Any update to progress of online banking? | Peoples Trust | Discussion forum

Peoples Trust doesnt limit access to your funds. All you need to do is send them an email or give them a call and they'll attend to your needs without any delay. I've had much better customer service from PT than most virtual (or non-virtual) institutions out there. On top of that they stay true to their posted rates and dont bs their clients around like the vast majority of financial institutions. Online banking would be nice, but since its a savings bank, I can happily live without it.

Because the TFSA limit per account is a max of $20,000. It is much cheaper to pay a higher rate on $20K versus $200K.

I'm hoping its really well tested.. Nice looking.. etc.. Hopefully available soon.. At the very minimum let me check my balance via onlince / mobile / sms..

I use PT for my TFSA cash I don't plan on touching for awhile..

I have egnough money elsewhere that I can handle a day or 2 anyways to transfer money.. Remember PT is out west so its easier for people in the east to file transfers late.. Hopefully avail by years end..

Well I'm still waiting too, but I did open another account with them....can't beat the 2.1% savings rate. Guess I can put up with waiting 3 weeks for a statement to come snail mail. No one ever did respond to my email in May.

I only have the HISA with them. Just opened another joint account too. Called them yesterday and they gave me my balance. June's statements will be mailed next week, so I'll see if I get that one.

Well, I'm not sure about "easy" when it comes to online transfers. It's not bad unless you are trying to move TFSA money. This apparently takes 4-6 weeks, if you can believe it. ING zapped the money out of my account quickly enough but apparently is sending the funds to Peoples Trust by snail (not even snail mail). 4-6 weeks in this electronic age is a rip-off, if I ever saw one. Any other fund transfers presumably only take a few days.

Please don't de-list financial institutions for not having online banking!

I'm among those who absolutely refuse to do any online banking. I want real-time phone service and an office I can visit. I LIKE paper transactions. Old school but safe, especially if I start getting Alzheimer's. 8^?

For me, the downside to them is no 24-hour phone service. Limited hours. For a TFSA I don't need to do a lot of moving in and out, and there are almost no fees on that part of it. As others have noted, a higher TFSA rate than non-registered is pretty common, as people tend to leave their registered deposits in one place. (My 4% ING TF-GIC will mature next spring, and I'll see what I want to do when consolidating.)

After nearly a year of waffling, I decided to move the TFSA I had at ING to Peoples. After a research call to pin down some details, I visited their downtown office here in Vancouver on June 28th and talked to a real person to fill out the forms and send things off. I specifically opted for a paper transfer form and had it sent by mail. They confirmed they got it in the mail the same day. To contain transfers et al, they also opened a savings account.

As noted above, ING didn't seem to move very quickly; they claimed to not have received the forms yet. It was only this morning that the confirmed they'd sent the cash by EFT; I'll see how long it takes to get deposited and if they pull it early. This is important - it is very illegal to hold funds without crediting interest. Even banks have overnight rates among themselves.

I was surprised - I have been with ING since the beginning, and their service, fairness and transparency are second to none I've experienced elsewhere. I value 24-hour full-service non-web banking, monthly paper statements (you have to ask or you get quarterly) and what until now have been great GIC rates. If I get screwed for the three weeks, you'll hear about it.

Now that I have an account with Peoples, I am indeed less likely to start up with another institution. I have about $95K coming out of VanCity and ING terms paying 4.75% and .65%, and with GIC rates iffy I want to park it and see if the corn crop failure moves inflation, and thus interest rates, before I pull the trigger on a long-term commitment. I'll put more in the thread about dropping rates.
RetirEd

Great find Peter!.. I noticed their homepage had changed today.. I didn't see online banking.. Looks like you need to go here.. https://www.peoplestrust.com/purchaseadeposit/abbreviated.php to switch your savings account.. The lady on the phone told me only applies to savings accounts at the moment.. Not sure if it's going to work for registered... If they maintain 3% im happy with having to mail stuff etc..