PC Financial no fee bank account vs TD value plus (student) account..should I switch

[deeplove]

I'm currently with TD...I'm considering changing to PCF if they have good customer service for the following reasons:

1)free cheques
2)no min. balance (no fees)
3) maybe i'll also open and deposit some money into a "President's Choice Interest Plus" account to earn some interest. So, the no-fee account and the PC interest plus are different account??

so, basically PC exists at every loblaws? how's PC's customer service?

[emperorrotm]

CS is excellent. They are serviced by CIBC personnel on the phone, and every loblaws store has a pavillion that has at least on person on duty from 8 till 6 EVERYDAY OF THE WEEK, including holidays that the loblaws store is open. So if your bank is closed on the civic holiday, PC bank is open cuz loblaws stores are open that day!

[hozer]

When I was first looking for an account, I actually went first to TD because it was at the same intersection and was a bigger bank. I spoke with one of the reps and mentioned PCF and asked what she thought. She flat out said "We just can't compete with them", although this only applies to student type accounts. Perhaps the answer would have been different for business etc..

I've been with PCF for almost a year, no problems so far, 4% interest is nice, and the online banking site is decent though there could be a lot of improvement.

[lofidelity]

Keep in mind that you can't withdraw money using an ATM from your high interest savings account, nor can you transfer money using an ATM. It's a major pain when you have to remember to keep money in your chequing account, or else you can't get your money out at an ATM.

[Jucius Maximus]

so, basically PC exists at every loblaws? how's PC's customer service?

Shopping at Loblaws doesn't get you extra points unless you buy certain PC products featured in the (free) PC Insider Magazines.

However you do earn 10 points for every dollar spent on the PC MasterCard and 5 pts for every dollar on Interac (regardless of the store.)

Also note that for the interest Plus account you need minimum $1000 in the account to get high interest (on the entire balance.)

[Thalo]

"We just can't compete with them"

Sh*tty sales rep. Of course we can compete with them. We have branches and way better customer service.

I hardly ever see anyone in those pavilions at Superstore (Alberta Loblaws).

[red120]

Yeah, I think PCF is much better for that kind of usage. Keep in mind there's a lot you can't do with PCF, such as wire transfer, USD accounts, etc.

But for everyday use, it's fine... you can use the CIBC ATMs as well, so it's very convenient. And it's way too expensive to keep money at TD for their 1500 limit for no fees - the interest is pitiful, so you're losing about fifty bucks a year.

[Thalo]

All depends on what you need in a banking relationship, and you get what you pay for.

$3.45/mo for 25 transactions is a pretty good deal, considering you could do all 25 transactions full service, at a teller. If each one takes on average 5 minutes, that's 125 minutes of teller time, 2hrs at $15/hr, you're costing the bank $30 just on teller salary, not including overhead and whatever other variable costs may be included.

Of course, if your banking needs only require ABM, online, and debit transactions then PCF is a better deal.

The FSR who said "we can't compete with them" should be fired. That's like BMW saying they can't compete with Hyundai.

[red120]

Although we don't know what the OP's requirements for teller use are, I'm guessing it's closer to 4-5 a month. Just a wild guess, but I think it's reasonable - a weekly deposit of some sort, which can actually be done through an ATM as well, although many people are understandably reluctant to do so. It still does add up to a substantial opportunity cost (annual fee + lost interest).

Of course, as a TD employee you may have a different perspective, and I respect that as well. I agree that different people have different preferences, but I think the trends are swinging in no-fee banking's favour.

[aksher]

When I was first looking for an account, I actually went first to TD because it was at the same intersection and was a bigger bank. I spoke with one of the reps and mentioned PCF and asked what she thought. She flat out said "We just can't compete with them", although this only applies to student type accounts. Perhaps the answer would have been different for business etc..

I've been with PCF for almost a year, no problems so far, 4% interest is nice, and the online banking site is decent though there could be a lot of improvement.

