Personal Finance

PC Money - Launched 09/14/2020

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May 7, 2007
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Shadow Rider wrote: Need PCF to bring some competition to Tangerine.
Hopefully ...

... I was at Real Canadian Superstore (in Winnipeg) again on Sunday ... was solicited to get PCF MC ... told the rep that I already have WE one ... and then asked him if it's true that PCF Bank / bank accounts etc coming soon.

He didn't tell me when, but he confirmed to me that it's indeed true.

And according to this guy, when i asked him about Savings, Chequing, Prepaid card ... -- he said all of these is coming ... and will be happening, lol :)

We'll see I guess.
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Jul 16, 2019
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Darkman wrote: And according to this guy, when i asked him about Savings, Chequing, Prepaid card ... -- he said all of these is coming ... and will be happening, lol :)
I'll be surprised if they offer a chequing account and a prepaid credit card. These two things have a lot of overlapping functions, so it would be confusing to offer both.
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Jul 13, 2014
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Shadow Rider wrote: Need PCF to bring some competition to Tangerine.
.... Simplii?

I've ditched Tangerine for Simplii and couldn't be happier. PC Bank is just a bonus.
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Sep 5, 2017
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MayorOfToronto wrote: .... Simplii?

I've ditched Tangerine for Simplii and couldn't be happier. PC Bank is just a bonus.
Just wondered what made you twitch from tangerine? I'm with simplii but debated tangerine too
Member
Jun 28, 2011
463 posts
140 upvotes
VANCOUVER
I work right across the street from a Superstore and I dropped by during my lunch hour and chatted with the PC MC rep who signed me up for my PCF MC.
He confirmed that PC will be offering a chequing account and that customers will earn points using the debit card. He said that most likely there will not be a savings account offered but definitely a chequing and no fees. (presumably no fees for interac transfers or cheques)
Existing PCF MC holders can just sign up without having to go through a credit check.
I'm rather stoked about earning points using my debit card. He wasn't sure about whether or not there would be bonus points offered but that would be great.
The date is September 14 which confirms an earlier post with the same date. Countdown is on!
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Apr 16, 2020
379 posts
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travelandshoppingwoman77 wrote: I'm rather stoked about earning points using my debit card.
Why? If you already have the PCF MC I doubt the rates on the debit card would be competitive...
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pawprints86 wrote: Just wondered what made you twitch from tangerine? I'm with simplii but debated tangerine too
1000000000x better interface (both the app and website)

There are other reasons as well but that was the one that really made me switch over. Both Simplii's app and website are sooooo much better, cleaner, more professional looking and don't take 14 years to load up.

Tangerine looks like it was put together by a hipster college student.
Kneader wrote: Why? If you already have the PCF MC I doubt the rates on the debit card would be competitive...
Exactly. Rates are likely going to be similar to or worse than before when they had their bank with CIBC.

If you have even just the regular MC, you'd earn better rates than the debit card.

If the MC gives you 1 point per dollar, the debit card will probably be half a point.
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Newbie
Dec 26, 2007
64 posts
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Durham
pawprints86 wrote: Just wondered what made you twitch from tangerine? I'm with simplii but debated tangerine too
I switched to Tangerine from Simplii when it rebranded from PC Financial, and have been pleased with every interaction.

I find their app and website to be OK! And speed of EFTs to be fast enough.

I still have a Simplii account for a rainy day, but don’t miss them.
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Mar 23, 2004
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Markham
someweirdo wrote: I'll be surprised if they offer a chequing account and a prepaid credit card. These two things have a lot of overlapping functions, so it would be confusing to offer both.
Yes, pretty sure it's only one of them, but likely a combination of both - prepaid credit card with chequing account functions :lol:
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Sep 6, 2018
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angel_wing0 wrote: Yes, pretty sure it's only one of them, but likely may be a combination of both - prepaid credit card with chequing account functions :lol:
I'd love if they introduced a direct competitor to EQ, a zero-fee hybrid chequing-savings at 1.7% interest (or similar) plus convenient ATM network/partner, free cheques, and PCO points on all debit purchases (including CTFS MC payments for example.) Is that too much to ask?? 🤣🤣🤣
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Dec 3, 2017
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Well whenever this chequing account launches the PC Financial ATMs won't be that good for deposits as there is no way to deposit at ATM.
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aweawea wrote: I'd love if they introduced a direct competitor to EQ, a zero-fee hybrid chequing-savings at 1.7% interest (or similar) plus convenient ATM network/partner, free cheques, and PCO points on all debit purchases (including CTFS MC payments for example.) Is that too much to ask?? 🤣🤣🤣
Probably...we can hope.
jacnel wrote: Well whenever this chequing account launches the PC Financial ATMs won't be that good for deposits as there is no way to deposit at ATM.
My guess is they might work with CIBC ATMs, here's more hoping.
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angel_wing0 wrote: My guess is they might work with CIBC ATMs, here's more hoping.
Doubtful. That's Simplii territory. Why would CIBC let a competitor use their network and ATMs?
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May 19, 2005
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Earth
What would actually make people switch to PCF if they already had Simplii? I used to be on ING then switched to old PCF/Simplii due to the convenience of access to CIBC bank machines and grocery stores. Not sure that's going to be an issue now since we're more cashless than ever. I say this knowing full well that many asian places still only take cash (or prefer it).

Higher interest savings could be attractive. Some people still want to talk to someone, so having pavillions in stores could be another advantage over SImplii. I like the idea of a simple hybrid account; relatively high interest on your balance, free chequing features, and if you go negative, it's your line of credit. Earning points on your savings/chequing would also be appealing.

Actually I'd be happy if they just allow me to alias name all the accounts easily on the web and in an app.
Some people just don't get that online forum posts shouldn't always be taken seriously.


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Aug 5, 2006
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Jonavin wrote: What would actually make people switch to PCF if they already had Simplii?
More frequent savings account rate promos. Simplii has a May-October 6 month offer dead zone PCF can exploit with offers.
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MayorOfToronto wrote: Doubtful. That's Simplii territory. Why would CIBC let a competitor use their network and ATMs?
They used to be partners. And if Loblaws allow CIBC to use their ATMs inside their stores (BIG if), I believe they can work something out. As I said, just pure hope.
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May 19, 2005
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angel_wing0 wrote: They used to be partners. And if Loblaws allow CIBC to use their ATMs inside their stores (BIG if), I believe they can work something out. As I said, just pure hope.
There was a reason why they split in the first place. You might see a different bank in there but I doubt that CIBC ATMs will be back in Loblaw banner stores.
Some people just don't get that online forum posts shouldn't always be taken seriously.


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Jan 18, 2003
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after all these years, unless you don't manage well with credit, never understood the logic of using a debit card over a cc (unless the retailer doesn't accept cc)
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Sep 6, 2018
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Ducky wrote: after all these years, unless you don't manage well with credit, never understood the logic of using a debit card over a cc (unless the retailer doesn't accept cc)
Me either, but it's been a battle to get my parents off cash & debit and onto a cashback CC. They feel like they have "no money" when they can't whip out a wad of cash to pay and tip at a restaurant or hair salon for example... Everyone has different systems and habits for their finances and it's tough for some older folks to adjust, even if it seems like such a trivial switch for us whippersnappers.

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