PC Financial launches new "net new deposit" rate promo on non-registered savings | Page 3 | Simplii Financial | Discussion forum

The value to readers is in whatever they want to make of it. I am doing what I can by letting people know what I can. I have made enough posts that people can judge for themselves whether they think my posts are credible. If I were a newbie, I likely wouldn't have said anything. I don't think it's at all inconsiderate to offer my insights based on my experience, nor do I think it's useless, or else I wouldn't have bothered myself to mention it. But I take your point that perhaps I should keep my insights to myself in future.
I value my privacy. To have to explain the implications of that would compromise it.

The details wouldn't help anyone. The point is that rules can change, and do, when people learn how to manipulate them in a way that the people who invented them did not intend them. This is what people need to pay attention to, not the specifics of my previous experiences elsewhere.

If indeed, the purpose of PC's promotion is to get people to put their money in for 3 months or less, withdraw it and then redeposit it, and to continue to do that as long as they can persevere, with perhaps the hope that eventually they will forget to withdraw it and will permanently receive low interest, then so be it.
But I doubt it. If they wanted to give people the promotional rate on an ongoing basis, then that is what they would offer, such as what Oaken has done with their cashable 1 year GIC.
These promotions are intended to get people to sign up and deposit money. They are designed to pick up a piece of the discount banking segment, to make them look more competitive than they are, and to entice people to use other PC products. Probably most people who sign up will not pull their money out after 3 months, although I am guessing. At the next big meeting of whatever department, the person in charge will be lauded or lambasted on the basis of how many "new" dollars came into the bank. Eventually somebody will notice that these are not necessarily dollars that weren't there last month, and will want to restrict the programme. If they see that the people who are constantly depositing, withdrawing and redepositing are still valuable to them as customers in other ways and that it is worth their while to continue to give them the promotional rate on an ongoing basis, then they may let it ride for now.
Corporations monitor responses to their promotions. If they see that there is a pattern developing which is not to their advantage, they will plug that hole. It's only good business from their point of view. And that is precisely what happened with another situation in the grocery business. The details are not important. It's the principles that matter.
No promotion lasts forever, not even the ones that are repeated. Eventually, they will discontinue this promotion and do something else to try to get a bigger market share. If they feel it is not working the way they intended it, they will change it or discontinue it.

One of my favourite bank promotions was one they had at TD bank some years back. This was back in the days when they expected and wanted you to actually come into the bank. The deal was that if you had to wait more than 5 minutes to see a teller, they would give you $5. My father used to go in there with his watch, and usually made $5 on every visit. I guess the bank got what they wanted out of that promotion, or perhaps it cost them too much, but it's long gone, the line-ups are often long, and nobody even apologizes for that.

And that is all I have to say on this matter.

(Just to clarify, my doubt was that they would be expecting people to move the money in and out regularly, not about the part that they would forget about it. I'm quite sure they hope people will forget about it)

Personally, I haven't, don't, and probably won't deal with PCF. It would take a very extraordinary deal to convince me. Tangerine is much more professional to deal with , so far, for a mid-range institution which does not have the highest ongoing rates, although I am nervous about the new management.