Log In
Register
Home
Topic RSS
Facebook
Twitter
Email this12:40 pm
I am not going to rant, but I would like to share my recent experience. I have 2 issues that are worthy of noting:
1. The wait time to talk to a customer service representative is alwasy much longer than the other financial institutions. While an extra 5-10 minutes is not really that much, it is if you have to wait each time you phone. This is not a one time occurrence, this has happened most times that I phoen.
2. Transfers take much longer than other institutions as they require you to set the transfer date as the next day rather than today's date. I'm not sure why they do this and why they cannot have the transfer date the same day. Recently, I attempted to transfer my funds to my registered external institution and for some reason it did not go through. I needed these funds in a timely manner and I did not get them. When I phoned customer service they said there was no history of any transfer. While I am not perfect, I know for a fact I did the transfer as it was for a downpayment on a home (something not to be treated lightly). I was not able to get any help and was basically told I needed to go through the transfer process (which is longer than other institutions) again. Even though my situation was time sensitive, they did nothing extra to help me. I am disappointed as this is a life changing time for me and I was not able to get the help I needed when something went wrong.
I was all for PC Financial until I experienced the extended waits and the longer transfer periods. In addition, according to my brother, their holding period on deposited funds is much longer than other institutions.
12:43 pm
May 15, 2007
Offline
Yeah, that extra day for transferring money really bugs me. Luckily I never talk to customer service, so no problems for me there. I prefer to do everything online and hope that I have no problems that need PC Financial to help 😀
2:50 pm
My wife and I are going to try PC Financial out as our main chequing acc. to save ourselves fees and the ridiculous $1500.00 minimum we now must have for free transactions.
We are sending the auto-payment info to everyone we need to and doing it online even in some cases(very easy and convenient).
I expect a few bumps, (you pay for what you get) since this really isn't a Big Bank(CIBC) and it's service(which isn't saying much), but with my money freed up and the charges and fees are saved, already I feel I'm way ahead!
Can't add much more to the debate without experience at this point. bfn
2:57 pm
The only downside I've seen is the one day transfer wait as well. I've never had to wait more than two minutes when I've called into customer service.
I used to have a no fee account with Coast capital but they lacked a high interest account that matched what is out there.
There is nobody else that offers no fee chequing/debit and the high interest account that PC does.
My high-interest account was with Etrade, which was 4.15% but it took an excruciatingly long time to transfer if they did it at all. They screwed up at least 3 times and I decided to pull the plug.
The accounts are great, and the convenience is one of the best out there. i see CIBC ATM's everywhere, and I have three supersotres relatively close to my place. This comes in handy if you ever need some actual paper $$, which is usually never for me.
I understand Leah's frustration but I don't think it is that bad overall.
4:16 pm
I have been with PC financial since the day they opened, and have totally enjoyed my experience so far. I must have saved tons in back charges over the years...Free checks, one of the highest interest savings accounts. I wonder why everyone in Canada hasn't switched to save money.
7:32 pm
Yes, you have to wait 1 day when transfering money OUT of a savings account with PC Financial. Transfering money out of the Checking account is instant.
I Believe the best way to bank these days is to open up an HSBC Direct Savings account (This has everything you will need in a checking/savings account in an all-in-one account). The only exception is No Cheques (Thus, keep the NO Fees Chequing for the purpose of free cheques)
PLEASE read my post here -> http://www.theblog.ca/?p=66#comment-7995 which is explains why I decided on the above.
1:00 pm
When PCF offers 3.75% to new money, I was disappointed as an existing customer. It seems banks do not reward existing customers.
I love their phone banking. I do not trust internet banking. All banks do not report their fraud cases. I heard the losses are in the millions per bank/month.
Overall PCF is Ok and is owned by CIBC. Does anyone know PCF has any stability issues?
