PC transfer delay | Simplii Financial | Discussion forum

Welcome, GMH! Sorry it took so long for you to get our attention.

I have no personal experience with PC as I have not liked a lot of their fine print in the past.
However, I would agree that it's a poor excuse that doesn't make much sense. I see no difference between ATM and online - unless, of course, your security system isn't very good.

I envision a marketing opportunity for one of the better-run banks or CUs, with slogan, "Sleeping well at night?... Do you know where your money is?"

I have long complained about PC Financial's transfer process. You could not, at my last attempt, initiate a transfer "today". You had to initiate it for "tomorrow".

All the other online banks I use for transfers allow transfer setup for "today" and often the funds arrive "tomorrow".

One needs to decide if the "one extra day hassle" is outweighed by the other benefits of PC Financial.

GS

I suppose one could always go up the ladder of the bank complaints process, as it is obviously not a one-off problem.
Every bank has an official complaint chain. I have sometimes gotten good results with this. Perhaps you can persuade them to change their systems. I would ask for a reimbursement of missing interest and some PC points as compensation for the inconvenience and stress caused by having your money disappear. You should decide in advance how many points you want to ask for. I got about $150 worth of points from another bank once, and I don't think the error was as grievous as having my money disappear. I would think that would be a very alarming situation.

How do you know, James1900, that they won't loan it out? Just curious. Maybe you have some inside info?
Seems to me that while they may SAY they don't loan it out, how do we know what they really do, unless they are somehow prohibited legally from doing so?
Other banks do provide the interest, that much we do know.

I'm sure the banks are all very aware of whatever the incidence of failed transfers is, so, theoretically, they could loan out the percentage that normally does succeed, which I would expect to be the vast majority.

For what it's worth I've been using e-banking, starting with ING and including PC Financial, right from the beginning. I make a fair number of transfers every month and never have had a single problem. Whether it takes a day or two more, don't really notice or care - probably most people the same. (Though everybody's anal about something, I guess - I don't use banks hq'd in B.C. because I don't want my money where the big quake's coming.)