I have checked with PC Financial (as of 2 years ago anyways, when I needed to open one), and they didn't allow business accounts.

[tk11]

Honesty should be applauded. Why get so defensive? You want only lies from your CSR? TD cant compete with PCF period for students or ppl who want interest. Nobody can compete with PCF's interests rates, and TD has among the lowest (its literally a joke). So if you want to defend your TD please give us legitimate reasons as to why it can actually compete with PCF. Also who the f goes to the teller 125 times a year.

[elty]

If you can't even keep the $1000 limit for TD, then by all mean switch.

You can always continue using your chequeing account in TD but still apply a interest account in PCF.

[elty]

Honesty should be applauded. Why get so defensive? You want only lies from your CSR? TD cant compete with PCF period for students or ppl who want interest. Nobody can compete with PCF's interests rates, and TD has among the lowest (its literally a joke). So if you want to defend your TD please give us legitimate reasons as to why it can actually compete with PCF. Also who the f goes to the teller 125 times a year.

Number of TD branch: over 1000
Number of PCF branch: 0

But, if branch is not important for you, then PCF is more "competitive".

[M-e-X-x]

Sh*tty sales rep. Of course we can compete with them. We have branches and way better customer service.

I hardly ever see anyone in those pavilions at Superstore (Alberta Loblaws).

lol... superstore and loblaws are so different in terms of layout... we have superstores out here too :p

[Thalo]

To be honest, I'm a totally self directed banker. I use machines and internet banking almost exclusively. I go into the branch 5 days a week because I work there, but otherwise I do maybe 1 or 2 branch transactions a year. Whenever I see a huge throng of people in our teller line on first friday of the month (usually a very busy day) I joke to my colleagues that I bet 90% of the transactions these people are here for could be accomplished on the web/telephone or by direct deposit.

If I didn't have a free staff checking with TD I'd probably be with PCF. But then again, that's not for everybody. Some people have sh*tty credit and need to make their deposits at a teller if they have any hope of it not being held for a week. Some people are old and just don't know how to use the internet, or they're young and just irrationally paranoid of their account being "put on the web". These people need full service banking and there is no one out there that can compete with TD's hours, service and branch network.

So, saying TD can't compete with PCF is like saying BMW can't compete with Hyundai.

[hozer]

I mentioned it was for students, not old people who can't use the internet. The majority of students can and probably would be fine with just a PCF account. ATMs are connected to CIBC which I believe the network is just as large as TD. The interest is at least 2 times better (guess) though might require some juggling depending on how much cash you hold.

The problem is people don't take the time to research, they just sign up for things that look good. The rep from TD offered me a good deal but I knew there could possibly be a better one so I checked.

[brunes]

Shopping at Loblaws doesn't get you extra points unless you buy certain PC products featured in the (free) PC Insider Magazines.

However you do earn 10 points for every dollar spent on the PC MasterCard and 5 pts for every dollar on Interac (regardless of the store.)

Also note that for the interest Plus account you need minimum $1000 in the account to get high interest (on the entire balance.)

You only get PC points on Interac purchases made at Loblaws stores - not any store.

[nchopra]

just note in terms of customer service for PCF they have no monitoring by people as the cheque clearing process appears to be all automated - here's what i mean...make sure you always have enough funds in your chequing account for EFT and cheques you've written to the penny (i mean to the penny) - i know someone who had an insurance payment (EFT) get returned because his chequing account was $1.33 short - so he was charged by the bank ($35) and also his insurance company ($25) - at the other banks, someone at the bank would have observed this and used some discretion and likely not returned the EFT NSF - not much sympathy was given - oh yah, he is a customer of PCF for many years

[*Lady*]

I have the TD value plus account right now.

I'm not too crazy about the minimum required amount to waive the monthly fee...
There are no cheques.

However, there are monthly statements to your house and monthly interest.

