PC Financial Banking (Chequings & Savings) Pros & Cons - feedback wanted

[jasperandchar]

SO I've decided that I will be leaving Scotiabank after 12 years because they are not willing to waive my $12.95 Scotia1 bank fee.

So I've pondered between Tangerine and PC Financial as my new possible banking institutions.

I am no longer considering Tangerine as I was told you need to have a bank account with 1 of the top 5 banks ie. TD, Scotiabank, etc and I'm not willing to give any more monies to Scotiabank as I'm just a number and nothing more....

So I am looking for feedback on your positives (pros) and negatives (cons) on your own personal experience with banking with PC Financial.

Thanks in advance

[walkonby]

I enjoy using my no fee PC account, came with free cheques ( but I have only used 2 since opening the acct. ) Like you I just got tired of paying fees for a bank acct. ( mine were only $3.95 a month and but I figured I wanted that to stop too, so closed it) Have not regretted changing over. Some will tell you that if you need an actual teller then PC is a PITA because although you can use CIBC machines, you cannot utilize their tellers. No biggie for me, try to ask yourself do you ever actually use a face to face teller for anything? That might sway you.

[jasperandchar]

thanks @walkonby for the feedback!!! I really don't use the teller so no big loss

I was told they offer free easy switch, do you know what they offer if you recall, thanks

[walkonby]

hmmmm, easy switch? I have no idea what that is? I closed my TD acct. and then just went to the kiosk in Loblaws and opened my PC acct there.

[Shwa Girl]

OP, why not have an account at PC Financial and Tangerine bank.

Reasons:
1. TFSA and RRSP promotions. Both have these promotions where you get about 2% interest on your money during the promotion period, no minimum. You could be earning this rate at two banks.
2. Chequing accounts. You could have 2 no free chequing accounts.
3. PC Financial has branches so you can go in a talk to someone.
4. Tangerine has pop up locations so you can go in and talk to someone.

Too bad Scotia is treating you so badly.

[Shwa Girl]

I enjoy using my no fee PC account, came with free cheques ( but I have only used 2 since opening the acct. ) Like you I just got tired of paying fees for a bank acct. ( mine were only $3.95 a month and but I figured I wanted that to stop too, so closed it) Have not regretted changing over. Some will tell you that if you need an actual teller then PC is a PITA because although you can use CIBC machines, you cannot utilize their tellers. No biggie for me, try to ask yourself do you ever actually use a face to face teller for anything? That might sway you.

I have gone into a CIBC, used PC card at the bank machine (no charge), took money out, walked to the CIBC teller and bounght US cash from them.

[Cake]

There was a discussion on the PC Financial a few months ago.
I think most people were pleased with them.


forum.smartcanucks.ca/395267-does-anyone-know-any-low-fee-no-fee-banks-hows-pc-financial-canada/

[padyofurniture]

Yes, I'm quite happy with PC Financial. I log into my account to transfer funds and pay bills. It's hooked up to my PC Plus points. Even have their MC which gains extra PC Points.
It's not really much of a con but when you transfer funds from your checking to savings (at least the way I have it set up) you have to set it for a day for the funds to transfer. Usually not a problem for me as I've never been in that type of emergency.

[tjthemanto]

Yup they have :

1.free cheques ,
2.very good interest rates on their savings accounts ,
3.can use all CIBC ATM machines/locations , ( tellers won't help you though )
4.lot of Loblaws/No Frills/RCSS have ATM machines for PC Financial you can withdraw money from
5.Some stores even have a PC Financial kiosk, where you can actually talk to a physical representative.
6.I think they also have some PC points / promotions etc for your accounts , so free groceries once in a while.
7.They almost always match or have better promotions/rates than Tangerine ..so you don't miss much.

Cons :

1.Pretty much everything is done Online , Over The phone & At The ATM Machine.
2.It takes 1 day to move money from your Savings Account to your Chq. account.
3.I think some special promos/rates sometimes you have to call in to get them , they don't do them automatically.

Tangerine used to be good before , but after Scotia took over ..they are not that great anymore

[tjthemanto]

thanks @walkonby for the feedback!!! I really don't use the teller so no big loss

I was told they offer free easy switch, do you know what they offer if you recall, thanks

You just go to a kiosk & open an account. Or you can do it by mail too , by mailing them a cheque.

Then you just link your existing account like Scotia to PC Financial . Transfer all your money out online & close your Scotia account.

Or just walk into Scotia before hand & close your account & withdraw all your cash/draft etc.

Be careful with all Direct Deposits , Withdrawals etc ..you will have to update them too with the new bank/account number ..like tax refunds , salary deposits, bill payments etc. You don't want stuff going to your old bank account & NSF charges , bcoz billers are still using your old account for automatic bill payments

It takes a while for these companies to update their records, maybe a month or so.

I Changed by banking info with CRA , it took them 4-5 weeks to update it..one deposit during that time actually went to my old account , luckily it was still open

[staceymic]

Hi! I have been with PC for many years now...LOVE them. I don't need or want to use tellers anyway so I'm fine with online banking. I love not paying a fee and earning PC points and they have good interest rates (better than what friends tell me they are getting on accounts). So for me, it's the best bank!

[Insane]

Yes, I'm quite happy with PC Financial. I log into my account to transfer funds and pay bills. It's hooked up to my PC Plus points. Even have their MC which gains extra PC Points.
It's not really much of a con but when you transfer funds from your checking to savings (at least the way I have it set up) you have to set it for a day for the funds to transfer. Usually not a problem for me as I've never been in that type of emergency.

I forgot about that. That's true. It does take a day.

The other PITA is the hold on cheques. My started off as something small and every 6mths I have to call to get it increased. I deposit large cheques from work, so it's a pain in the rear. But I'm pretty much up to where I used to be when I closed my CIBC account 4 years ago.

With edeposit I haven't been to a bank, except to take out money in forever. I'm in love with edeposit.

[Frugalbigmama]

I have gone into a CIBC, used PC card at the bank machine (no charge), took money out, walked to the CIBC teller and bounght US cash from them.

Most big banks have free US accounts I have one at CIBC (free to deposit but .75 cents to withdrawal)

[Colsgirl]

Most big banks have free US accounts I have one at CIBC (free to deposit but .75 cents to withdrawal)

The largest of the CIBC banks in our city has one of the ATMs set up so that you can withdraw US$ - this is perfect as it saves having to line up!!

[jasperandchar]

I forgot about that. That's true. It does take a day.

The other PITA is the hold on cheques. My started off as something small and every 6mths I have to call to get it increased. I deposit large cheques from work, so it's a pain in the rear. But I'm pretty much up to where I used to be when I closed my CIBC account 4 years ago.

With edeposit I haven't been to a bank, except to take out money in forever. I'm in love with edeposit.

@Insane what do you mean hold on cheques (ones you write or ones you deposit) how long is the hold and what do you mean you have to call to get it increased, thanks