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Email this11:25 am
February 22, 2013
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OK -- so I couldn't find a better opposite of annoyance than pleasure.
As frequent readers will recall I am in the process of availing myself of PC Fin's bonus interest till May31st which will take their effective rate to 2%. I wrote about how the transfer had to be set one day in the future and when I went to look at it to confirm it was right the day before it was not displayed.
Today the money showed up. I moved $65,000 in and to my amazement and delight $20,000 of it is in an "available" state. (My total balance before the transfer was $0.33 and I am an infrequent customer so they weren't doing a "good customer" a favour.)
I had more money to move there but elected to do it in two stages so I wouldn't have all my available cash "frozen" by the banks hold period. I didn't need to do that.
I am also moving money from BMO to Ally to get it to PC Fin and 100% of that money is in a "hold" state.
So, while I whined about my "annoyance" with PC Fin I also wanted to express my "pleasure" with their
hold policy.
Greg
6:18 pm
December 12, 2009
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That's great, Greg. Curious, did you transfer funds to PC Financial from your other FI from within PC Financial's online banking or the other FI's?
If it was from the other FI's (in other words, the "transferring out FI"), then there should be "no holds" with any institution as this is done as a "direct deposit". If pulling money from the "transferring in" FI, there may be a hold period of a few days as this is done as a one-time/sporadic "pre-authorized payment" and the hold period would depend on the institution.
However, if you've done the transfer from the PC Financial side, that is indeed great news that they didn't hold the funds at all. 
Cheers,
Doug
11:14 pm
February 22, 2013
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Doug said
That's great, Greg. Curious, did you transfer funds to PC Financial from your other FI from within PC Financial's online banking or the other FI's?
[snip]
The March 8 transfer was pulled from RBC by PC Fin - $65k ($20k available and $45k still on hold this evening)
The March 11 transfer was also pulled from RBC by PC Fin - all $7k was available same day (this was my "ready cash" I didn't want held up for 7-10 days by a "hold".)
I also have a push in the works of a little over $20k from Ally to PC Fin that I don't expect a hold on. I used Ally to pull that amount from BMO and, interestingly, Ally did not put a hold on it, which surprised me. I doubt it is due to Ally knowing I am a "trusted" RBC client as the Ally/RBC letter was too generic and I also doubt they would bother coding it for the 90 days between the RBC/Ally close and the shutdown of Ally.
Greg
6:09 pm
December 12, 2009
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Interesting thoughts, Greg. Thanks for sharing! Sounds like PC Financial might have various "access to deposited funds"/"cashback" limits for EFT and/or ATM deposits based on you being a long-time client and/or your overall creditworthiness. My guess would be if you were to "pull" money to PC Financial over $10,000, it would be "held" for a standard 2-5 business days or so and perhaps amounts under $10,000 are given to you with no holds, based on what you've said.
Nonetheless, that is indeed great service of PC Financial - it's just too bad they don't allow you to make "same-day transfers" to your Interest Plus/Interest First savings accounts, eh? 
Cheers,
Doug
9:49 pm
February 22, 2013
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Doug said
[snip]
.... based on you being a long-time client and/or your overall creditworthiness.
[snip]
I am a long time client, but with less than $1.00 on deposit for years at a time. Overall creditworthiness? Granted, mine is excellent.
But as I said, $65k in, $20k released immediately. Another $7k in, all released. Just went and looked and the $45k balance is still "held". And, of course, the additional $20K+ that was pushed into PC Fin from Ally is all released.
Greg
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