Hassle to close PC Savings account | PC Financial | Discussion forum

I have the new PC 3.5% savings account and I also have x4 spending accounts with the prepaid cards. I fund the accounts and add allowance etc to each kids card so they have spending money.

One of the accounts/card is mine and I use it to e-transfer in so I can fund the kids accounts. I made the mistake of accepting the 3.5% and they opened me the savings account. Because I generally don't keep more than $1000 in my funding account I decided to pass on the 3.5% account because I did not think another T5 was worth the bother. You know this account is going to drop suddenly so I figured I'm ok with the interest bearing accounts I have.

I contacted them via secure message two times now and am still waiting for the account to be closed, here is their response.

Hi *******,

Thank you for reaching out to us about closing your interest bearing savings feature. I can understand your concern about closing it. I can assist you with this request.

We are dismayed to hear that you no longer are interested in the PC Money savings feature. The interest rate provided with this feature is not a promotional rate and you will continue to earn the same rate as long as the feature is open, unlike other financial institutions that offer a higher rate for only 3 – 4 months. With the savings feature you are earning interest on the balance of your savings feature and you can confirm the interest accrued during the month and year to date. To close the savings feature, please contact the PC Financial Customer Support Team at 1-866-246-7262 and a representative will be happy to assist you as any funds must first be transferred into your PC Money account prior to closing. Agents are available from 8am to 8pm local time, every day. You will also need to have any scheduled transfers into the account cancelled prior to the closure. We apologize for any inconvenience that this may cause.

The interest accrued during the period prior to your request will be calculated and paid to the savings balance prior to the savings feature being closed. Your savings feature will be closed after the interest earned is paid and the saving balance is at zero. Any funds on the savings feature will be moved to the PC Money spending balance before the feature is closed.

Please note, once the savings feature is closed it cannot be reopened and you will be unable to add a new savings feature to this PC Money account.

Use your PC Money account like a pro! Check out our Learning Hub!

This service is available to submit inquiries 24 hours a day, 7 days a week for your convenience. Response time for any question or concern is typically within 12 hours.

Sincerely

Ron

President's Choice Financial

So they are dismayed but still won't close the account.... a bit of a head scratcher!