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Email this1:39 pm
November 3, 2022
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I just signed up for PC Financial online, and was trying to link my new Savings account to my TD chequing account, using their Flinks interface.
I managed to successfully link my PC Spending account to TD, but then tried and failed twice to link the same TD account to my PC Savings account.
In hindsight, I would have preferred to link my Savings account, not my spending account. But that deed is done.
Is there a restriction on linking both the Spending and the Savings accounts to the same external bank? I suppose that I could unlink the Spending account, but if needs be. But I'd now prefer to have both of these accounts linked, if possible.
1:53 pm
April 6, 2013
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There is no spending account and no savings account.
There's just one PC Money account with a spending balance and a savings balance. Pre-authorized debits and direct deposits target the spending balance of the account only. Interest is paid only on the savings balance of the account.
2:10 pm
November 3, 2022
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Norman1 said
There is no spending account and no savings account.There's just one PC Money account with a spending balance and a savings balance. Pre-authorized debits and direct deposits target the spending balance of the account only. Interest is paid only on the savings balance of the account.
Thanks for the prompt reply. I'm definitely on the learning curve for this new bank.
If I understand correctly, only the savings balance accrues interest. Does that mean one needs to make internal transfers between spending and savings to have funds transferred into spending earn interest? And can one do that while funds transferred from an external account are "on hold"?
3:47 pm
April 6, 2013
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Yes, one needs to make internal transfers from spending balance to savings balance of the PC Money account to earn interest.
I don't know if funds on hold in the spending balance can be transferred to the savings balance. That could be another catch!
One may be able to avoid a hold by bill paying the PC Money Account card at TD instead of trying to pull funds in from the TD account at PC Financial.
7:37 pm
April 6, 2013
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Norman1 said
I don't know if funds on hold in the spending balance can be transferred to the savings balance. That could be another catch!
…
Unfortunately, the funds cannot be moved to the savings balance while on hold. See previous report.
10:24 pm
January 2, 2025
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The main limitation with this account (ie "the catch") is the hard $50k monthly transfer limit. There is absolutely no way to get around it. Chequing is also unavailable. I suspect that is why they still have the unsustainable 4% rate. While they have no maximum on deposits, the time constraints on transfers ensure that balances will remain low enough for them to meet their interest payout obligations and not cut into profits.
Their linking of external accounts is probably the best I have seen but sadly because of the above issue, this account is relegated to one for petty cash only.
8:58 am
July 21, 2022
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I already had a PC Financial credit card, so adding the "spend" and "save" bank accounts was easy. I then linked my BMO checking account. I can interac funds easily from BMO by requesting them from the spend account and then transferring them to the save account. Yes, there are a couple of steps but it's easy and very fast. And yes, there are limits on how much you can send at a time and in specific time periods, but again it doesn't take long. (Yesterday I sent five interac payments of $3k each, and then sent another for $2k this morning.)
4% is better than anything I'm currently offered by Tangerine or Motive. I'm retired, and spending 5 minutes to move money around seems worth it to me.
9:40 am
March 14, 2023
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Rail Baron said
I just signed up for PC Financial online, and was trying to link my new Savings account to my TD chequing account, using their Flinks interface.
Is Flinks the only method of linking external accounts online?
4:54 pm
November 3, 2022
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Flinks was the only option offered within the PC Money account set up.
10:46 am
November 3, 2022
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Has anyone succeeded in linking an external FI to PC Financial, through the external account?
I have tried to link through both Tangerine and Q Trade, and both attempts were rejected (by PC Financial, I think).
I have not yet received my PC Money card in the mail, thanks to Canada Post, and have not activated the card. That might be holding back the account's full operation? Or PC Financial could have some restriction on external FI links?
1:44 pm
March 14, 2023
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Rail Baron said
Flinks was the only option offered within the PC Money account set up.
Thanks Rail Baron. Requiring Flinks makes it a non-starter for me.
11:04 am
April 6, 2013
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Wrayzor said
Thanks Rail Baron. Requiring Flinks makes it a non-starter for me.
PC Financial used to link external accounts using the microdeposit method as this March 2021 video shows.
Someone reported on RefFlagDeals.com that the change was made last month around December 4.
3:15 am
March 3, 2022
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Flinks is what is stopping me from getting this PC Money account. I'm all set to dedicate some funds to it, but the Flinks gaping pitfall is no-go for me. Willing to resist the temptation of whatever interest rate they're dangling on top of the Flinks abyss, just for that.
9:08 am
April 6, 2013
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Their switch to Flinks is unfortunate.
Without external account links, the PC Money account is a savings option for a bit of money only and not something like $100,000.
No problem getting funds in. One can bill pay the account's prepaid MasterCard to send money in. But, transferring a large amount out by Interac e-Transfers will be tedious.
10:13 am
November 3, 2022
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Norman1 said
Their switch to Flinks is unfortunate.Without external account links, the PC Money account is a savings option for a bit of money only and not something like $100,000.
No problem getting funds in. One can bill pay the account's prepaid MasterCard to send money in. But, transferring a large amount out by Interac e-Transfers will be tedious.
Forgive my ignorance, but what is so despicable about Flinks? I used it to link my PC Financial account to my TD chequing account, and was successfully able to transfer $75 to my PC Spend account where it is embargoed until the clearing period passes.
But if I could pair this with a link through an external FI like Tangerine or QTrade that would allow me to "pull" funds from the PC spend, then I don't see the need to worry about multiple small transfers by Interac.
I am still awaiting my PC Money card, and its activation. After it's activated, I am hoping one of the external links will go through.
11:18 am
March 14, 2023
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Rail Baron said
Forgive my ignorance, but what is so despicable about Flinks?
For me, it's not Flinks itself necessarily, but the requirement to provide private banking info to a third party. And they have you sign away their responsibility if anything gets messed up. Your banking protections contained in the bank's terms of service also likely require you to not disclose your credentials to anyone.
3:47 pm
February 16, 2013
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Wrayzor said
Your banking protections contained in the bank's terms of service also likely require you to not disclose your credentials to anyone.
Just change your password before and after.
3:57 pm
April 6, 2013
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Rail Baron said
But if I could pair this with a link through an external FI like Tangerine or QTrade that would allow me to "pull" funds from the PC spend, then I don't see the need to worry about multiple small transfers by Interac.
If PC Financial has QTrade as a possible bill payee, then one doesn't need to link the PC Money account at QTrade. One can set up QTrade as a biller at PC Financial and bill pay QTrade to push money out to the QTrade account.
Brokerage accounts at BMO InvestorLine and Scotia iTRADE can accept bill payments.
3:21 am
March 3, 2022
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Tangerine and Scotia blocked the securer Bill Payment method to PC Money (as per the RFD thread linked above.) That was one route I was thinking of taking if I got this account, I wonder how long before other FIs block it too.
Secure back-end account linking is important, to me at least. As I've said here and elsewere in detail, Flinks (and more and more new third party APIs) are a bad wild west linking "solution" to what Open Banking should be (what is actively being either lobbied against, or discouraged by the Big 6).
PS. To the suggestion of changing passwords… IMHO that's a fundamental misunderstanding of these third-party API access, reach and user consent. It's almost like changing the keychains and feeling better.
7:22 am
March 14, 2023
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MG said
Just change your password before and after.
Yes, that will prevent future access, but who knows what info they are scraping during that one time access? I'm not sure that changing the password will satisfy a bank's requirement to not share credentials.
Anyway, there are more than enough FI options that don't require usage of Flinks, et al. So I just avoid using those that do.
It's personal preference for me to not take the risks of using the likes of Flinks and Plaid to link accounts.
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