Horrible experience with PC Finacial | Page 2 | Simplii Financial | Discussion forum

Jack Manning said

When their rates were not competitive anymore and it was not worthwhile we closed the joint account. They asked us why we are closing the joint account? We said remember, we used to be clients.

Our point is never tell them the truth why you are doing anything because when they make decisions about their financial institution's policies they have every excuse in the book. These days it is every excuse in their computer.

My answer to these kinds of questions is always something along the lines of "because that's what I decided" or "that's confidential". It's all about Sales from their perspective. They want the info so that they can tell you why you've got it wrong. No, thanks. I've got it right.

LUKING, please keep us informed as to how you make out with your complaint. The only other route that I can think of that might help is if you can get a journalist onside who does consumer affairs reporting. That would publicly embarrass them even more than this forum. It IS a sleazy practice, regardless of whether they can justify it by putting the onus back on you.

This reminds me of something I had forgotten. There was something in the media perhaps a year or so ago, where they were looking at the complaints process in the banking industry and how, in the end, no mater how far up the ladder you go, it is all discretionary on the part of the bank as to whether they do anything or not. I recall that one of the things that was mentioned is that you have to be very cautious when talking to the bank's own ombudsman, and you need to remember that they work for the bank and are not really independent as the name suggests. Anything you say to anyone along the line can and will be used against you. I wish I could remember more of the details.

Jack Manning said

Loonie, I remember a news story about what you are talking about but I can't remember what exactly or where I heard it.

kanaka, I heard the worse thing companies hate the most are silent customers that don't complain and don't make a big fuss when a problem occurs.

They either close their account or accounts, they do much less business with them or they simply disappear as a customer and do no business maybe for months if not years.

The real, only impacting defense us consumers have are hitting them in the pocket book, bank account, costing them money.

Why do you think they created Facebook, Twitter etc. It is to track people and see what they are so angry, disappointed, complaining about.

Luckily I am not into Facebook or the like. Main reason is, that they are far too invasive in regards to information on your PC and what you do online if you remain signed in. Google is my only bad habit, that I am aware of. From what I see what Jack and Loonie are saying....I think I will remain as one that will make a silent departure. My time share even does a survey after either stay. When I book a resort I don't want to buy more credits and be harassed by a salesman when I am there and usually disconnect the phones in the room. If there are small issues that don't meet their commitment of me paying maintenance fees to keep the resort and rooms is as new condition, I usually don't bother. Other than a few questions their surveys are worded so well that it doesn't matter how you answer they come out smelling like roses. Of that bad ones I have done many have not replied and my complaint may make it better for others but not me nor am I compensated. So no more surveys for me (for any one)!!!

Loonie said

This reminds me of something I had forgotten. There was something in the media perhaps a year or so ago, where they were looking at the complaints process in the banking industry and how, in the end, no mater how far up the ladder you go, it is all discretionary on the part of the bank as to whether they do anything or not. I recall that one of the things that was mentioned is that you have to be very cautious when talking to the bank's own ombudsman, and you need to remember that they work for the bank and are not really independent as the name suggests. Anything you say to anyone along the line can and will be used against you. I wish I could remember more of the details.

That doesn't matter, Loonie. Each side will be asked by the judge or ombudsman for the full set of facts.

One's right to remain silent or not self-incriminate only applies to criminal cases and not civil cases. Civil cases are often not black or white. The plaintiff can be found to be partially responsible for his or her losses and the award adjusted accordingly.

LUKING said

When PC started their services several years ago, they advertised heavily for a high interest savings account. While the rates were subject to fluctuations, they were still quite a bit higher than what the big banks offered so I transferred XXXXXX in the account. The interest did continue to stream in for some time so I decided to forget about it.
Recently by accident, I noticed that the money was not earning any interest so I callled them. I was told that they decided to lower the interest rate on savings account to similar to what othr banks offered and instead started a new product in its place - the so called interest plus or whatever.
They of course did not bother informing clients. Or seek their approval in writing. Nor did they bother to grand father the deal by moving the money to new account.
The net result is that I have lost over a thousand dollars.
Sure enough, I should have been a little more careful, but then again I never had any issue like this with ING direct. I saw PC's promos fr new clients but simply had no idea that they had changed the business model completely without letting clients know.
Or perhaps this is the business model - get the client's foot in the door by showing them a few bucks and then stab them in the back when they are not looking.
I have decided to get all money out immediately

Hmmm, as soon as I began reading this post I recalled a notice they sent out about changing the account quiet some time ago, but tossed it as it did not apply to me. Now I may be wrong but that is what I recall. And it has been my experience that they have sent notices. For example they did indicate the account would be discontinued and that the interest plus account would no longer pay the anniversary bonus but that the $1000 minimum was no longer required to get the best rate.

Other Banks also change the terms and rates of their accounts TD comes to mind as one experience. We are pretty much at their mercy as to the services they offer and change when they see profit in doing so.

Just wondering if your mail may have been mis-delivered by Canada Post as mine has been on many occasions with some pieces showing up weeks + later while others never made their way to our mailbox.

The change that bugs me the most is when they introduce or increase fees mid-stream. If you have an RRSP, for example, which is invested in a GIC, you have no recourse if they decide, half-way through the term of your GIC, to increase the fee for transferring your RRSP to another institution, or any other fee for that matter. Yes, they have to give you X days' notice, but only by sheer luck would that coincide with timing that would enable you to move your RRSP if you didn't want to accept the new arrangement. Personally, I think that should be illegal, because the customer is cornered. It's certainly unethical.