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Email this5:38 am
October 21, 2013
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... or you'll be "singing the blues"...
http://globalnews.ca/news/2082.....stomer-45/
6:47 am
October 27, 2013
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I believe the title of this thread is an unfair knock on one institution. The computer algorithm process would (should) apply at any bank. Without overdraft protection, any overdraft is an NSF. What should it do otherwise? Simply deny the transaction?
8:34 am
September 17, 2014
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A Cent is a Cent it's not a physical Penny
Some reporter looking for a lame story. These types of reports are the same ilk as Goldhawk are shysters themselves often the stories are contrived, misleading, have manipulated and incorrect details, or details that are intentional excluded, which is deceptive yet the headlines get peoples attention sells the story etc.. After all banks are evil and should never charge fee's period. The "victims" on the other hand do seem to be using this to get attention to their just released new CD - hmmm Scratch Scratch
Years ago I was charged the fee for a mistake I made. As it was the FIRST and ONLY time I made this mistake, I called them up humbly admitted my mistake then asked if there was anything they could do, they graciously credited the $45 back to me.
If the fee is ever charged to me and it is my fault again, I will take responsibility for it fully expect to be charged the fee.. Simple
Makes me wonder how good of a customer they have been. Perhaps they have had NSF's in the past.
Better to pay a cent more then a cent less and become penny less
9:38 am
September 11, 2013
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AltaRed, I agree, title is unfair to PCF, should say "watch your pennies when you bank". From my point of view, I've had an account at PCF since almost day one and have had nothing negative happen at all during that time. This lady seems to be the type that 1) doesn't accept responsibility for her actions (someone else is to blame) and 2) instead of having the courtesy to talk face-to-face makes an "end run" via social and/or mainstream media (common form of lack of courage these days). SlowPoke, I've had exactly the same experience when I made a mistake, for a day letting an account go under the minimum monthly amount to avoid fees, and my bank also gave me a second chance. People are always reasonable if you take the time to be courteous and acknowledge your own part in any error.
10:44 am
July 10, 2011
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As far as I'm concerned that's standard policy across the board except Tangerine. Shout out to the Whoops protection!
11:06 am
December 23, 2011
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It does not matter who you are or what you do. A financial obligation must be met. I have an account, elsewhere, that has oops protection and think it is $5. If your not covered for overdraft and you have insufficient funds shouldn't you know ahead of time what your financial institutions policy is?
2:03 pm
October 21, 2013
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Contrary to popular opinion, this post was not intended to slam PCF. I considered this, and felt it would not be right. If this had been my intention, I could have made that quite clear by suggesting that PCF had been unfair, which I did not.
I offered no editorial comment on the article. I thought the point was clear, but now I'll spell it out.
The point was twofold: (1) to show people the implications of inconsistent policies which may be confusing to some people, between the mint (which doesn't produce pennies), merchants which round them off, and the banks, which count them regardless; and, (2) to point out that the policy at PCF is to penalize people to the tune of $45 if they are short even a penny. Other banks may charge more, less, or nothing for such small amounts - I have not researched this and did not comment on it.
Tangerine, at least, makes it clear that in some respects pennies don't matter, as they will verify account links by sending a penny or even TWO pennies to a client's external account. and they don't bother to take it back later. Yatti420 suggests they may also have a more relaxed policy regarding such minor shortfalls, but I have not looked into this.
NOTE: "At least" means that I don't know what the others do.
You are all free to decide if you think these are good or fair policies.
Complaining about the title is over the top.
Good grief!
3:52 pm
October 27, 2013
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Loonie, this discussion applies to any number of financial institutions and is of value to our members in a broader context, not just those with PC Financial accounts.
That aside, at a macro level, every account holder needs to understand the account's Terms and Conditions and fee schedule. Bottom line is there are really 2 basic choices. The financial institution: 1) imposes an NSF charge for 'shorting' an account, or 2) refuses the transaction. Yes, one can argue a financial institution should let it go if it is a 'few cents' but where do they draw the line? 10 cents? $1? $100?
3:55 pm
July 10, 2011
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Tangerine Whoops protection is up to 250$ I think.. It's only for bill payments and pre authorized transactions and cheques.. You pay them back within 30 days and its free.. Even if you go past thirty days the fee is reasonable like 2.50$ I think..
A recent transaction has caused your Account to be overdrawn. No need to worry, though. We've provided you with free 30-day Whoops! Protection to cover your overdrawn amount.
Whoops! Protection is free for 30 days, but you must bring your balance back above $0 by 23/07/2015 to avoid paying a $2.50 late charge and to keep your Account in good standing. Keep in mind that the $2.50 charge will be charged to your Account for every 30 days that your Account is overdrawn.
5:52 pm
October 27, 2013
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I'd say that is very generous of Tangerine. First I have heard of anything like that.
7:18 pm
October 21, 2013
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I think you're saying that this thread is useful, AltaRed. Feel free to mention it in a thread that may apply more broadly, as you suggest.
Now that I think of it, all the BigBanks I have dealt with have some form of overdraft protection - I think it's around $500. I have never used it, and it is not something I have given any thought to.
Kudos to Tangerine for following a more client-friendly policy, and thanks to Yatti420 for pointing this out. If I'd realized the discussion was going to move in this comparative direction, I might have posted this thread in a different sub-forum.
5:11 pm
September 17, 2014
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Loonie of course those were the initial points, but there was so much more ;_)
As a side note after PCF credited the NSF back to me, I bit my pride and signed up for overdraft, thankfully it has not been needed ever. At ING I did let whoops protection kick in just to see what would happen.
Wonder how many CD's they sold given their free plug
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