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Email this12:48 pm
June 29, 2013
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Bill said
Miron, I have always had just the PC Interest Plus savings account, no chequing account, that I've always been able to transfer directly to and from my external bank account at another institution.
I thought one usually had to provide a void cheque to the other institution. What documentation did you have to provide to the other institutions, since you were obviously not providing a void cheque? - I would like to do that too so I do not always have to transfer funds going via the PC chequing. Thanks.
1:56 pm
October 27, 2013
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I think what Bill meant is that he can move money to/from the PC Interest Plus account and another institution. When I set up my PC Interest Plus account some years ago, it was a Void cheque from my Scotia account that I used to set up the transfer mechanism, not a PC Financial Void cheque.
1:58 pm
October 27, 2013
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Bill said
"(AltaRed, where did you get your June 2 excerpt from? I can't find it on their site.) .
Bill, that excerpt is from the notice PCF had when I logged on to my PCF account. Once I said 'no thanks' it does not re-appear again.
2:26 pm
September 11, 2013
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Brian, it's as AltaRed said - I sent PC a cheque from my TD chequing account to get the link made with the PC savings account, same as I've done for all my online high interest savings accounts.
AltaRed, I see. I clicked on "yes", I'll take the offer, and then I got taken directly to my usual account summary starting page, no further info or details provided, and no confirmation I was now getting 1.75%. So I'll just assume I am, if I decide to put money in there.
3:22 pm
April 6, 2013
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Bill said
…
AltaRed, I see. I clicked on "yes", I'll take the offer, and then I got taken directly to my usual account summary starting page, no further info or details provided, and no confirmation I was now getting 1.75%. So I'll just assume I am, if I decide to put money in there.
A confirmation e-mail will be sent the next day or next business day.
This is the link to the Terms and Conditions in my e-mail for the June-August 2016 1.75% offer:
PC Financial: 1.75% Non-Registered Rate Promo Offer Terms and Conditions
10:13 pm
January 20, 2016
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AltaRed said
I think what Bill meant is that he can move money to/from the PC Interest Plus account and another institution. When I set up my PC Interest Plus account some years ago, it was a Void cheque from my Scotia account that I used to set up the transfer mechanism, not a PC Financial Void cheque.
That means PC is NOT his daily banking institution as long as he does not have a chequing account ... but his external institution... we were talking about moving money from PC to an external institution and directly back to a savings account from PC which is not possible!
I don't have any other chequing account but PC that is giving me everything (at least according to my needs) for free 
You have both options as yo have PC cheque and Scotia Bank cheque!
10:21 pm
January 20, 2016
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Bill said
Brian, it's as AltaRed said - I sent PC a cheque from my TD chequing account to get the link made with the PC savings account, same as I've done for all my online high interest savings accounts.
You are are talking about a different situation... and unless you are 60 or older... you pay monthly for your TD account! I escaped from them many years ago... and I would never go back!
1:39 am
October 21, 2013
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Yes, chequing account is free for those of us over 60 at TD, also free money orders, easy access to USD and other advantages of bricks and mortar. Apart from the expense of ordering cheques every few decades, there is no reason for us to quit. But I can't recommend their savings accounts, all of which are a slap in the face to savers.
Sounds like they may be losing some of the younger generation though.
5:43 am
September 11, 2013
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Miron, you say "we were talking about moving money from PC to an external institution and directly back to a savings account from PC which is not possible!" I have no idea what you're talking about as the only account I have ever had with PC is their savings account and I transfer amounts from it to my TD chequing account, and the other way too, whenever I want, been doing it for years, so it certainly seems possible to me.
And I have never paid an account fee in my life, my TD chequing account lets me do whatever I want as long as I keep a $2K (was $1K until recently) minimum balance at all times (which I guess these days costs me about $1.75/month in foregone interest, after tax, in a high interest bank account elsewhere), and I've had that same account for over 40 years.
Loonie, as far as I know that free seniors' account has not been available for a few years any more, so you're lucky you got to 60 before they got rid of it! I don't know if any of the bricks-and-mortar banks offer a fee-free senior chequing account any more, there may be something on that on this site somewhere.
7:07 am
June 29, 2013
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Since a very large and increasing number of today's seniors are in much better financial circumstances compared to the seniors of years ago, the banks realized there was no logical reason to exempt these seniors from fee for services, when they can afford to pay, and are, in fact, in better financial shape than many in the under 60 group.
9:30 am
April 6, 2013
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Banks may not offer seniors unlimited free transactions any more. But, there's still deals for them.
RBC Royal Bank has the RBC Day to Day Banking chequing account that has 12 free debits each month. The account is $4/month. But, that's covered by a $4/month Senior's rebate given to clients who reached 65.
TD Canada Trust seems to realize that lots of seniors are well off, as Brian mentioned. They are more selective. They have the Minimum Chequing Account that has 12 free debit transactions each month. Normal fee of $3.95/month is waived for low-income seniors who receive the Guaranteed Income Supplement (GIS).
12:54 pm
January 20, 2016
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Bill said
Miron, you say "we were talking about moving money from PC to an external institution and directly back to a savings account from PC which is not possible!" I have no idea what you're talking about as the only account I have ever had with PC is their savings account and I transfer amounts from it to my TD chequing account, and the other way too, whenever I want, been doing it for years, so it certainly seems possible to me.
