Personal Finance

PC Financial is slow to deposit money

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  • Apr 16th, 2015 8:57 am
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Sr. Member
Aug 14, 2013
548 posts
51 upvotes
Montreal, QC

PC Financial is slow to deposit money

I set up several EFT from Tangerine to PC Financial in order to profit the 2.6% promotions, however, I found that PC is slow to deposit my money, even if they already deducted money from Tangerine.
The balanced is changed, but the available balance is not ready yet.
18 replies
Deal Addict
Jan 2, 2013
1640 posts
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Mississauga
Works the same the opposite direction too, probably just "processing time".
Banned
May 12, 2004
9756 posts
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Ottawa
apoorv wrote: Works the same the opposite direction too, probably just "processing time".
Not in my case.

I agree with the OP; In my sample of 100ish transfers over the years big and small Tangerine -> PC takes longer to show up than PC -> Tangerine.

Who's fault that I don't know...
Deal Fanatic
Jan 21, 2014
8518 posts
6261 upvotes
1 day lag I think where you get no interest
Deal Guru
Dec 11, 2008
13066 posts
3756 upvotes
Are we saying it takes a while to show up in PC account or its not "available" longer?
Sr. Member
Jan 23, 2009
946 posts
1932 upvotes
Ontario
if it wasn't for the PCF interest rate promo I will never deal with them

-BAD CSR
-slow process
-promo interest rate payout take one month after promo ends
-transfer to chequing from saving take one day

Tangerine much much better and very nice services all arround
Deal Fanatic
User avatar
Jun 3, 2006
9103 posts
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12 days north of Hop…
My deposits usually show up immediately, but it's the hold that kills everything.

I got the 2.6% via the website popup, but still on the fence if I should move because of this.
Deal Expert
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Feb 24, 2008
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Gatineau
MrAmex wrote: I set up several EFT from Tangerine to PC Financial in order to profit the 2.6% promotions, however, I found that PC is slow to deposit my money, even if they already deducted money from Tangerine.
The balanced is changed, but the available balance is not ready yet.
How are you making this Bank Transfer?

If you are logging into your Tangerine account and Pushing funds to PCF, then the delay you see makes sense.

If you are logging into your PCF account and pulling funds from Tangerine, then you should see the funds immediately (well at the beginning of the day in which the scheduled transfer is to occur).

djino
Deal Addict
Aug 31, 2014
1505 posts
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YVR, BC
MrAmex wrote: I set up several EFT from Tangerine to PC Financial in order to profit the 2.6% promotions, however, I found that PC is slow to deposit my money, even if they already deducted money from Tangerine.
The balanced is changed, but the available balance is not ready yet.
what did you expect with "free banking"?
Sr. Member
Aug 14, 2013
548 posts
51 upvotes
Montreal, QC
I did the transfer from whthin PCF, that is PCF pulls money from Tangerine. After they deduct my money from Tangerine, they still don't give it to me via the available balance.

djino wrote: How are you making this Bank Transfer?

If you are logging into your Tangerine account and Pushing funds to PCF, then the delay you see makes sense.

If you are logging into your PCF account and pulling funds from Tangerine, then you should see the funds immediately (well at the beginning of the day in which the scheduled transfer is to occur).

djino
Sr. Member
Aug 14, 2013
548 posts
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Montreal, QC
Maybe I will stop using PCF when the promotion is over.
604nation wrote: what did you expect with "free banking"?
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Feb 24, 2008
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MrAmex wrote: I did the transfer from whthin PCF, that is PCF pulls money from Tangerine. After they deduct my money from Tangerine, they still don't give it to me via the available balance.
If your current balance shows the funds from the Tangerine transfer, but the available funds do not, this is because your pcf initiated transfer is subject to your pcf release limit.

You will still be entitled to the interest rate on the current balance. Basically, your funds are on hold for I believe 5 business days.

Had you initiated the transfer from within Tangerine to push funds to pcf, that transfer would not be subject to any holds as it be treated like any other pre authorized credit (payroll deposit, etc.).

Djino
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Aug 23, 2006
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MrAmex wrote: I set up several EFT from Tangerine to PC Financial in order to profit the 2.6% promotions, however, I found that PC is slow to deposit my money, even if they already deducted money from Tangerine.
The balanced is changed, but the available balance is not ready yet.
OP is right. Even if you deposit cash bank is slow. And the web interface is atrocious.
Deal Expert
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Feb 24, 2008
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sandeeS wrote: OP is right. Even if you deposit cash bank is slow. And the web interface is atrocious.
It's not an issue of the bank being slow, but an issue of his deposit being held. His current balance will reflect the transferred funds, his available balance will reflect the hold on the deposit.

Djino
Deal Guru
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Mar 1, 2004
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Pickering
mkl38s wrote: 1 day lag I think where you get no interest
Class action lawsuit. I wants me money. They'd ask the same...
Sr. Member
Aug 14, 2013
548 posts
51 upvotes
Montreal, QC
I think this is what happened exactly for me. Just wonder why PCF holds my money for 5 business days.
How about other banks, do they all hold for 5 business days?
djino wrote: You will still be entitled to the interest rate on the current balance. Basically, your funds are on hold for I believe 5 business days.
Djino
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Feb 24, 2008
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MrAmex wrote: I think this is what happened exactly for me. Just wonder why PCF holds my money for 5 business days.
How about other banks, do they all hold for 5 business days?
Tangerine also holds for 5 business days. RBC I believe holds for 1 business day. I can't speak for others.

But your objective should be to seek a higher release limit (instead of seeking a bank with a shorter hold period). My PCF release limit is $1000. My Tangerine release limit is $5000. This means any deposits I make up to that release limit are NOT held and would have access to do as I wish with it immediately after deposit. Amounts above the release limit are held for whatever the hold period is for that bank. Banks are willing to increase release limits based on your deposit history with that bank.

But as I also mentioned in my prior post, if you would have logged into your Tangerine and initiated the transfer to PCF from there (or just sent a simple Tangerine Email Money Transfer to yourself and inputted your PCF account info), PCF would not have held anything. Its only when you use the receiving bank to grab funds from an external source, is where the transfer will be subject to your release limit/holds.

djino
Sr. Member
Aug 14, 2013
548 posts
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Montreal, QC
Thanks djino.
How to know the hold limit? I can not see anything in my account.
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Feb 24, 2008
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MrAmex wrote: Thanks djino.
How to know the hold limit? I can not see anything in my account.
Just call them up and ask them how much you are able to deposit without holds? If you consider that low, ask what can be done to increase that limit.

djino

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