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Email this2:49 pm
February 22, 2013
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In today's mail is a nice letter from PC Financial detailing changes occurring this year. We knew about the bonus interest rate being discontinued but I have not seen the other news (and may have missed it).
Details are:
April 1st:
Bonus Interest is discontinued
Tiered interest is discontinued (all amounts will attract high interest rate, not just the chunk above $1000
PC Points earned for keeping a minimum average monthly balance will be discontinued
Other changes to the PC Points offerings relative to loans, mortgages and borrowing account.
August 1st:
The hold period will be reduced from "no more than 7 business days" to "no more than 5 business days".
Greg
10:29 am
December 12, 2009
Offline
Good news about the tiered interest being discontinued. With the rates so low, it makes no difference if you're paying 1.35% on less than $5000 or 0.25%. Anniversary interest and PC points examples are not that big of deal.
The maximum hold periods is actually PC Financial being BEHIND the requirements. It's supposed to have come into effect, for everyone regardless of credit score, LAST August 1st, 2012 that the maximum hold period for cheques under $1500 be 5 business days and 7 business days for any amounts and, for personal customers, access to the first $100 be available on the next business day (when received through an ATM) or immediately once received in-branch or by mail. More details on consumer rights in this newly-published FCAC brochure.
I'm hoping PC Financial still has "access to deposited funds" limits for clients with large balances and/or good credit histories. 
Cheers,
Doug
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