And I have never paid an account fee in my life, my TD chequing account lets me do whatever I want as long as I keep a $2K (was $1K until recently) minimum balance at all times (which I guess these days costs me about $1.75/month in foregone interest, after tax, in a high interest bank account elsewhere), and I've had that same account for over 40 years.
Let's put it differently... you can not transfer money from a savings account at Bank A to a savings account at Bank B... you must have a chequing account at one of the banks! You have it a TD and I have it at PC. PC is your external account and PC is my daily banking account so we are in different situations.
Maybe you did not pay a fee but your lost interest means a 'fee' too. I would not keep money in an open chequing account for many reasons. They even doubled the amount as you said 
Many years, PC was the only virtual bank that could be used as the daily banking institution but lately Tangerine offered the option except for free cheques. ING did not have easy accessible ATMs but Tangerine has Scotia Bank ATMs.
1:00 pm
January 20, 2016
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Loonie said
But I can't recommend their savings accounts, all of which are a slap in the face to savers.
Sounds like they may be losing some of the younger generation though.
That 'high' interest rates are a very good reason for many people 
The younger generation is the generation of smart phones and apps so they do not need a bricks and mortar bank
I am not the young generation but I love on line banking so I don't need a bricks and mortar bank
2:04 pm
June 29, 2013
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Brian said
I just phoned PCF - the agent said the money in the Chequing is not included in the eligible or existing account definition - only savings were such. He said that the money in Chequing would be considered additional deposits if one moved it to Savings. So you don't need to move to an outside account first and then back to Savings - just move the money from Chequing to Savings. (We assume of course the PCF agent gave me the correct info.)
Just want to advise I called PCF today (a few days after my original call outlined above) and asked this agent the same thing - Is the balance in chequing acct included in the base/or starting balance before the additional funds are added for the bonus interest? He said he would check with his supervisor since he was not sure - he came back and said yes, the balance in chequing forms part of the base/starting balance before you get the bonus interest on additional funds brought into the Savings acct only. So I received the wrong answer in the earlier call - I am glad the agent today actually checked with someone else since he was not sure himself.
I did tell him the T&Cs could have been written a little more simply by not using the terms eligible account or existing account but rather use Chequing acct and Savings acct - as we know this promo was different than prior ones which now excludes bonus on new funds brought into the Chequing acct. He agreed.
But all this does not really matter - just like Bill, I will move my money whenever I feel like it and to wherever I get the best rate or term - no commitment, no allegiance to any of these online banks - and I do not expect it from them either.
2:58 pm
October 21, 2013
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Miron said
Loonie said
But I can't recommend their savings accounts, all of which are a slap in the face to savers.
Sounds like they may be losing some of the younger generation though.That 'high' interest rates are a very good reason for many people
The younger generation is the generation of smart phones and apps so they do not need a bricks and mortar bank
I am not the young generation but I love on line banking so I don't need a bricks and mortar bank
How would someone from the younger generation buy a new car or real estate, then? Can you get money orders or certified cheques online? I bought a new car recently, and a bank order was still the only form of payment the dealership would accept.
Do they all have safety deposit boxes inside their homes or rental units?
I am a minimalist user of bricks and mortar services, but they serve a function, even for me. Every time I go in there, I have to line up, and almost everyone in the line is younger than me - sometimes everyone.
7:37 pm
January 20, 2016
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Loonie said
How would someone from the younger generation buy a new car or real estate, then? Can you get money orders or certified cheques online?
Yes you do (or over the phone) and they will mail it to you
Loonie said Do they all have safety deposit boxes inside their homes or rental units?
No they do not... maybe this is the only advantage... I really don't have what to keep in a safety deposit box but maybe others do Also there is a hardship to deposit foreign currency!
I had US$500 cheque and it was impossible to deposit it at Tangerine except by mailing it and I did not want to take the risk so I deposited it at PC and get it converted to CAD... next month I am travelling to US so I will have to buy US$
Loonie said I am a minimalist user of bricks and mortar services, but they serve a function, even for me. Every time I go in there, I have to line up, and almost everyone in the line is younger than me - sometimes everyone.
I am using PC for the last 15 years and I never had a problem for not having bricks and mortar services... on the contrary, those services made me lose money...
7:52 pm
January 20, 2016
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Brian said this promo was different than prior ones which now excludes bonus on new funds brought into the Chequing acct.
The above statement is valid for the base/or starting balance only... after that I will add: unless they are moved to an eligible (Savings) Account!
Money existent in a chequing account on May 31 and moved to savings are indeed not getting the bonus interest but this can not be true afterwards as many people have to use the chequing account to bring new money! I will call them tomorrow to confirm, last night their website was down for maintenance and therefore today the phone lines were very busy!
8:06 pm
June 29, 2013
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Sure Miron bring new money into chequing but you need to transfer to savings to get bonus. New money left in chequing won't get bonus interest.
10:22 pm
April 2, 2015
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Seeing this thread, I logged into PCF to see I was offered the 1.75% deal too. I'll probably still activate it on my sub $100 balance 
I might move some money out of Tangerine when my 2% ends in less than 2 weeks. I just managed to get a EQ Bank account opened, so I've started the process of shuffling some funds over to EQ Bank from Tangerine via TD (as that's where I have it linked to EQ Bank and I have Tangerine linked to TD too) cuz at Tangerine, I've reached my 3 external account limit already 
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