PC Financial Question.

[JDI007]

I'm kind of new to PCFinancial..so there are still some things I'm not sure about, I wanted to know because today I made a deposit of $400, so my balance is $400 however my "available funds" is only $200, because the rest is on hold ...for I guess 5 days..I'm wondering if I am able to raise the limit on that? because $200..on hold for 5 days..is quite a pain in the butt waiting time..:/

I recently raised my withdraw limit to $500, is it possible to raise a deposit limit as well..? so that whatever amount I deposit, everything will be automatically go into my account at once?

-Thank you!

[Durham Couponer]

Did you call them? The call centre people are pretty good at explaining these things.

[FallenPixels]

It may be possible, they check your credit history etc to decide
Often they will raise it automatically after you have been with them for a while and they see there is no issue with the cheques

[amira84]

I beleive when we opened the account they told us that our deposit on hold limit and withdrawal limit will remain the same for 6 months. And after 6 months we can call them to increase the limits. They check your account activities and then increase the limits.
They increased our limits without any problem but we called them after 6 month of opening the account.
Hope it helps.

[xlxo]

Thoughts...

• PC Financial is backed by CIBC. Go check their policy as a comparison. Also check other banks and credit unions.
• Consider asking an employer to do direct deposit or electronic fund transfers. The hold back time is eliminated or reduced.
• Consider a Line of Credit if you need that funds a little earlier. Black Friday/Boxing Week or last minute vacation opportunities.
• In general, I support holding fund on new accounts to minimize fraud. Once you develop a proven credit history of no bounced cheques, your hold back funds will be reduced. It's never eliminated.... anyone who recently needed funds quickly for a car, house, funeral or big ticket item will be familar with hold back times.
• I love credit cards....build up your credit history, while allowing me to pay for items later when the hold back time is over. Just be responsible with your American Excess as your credit history can go the other way.
• some go to pay day loans.... but that's not recommended because of the high user fee and interest charges.
  http://globalnews.ca/tag/payday-loans/

[JDI007]

Thanks guys, I guess I'll have to go in and ask them, when I wanted to increase my withdraw limit they asked me how long I'v had an account with them (I believe since feb...2015 something like that) and they called this place and then put me on the phone to confirm and that's all it was..so the people over the phone increased my limit.
I'll go in and ask them next time, just wanted to know, thank you!

[JDI007]

Oh and also...weird, I made a deposit on Sunday, and today the rest of my amount went through...so here I thought it was going to take 5 days, but only took 1? I don't know why..but next time I'm at Fortino's PCFinancial Pavilion I'll def. ask them about this..

[FallenPixels]

Oh and also...weird, I made a deposit on Sunday, and today the rest of my amount went through...so here I thought it was going to take 5 days, but only took 1? I don't know why..but next time I'm at Fortino's PCFinancial Pavilion I'll def. ask them about this..

It depends how quickly they process them and if they are from the same bank. If the cheque was drawn on another CIBC account, they do not have to wait for the other bank to release the funds since it is in their system and they can check.

I have a $1000 hold on one of my accounts, put a deposit in for $1002 and they held the $2 for quite a while bc it was a HSBC cheque, while others that week went through quickly

[Ciel]

^Interesting, @FallenPixels that your bank did not hold back more on the cheque-$2??? I seem to recall with my CIBC Everyday banking account booklet, that the bank can allow me to withdraw up to $100 on a deposited cheque but the remainder could be held under their policy for up to 5 days.

[FallenPixels]

The amount will depend on your credit history, balance, how long you gave been with them etc.
I asked them to increase the limit, they upped it to $500 then $1000 later

[Frugalbigmama]

The amount will depend on your credit history, balance, how long you gave been with them etc.
I asked them to increase the limit, they upped it to $500 then $1000 later

Exactly. It also depends if your bank person knows you. My teen gets the hold off his pay cheque because he knows the teller.

[caifin]

You're a fairly new customer to PC Financial so I am guessing that is why they put half of your $400 paycheck on hold. I've been a PC Financial customer for about 10 years now and the checks I deposit get cleared in about 2 days. Once in a while they will hold the money if the check is a large amount. As you get more history and experience with PC Financial, they will be more accommodating. Hope that helps!

[Colsgirl]

When I pay a cheque in I can draw on $400 right away - the rest takes a couple of days. I have banked with PC for about 6 years, but I have never asked them to raise this amount. I only use that account for groceries and gas, my salary is in a different account!