2:28 pm
I have used many banks but have settled with PCF. I had to wait 25 minutes to speak to a rep at TD Canada Trust not that long ago. PCF has not been that bad with wait times. I have not heard of any stability issues with PCF but you can never be completely sure of any bank. Just because they have a branch doesn't mean they can't shutdown.
Anyhow, I would recommend using PCF to anyone simply because of the no-fees and great service. Yes every bank has there faults as PCF makes you wait one day to move your money from the savings account. But HSBC makes you wait 5-7 for bank to bank transfer and they won't waive this. As time passes with your PCF your account they will hold your funds less when bank to bank transfers are done. Anyhow, I also used HSBC and TD.
Thanks.
11:44 am
December 12, 2008
Offline
HSBC does not make you wait 5-7 Business days for the transfer (though they may place a hold on the funds for 5-7 Business Days.. just as ANY bank does).
The trick with Bank to Bank transfers (to avoid hold times/delays) is to initiate the transfer from the sending bank. If you want to send from HSBC to PCF (do it from within HSBC) and you will see the funds 1-2 busienss days. If you are sending PCF to HSBC, do it within PCF.
djino
"You will notice the same hold time with PCF, if you ask PCF to grab funds from another bank to deposit to PCF"
1:03 am
Although PC offers free daily banking and free cheques, as well as a (relatively) high
interest rate, I do not view them as a very good bank for a few reasons.
The first reason is because of the wait time for customer support. My wait time has usually been between 10-15 minutes per call. If I call at an odd hour of the day then my wait time is usually less than a minute.
Another reason I dislike PC Financial is because their long holds on deposits are very frustrating. Futhermore, they refuse to promise that your funds will be available after the hold time specified for your account.
A final reason I dislike PC Financial is because the 1-day delay between savings accounts and any other accounts. They say they do this because it is a "true" savings account and they want to discourage spending that money. However, I disagree with the notion that PC knows what is best for me. In my opinion I believe that if I want to have access to my money that I should be able to access my money immediately. When I make a transfer into my savings account I do not receive a prompt asking me if I'm ok waiting 1 day before I can transfer my money into another account.
9:19 am
I've been with PC Financial for maybe 2 months now and for the 6 first 6 months of opening an account with them you must wait up to 6 business days to receive money that you deposit......after the 1st 6 months, i was told that i could receive funds that i deposit into my account right away. Not sure if all banks do that process or not.
Also, someone email transferred me some funds into my PC account and PC Financial is not listed so because PC Financial is affiliated with CIBC i clicked on CIBC. Nothing i tried worked, so late last night (Friday) i called PC and their customer service was closed! What if i had had an emergency? I would have been stuck. That didn't make me feel secure at all. So, i called them today and turns out PC Financial doesn't support email transfers! HELLO!!! This is 2009 isn't it?! So, i then had to set up an account with Interact.ca in which that cost me $4.00 to recieve my email transferred funds and will take 3 - 5 business days to recieve. What a hassle! Grrrrrrrrrr!
1:45 am
December 12, 2009
Offline
hey djino,
I didn't realize the five business day hold for Electronic Funds Transfers from one financial institution to another via Internet Banking didn't apply if you initiate the transfer from the sending institution. Is there any hold period at all then or no?
The other option you may have (if your credit rating is good or you have an established relationship with your bank) is to write a cheque payable to yourself and use the ABM to deposit it. Example, write a cheque drawn on a PC Financial account and deposit that to your HSBC Direct Savings Account. Provided you have a decent enough credit score (ask your account manager), there shouldn't be any hold period on ABM deposits.
Good tip, though, re: the EFT hold periods and how to avoid or shorten them. It's one frustrating thing I've experience where a bank doesn't place holds on deposits at an ABM but all EFTs are held regardless of credit score or banking relationship.
Cheers,
Doug
11:24 am
December 12, 2008
Offline
Exactly.
