Qualities to think about before opening a PC Account | Page 2 | Simplii Financial | Discussion forum

Steve in Milton said:

I'm surprized by this conversation. I've been with PC for 9 years and to the best of my knowledge have only had one problem which was very understandable.

I've never suffered from an unexpected hold. Maybe that's because I keep a reasonable amount in my savings account with them.

As for the one day delay in transferring money out of a savings account, I think it's common to other on-line banks. I know it's the same for ING.

I transfer money from PC to/from ING and RBC (using ING as the starting point) and have never had to wait more that 2 business days (usually none if the transfer is scheduled at least a day in advance of the transfer date). To avoid last minute timing problems I pay all my bills (and write the odd cheque) from a PC LoC account. The only charges are for interest and if you cover any advance in a day or two, the interest is minimal. (10% interest (way more than they charge) on $1000 amounts to less than 30 cents a day).

I'd say PC is the best all-around banking I've found, and I'm a stickler for low/no fee banking with high interest.

My reply to this post is most answered in my previous post, but to add I'll say this.

ING Does not offer Cheques to my knowledge, so you could not setup a Link within PCF. Therefor whenever you want to transfer between ING and PCF, you have to do this from the ING Side. Furthermore, if you setup a transfer (within ING) to grab funds from PCF to ING, ING would place a hold on these funds (again 5-10 business Days).

Same goes with RBC. RBC does not have a Bank-To-Bank Transfer option. Any transfers (regardless of TO/FROM) has to be done from the PCF Side. If you told PCF to grab funds from RBC to PCF, PCF would hold these funds for 5-10 business days).

The positive side to these holds is that you will still obtain interest (actually on both ends). Example: I log into ING and tell ING to grab funds from PCF to ING. ING will credit your account with these funds the very next day. Holds will be placed on it, but you still get interest, and since it will take a few days for the funds to be debited from your PCF Account, you will still be gaining Interest during this period.

djino

Selby said:

I think the reason it still makes little sense is that I have never had a problem with PCF. When I signed up I recall the one day delay that was requited to transfer funds--so I do things one day ahead. If I have to move money from one "real" bank to another I do that via PCF and don't see any problem there either. So no the complaint makes no sense to me.

Calling an account HIgh interest at about 1%--that is a problem.

This discussion isn't a complaint against PCF, its not even a complaint period as this 5-10 day hold period is something that is implemented with ALL Canadian banks (while waiting for funds to clear the sending bank account).

Again you are not following the discussion. It is NOT about when Funds appear in the receiving bank account (as I agree, they usually appear the very next day). Its about the HOLDs placed on the receiving funds (when Bank-To-Bank Transfer is initiated from the Receiving end) which NOT only happens with PCF, but with HSBC, Citizens, ING, etc - All Canadian banks.

To understand, test this out. Log into ING. Request that ING transfer funds FROM PCF to ING. Your result will be that the funds will be credited to your ING account the next day, but that you WILL NOT be able to withdraw these funds (assuming $0 Balance Before) until 10 Business Days.

Assuming that you now understand the background of this discussion. We were then talking about ways to avoid this HOLD (its not making any complaints against PCF or any other bank) via ATM Deposits.

djino
"*sigh*"