But I'm sure you knew all this already.
I'm not crazy about this plan... but my whole family has always been with TD Canada Trust, so I had never considered switching.

[Cas77]

just note in terms of customer service for PCF they have no monitoring by people as the cheque clearing process appears to be all automated - here's what i mean...make sure you always have enough funds in your chequing account for EFT and cheques you've written to the penny (i mean to the penny) - i know someone who had an insurance payment (EFT) get returned because his chequing account was $1.33 short - so he was charged by the bank ($35) and also his insurance company ($25) - at the other banks, someone at the bank would have observed this and used some discretion and likely not returned the EFT NSF - not much sympathy was given - oh yah, he is a customer of PCF for many years

Why didn't he have overdraft protection?? It's free for everyone...unless you use it then the fees are minimal.

You're holding the bank accountable for his bad planning?

[mrtron]

Number of TD branch: over 1000
Number of PCF branch: 0

But, if branch is not important for you, then PCF is more "competitive".

Number of times I have visited a branch in the last 10 years: 0

Elty....you seem mildly biased about this subject. What good reason would someone have today to visit a bank branch? Who really can bother going there during 9-5 when you are working anyways?

[mrtron]

Why didn't he have overdraft protection?? It's free for everyone...unless you use it then the fees are minimal.

You're holding the bank accountable for his bad planning?

Not to mention that this would occur at ANY bank if he didn't have overdraft protection...

As you mentioned, overdraft protection is a must since it is free!

[elty]

Number of times I have visited a branch in the last 10 years: 0

Elty....you seem mildly biased about this subject. What good reason would someone have today to visit a bank branch? Who really can bother going there during 9-5 when you are working anyways?

Am I suggesting you have to visit your branch at least 10 times a month? No. In fact, you are the one who is biased by assuming everyone doesn't need to visit a branch. I just stated if you don't need the branch, then PCF is a better choice, how hard is it to understand that?

And TD operates 8 to 8, not something like RBC or Scotia from 9:30 to 4.

[grant]

so, basically PC exists at every loblaws? how's PC's customer service?
You can't do money stuff @ loblaws... all they'll do is walk with you to the ATM and help you do stuff there. Or lend you their phone so you can call phone banking.

I love PCF. Definitely go with them unless you require branch service.

I use a B&M bank for my business banking, which costs me $5-$10/mo, but they always release holds on my big cheques ($100,000 etc.) etc.

[Shadow Rider]

Go with PC, as a student you won't be visiting the branch at all for ANY kind of service. And its much better to start building a relationship with a bank now then four years later when you're looking to switch to a no-fee bank since you'll probably eventually go to them for a mortgage.

[Jucius Maximus]

You only get PC points on Interac purchases made at Loblaws stores - not any store.

I stand corrected ... you USED to be able to get points on Interac at any store.

[arnyk]

Check out RBC's free student chequing account. I switched from TD and I've been pretty happy so far, excellent terms with account manager will get you "perks". Although I will admit, I'm working full time and if I have to head to the branch after work, it's always closed (4PMish) - TD's 8AM-8PM hours rocked.

[tkyoshi]

Check out RBC's free student chequing account. I switched from TD and I've been pretty happy so far, excellent terms with account manager will get you "perks". Although I will admit, I'm working full time and if I have to head to the branch after work, it's always closed (4PMish) - TD's 8AM-8PM hours rocked.

Yeah I love TD's hours, I personally like walking into a branch and talking to someone. I also like not having to go to the bank during lunch break or rush in after work. In fact, I hear TD is increasing hours at some branches that didn't open late previously and they are increasing Saturday to 8a - 4p (it is 9a - 3p right now). Like you said, once you get to know people you can get some "perks" and have them bend the rules sometime.

Yes their savings account sucks but that's why you open up a PCF Savings account as well. Also yes they have slightly higher fees and no free banking (without min balance) but I mean they have to pay for the extra hours somehow.