Whenever you initiate a Bank-to-Bank transfer, it is always best to perform this from the bank you are sending from. The receiving bank WILL NOT hold the funds. Its as if you were receiving a payroll deposit, everything is done from the receiving end, thus the sending bank account CAN NOT deny the funds or request for the funds to be returned. Absolutely NO holds on the receiving end. This is why whenever I wish to link to Bank Accounts at different banks, I try to link them on both ends then always set up the transfer from the sending bank account.
Performing this Bank-to Bank transfer from the receiving end is always a bad idea (if it can be avoided) as its up to the receiving bank's on when they will release this hold as the sending bank and recall those funds at anytime within 30 days.
And yes, an alternative is to go to the ATM of the receiving bank and deposit. But as you know it is likely you will have deposit restrictions as-well. Meaning you could not just go and deposit a million dollars and not expect the bank to hold most if not all of it (especially if the deposit is made by a Cheque).
djino
10:45 pm
djino,
if I want to link my hsbc account to pc, I need a void cheque. but there's no cheque for hsbc direct. how I'm gonna do this?
bunny
7:24 am
December 12, 2008
Offline
bunny said:
djino,
if I want to link my hsbc account to pc, I need a void cheque. but there's no cheque for hsbc direct. how I'm gonna do this?
bunny
Thats what I had thought for years as-well. But you are actually able to request void cheques for HSBC's direct Savings account. You need to request this through your Account Manager.
If you dont know how to get to your account Manager just call the customer service line 1-888-310-HSBC. Ask the Rep who your account manager is and that you'd like to speak with them. They will then Transfer you. You tell the account manager that you are trying to link this account at another bank, but they do not accept their standard "Void Cheque Form". Your account manager will then Mail you 4 Void Cheques (Standard cheques with your direct savings account info, but marked VOID).
I successfully linked my HSBC account within PCF about 6 months ago.
Call during standard Business hours (PST) as all Account Managers are in Vancouver.
10:02 pm
Hi Djino,
This is why whenever I wish to link to Bank Accounts at different banks, I try to link them on both ends then always set up the transfer from the sending bank account.
When I setup links between "virtual banks" and big banks, I always follow "virtual banks"s instruction. I do not know how to set up links from say TD or CIBC's end.
Can you briefly explain the procedures?
Thanks
1:19 am
I love PC Financial. I've been with them for about 1.5 years now. I earned good interest % from the savings account and love the free cheques. I just don't like having to wait for a few days to clear cheques and deposits but it's well worth it since it's free.
The only problem I ever had is that SOMEONE was taking money out of my account and then put more money in it somehow, which happened this year. Customer Service reversed everything back, but the point is, someone had access by electronic funds somehow! It wasn't much but I believe it is a breach of my security and I'm an isolated case, but appearently they don't need my signiture, access code or password or even my name to do this! It's something to think about with free services... just how safe is your money in there?
1:05 pm
December 12, 2008
Offline
Hi HP,
With most off the Big Banks (Scotia, RBC, CIBC, TD, National, etc) they do not offer a service for Bank to Bank Transfer. I believe Scotia does, but even with Scotia its a 1 directional setup (meaning they have to grab funds from another bank - cannot transfer out).
The setup we want is most likely to only happen inbetween "virtual banks" (HSBC, PCF, Citizens, etc).
The best alternative if you need to send from Big 5 to a virtual bank is to deposit a cheque from the Big 5 at an ATM connected to your virtual Bank. ATM Deposits Holds/Limits are easy to have raised/waived. Because if you logged into your Virtual bank and asked that they transfer funds out of the Big 5 there would be a 5-10 business day hold which you cannot avoid.
Does this make sense?
djino
10:37 pm
Hi djino,
Thanks for the reply. That does make sense. I thought there is a way to avoid the hold period when I transfer from big bank to virtual bank but it seems I can not avoid it. I never write a cheque from big bank to virtual bank and so did not try to ask for waive the hold period. Maybe I should try it next time.
Thank anyway.
Please write your comments in the forum.