Linking Peoples Trust and President's Choice Electronically | Peoples Trust | Discussion forum

To link any account with PCF, you have to send PCF a cheque, they wont accept anything else.

I once tried to link HSBC with PCF by sending PCF a "Void Cheque Form" given from HSBC and mailed it to PCF, they didn't accept it.

djino

PC Financial really should be accepting the "Void Cheque Form", djino. HSBC and other banks give out this form to clients without chequing accounts (i.e., a savings account) or for clients that may not qualify for chequing privileges on their account (a no-cheque chequing account). Provided it is stamped and initialled with the Customer Service Rep. posting stamp, which includes the branch transit, FI number, branch address, workstation ID and date, it works the same as a void cheque. We give these forms out for use as account verification, for setting up of direct deposits or for establishling pre-authorized payments with bill payees.

You may want to check Canadian Payments Association rules (http://www.cdnpay.ca/) to confirm, but as far as I know, PC Financial (being a division of CIBC, which I believe does accept the forms) should accept the form. They may or may not accept it as your initial deposit source as they do need to verify your signed cheque clears your bank account successfully (to verify signature and comply with anti-money laundering rules on account opening) but if all you're doing is adding additional bank accounts to an already established PC Financial account, it shouldn't be a problem. 🙂

Hope that helps,
Doug

Exactly.

HSBC was NOT my first account I linked with PCF. PCF will ONLY accept pre-printed cheques.

You can go ahead and fill out the account info online and it will ask you to mail in a pre-printed cheque. I sent PCF the HSBC Void Cheque Form, and they sent it back with a letter of rejection (saying it has to be a pre-printed cheque).

I even sent PCF a TD Cheque (it was a new account I had opened with TD, which they supplied non-pre-printed cheques, meaning everything was printed on it accept for my Address Info) and PCF rejected this aswell.

Like the previous poster, I had to get HSBC to send me actually printed void cheques, which I was then able to get PCF to accept.

Linking accounts with HSBC was a much easier task, they dont require pre-printed cheques, you could just send them a bank account statement and they will be able to link it.

djino
"Dont take it from me, go ahead and try to send PCF anything but a pre-printed cheque, and they'll send it back to you without linking"

Hi Sylvie,

The method of account verification used by Peoples Trust is legit, and should be accepted by all banks, however I have a feeling it may be hit and miss at PC financial?

At the time of writing the article, a representative at Peoples Trust informed me that this is done all the time, and dozens of account verfications are accepted by PC financial on a weekly basis.

I recently called PC financial to speak with the manager in follow up to your question (on hold for 15 minutes) and was informed that they will only accept a void cheque with name and address pre-printed (the starter cheques from Peoples Trust won't do it - nor will showing up in person to provide proof of ID). So unfortunately, it sounds like you may now be out the cost of some cheques if you want to link with PC!

Peoples Trust will take about 2 weeks to link to an external account, and you will then need to follow up by email to give Peoples Trust authorization to process any deposits or withdrawals. You can't check your balance, only transfer to the Peoples Trust account.

Good luck!

James.