BMO and RBC both have free student banking package which gives you an in-between solution of having a full service bank with no minimum balance and monthly fee.

If you don't need to go into branch at all then yes PCF should fit you nicely. It all depends on what kind of customer you are.

[jeeva86]

Yeah I love TD's hours, I personally like walking into a branch and talking to someone. I also like not having to go to the bank during lunch break or rush in after work. In fact, I hear TD is increasing hours at some branches that didn't open late previously and they are increasing Saturday to 8a - 4p (it is 9a - 3p right now). Like you said, once you get to know people you can get some "perks" and have them bend the rules sometime.

Yes their savings account sucks but that's why you open up a PCF Savings account as well. Also yes they have slightly higher fees and no free banking (without min balance) but I mean they have to pay for the extra hours somehow.

BMO and RBC both have free student banking package which gives you an in-between solution of having a full service bank with no minimum balance and monthly fee.

If you don't need to go into branch at all then yes PCF should fit you nicely. It all depends on what kind of customer you are.

+1, I'm on the Value Plus account and I don't mind paying the fee, although I try to save anywhere I can, but nothing beats 8-8 service.

There are reasons that one has to go to the teller and not a machine/telephone to bank. Since when do deposits in the machine be withdrawn immediately? Of course if you already have the amount it wouldn't matter but since the OP is a student, I'm sure he doesn't want to wait 5 days for his deposits. Since the student fee is just $3.45, you might as well get the teller transactions from 8-8.

[tkyoshi]

+1, I'm on the Value Plus account and I don't mind paying the fee, although I try to save anywhere I can, but nothing beats 8-8 service.

There are reasons that one has to go to the teller and not a machine/telephone to bank. Since when do deposits in the machine be withdrawn immediately? Of course if you already have the amount it wouldn't matter but since the OP is a student, I'm sure he doesn't want to wait 5 days for his deposits. Since the student fee is just $3.45, you might as well get the teller transactions from 8-8.

Yup! I'm lucky enough to be able to maintain the minimum balance. However there have been times where I have gone under. You know when you have a bill and your paycheque isn't out yet. Besides, for me personally I'm always a bit wary of depositing large amounts (especially cash) into the machine.

Since I go in often, I know most of the people and they are usually nice enough to refund the account fee which is awesome. Of course this only happens once in awhile, but still it's nice to know they care about you and it's not always about taking your money.

[Hairball]

I'd recommend keeping a TD account somehow, using the cheapest way possible. They have the longest hours, and a lot of branches, it's a blessing when you need a real teller service.

Every once in awhile I get a USD cheque, and I go to the teller to do it. Sometimes you just have to do something that PC can't do for you.


I keep about $1000 in my TD chequing, and the rest of my money goes into PCF savings, with a little bit in my no fee chequing for day to day stuff.

[BadDrafter]

Sh*tty sales rep. Of course we can compete with them. We have branches and way better customer service.

I hardly ever see anyone in those pavilions at Superstore (Alberta Loblaws).

Alberta Loblaws? What the hell is a Loblaws?

[Hairball]

Alberta Loblaws? What the hell is a Loblaws?

Superstore is the brand that Loblaw Companies Co (the parent company of Loblaws, Superstore, President's Choice etc...) uses in the western provinces. In Ontario, the main stores are mostly Loblaws, although Superstore seems to be opening up here too.

I used to work at LCL, and we had to deal with all these brands, it was really confusing!

[jeeva86]

I don't think all loblaws have a PCF pavillion. Someone correct me if I'm wrong.

[tkyoshi]

I don't think all loblaws have a PCF pavillion. Someone correct me if I'm wrong.

It depends what you mean. Here in BC we have Superstore, Extra Foods, Super Valu, etc... all owned by Loblaws.

Only Superstore's have PCF Pavilion and ATMs. The rest have PCF advertising but no bank machine/pavilion.