3am and not very busy.

Experimentation showed that the rep was confused about time zone math, but 6am worked just fine. NOTE that calling before 9am didn't work for me on a Monday morning, but I have only that one data point on the matter.
RetirEd

RetirEd

March 4, 2023
5:06 am
savemoresaveoften
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I am in GTA and use the toll free line when they first open in the morning, usually get a live person to pick up and even if not, the call back feature does result in someone calling me back by noon or some time same day.
When they dont pick up the line, neither local nor toll fre number makes a difference.
All the lines are VOIP these days and get reroute to the same "calling center". So I doubt local vs toll free phone number makes a diff.

March 5, 2023
8:29 am
RetirEd
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Savemoresaveoften: I agree that all the lines should route to the same telephone tree, but my experimental data disagrees...
RetirEd

RetirEd

March 5, 2023
11:11 am
HermanH
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RetirEd said
Savemoresaveoften: I agree that all the lines should route to the same telephone tree, but my experimental data disagrees...

I agree; I also get somewhat different results, depending on which 1-800 or local number I call. You can check and hear the differences between voice messages on the various lines.

March 8, 2023
6:44 am
hwyc
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Today I am adding my thumb down regarding Peoples service. It is 8th day of the month and I have no Feb statement available to download. sf-frown

March 8, 2023
8:33 am
semi-retired
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hwyc said
Today I am adding my thumb down regarding Peoples service. It is 8th day of the month and I have no Feb statement available to download. sf-frown  

I got my paper statement in the mail 2 days ago for Feb.I'm in Ottawa.

March 8, 2023
8:46 am
hwyc
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... thought I saw on their fee schedule printed statement is $5.00

March 8, 2023
9:51 am
RYAN
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For those who question PT's telephone banking hours, its website shows Telephone Hours: Monday – Friday 5:00am - 4:30pm PT .

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