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PC Financial bank draft

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  • May 30th, 2012 5:52 pm
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Newbie
Mar 24, 2005
29 posts

PC Financial bank draft

Anyone have any experience with PC Financial money orders or bank drafts?

I know they say it takes 5-7 business days for receipt, but I'm just wondering if anyone out there (in the Toronto area specifically) can confirm how long it has taken to receive one from PCF. I'll need one for a down payment on a home, and the closing date is next week (the 26th). I might have to make alternate arrangements to get my money.

EDIT:
Answered my own question. For $20, they'll wire the money to CIBC and I can pick up a bank draft from them (CIBC) immediately (usually within 24 hrs). It's a little more costly than a regular bank draft, but at least I can sleep at night.
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Dec 11, 2005
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bucho wrote:
Jun 16th, 2008 9:43 am
Anyone have any experience with PC Financial money orders or bank drafts?

I know they say it takes 5-7 business days for receipt, but I'm just wondering if anyone out there (in the Toronto area specifically) can confirm how long it has taken to receive one from PCF. I'll need one for a down payment on a home, and the closing date is next week (the 26th). I might have to make alternate arrangements to get my money.

EDIT:
Answered my own question. For $20, they'll wire the money to CIBC and I can pick up a bank draft from them (CIBC) immediately (usually within 24 hrs). It's a little more costly than a regular bank draft, but at least I can sleep at night.
Unless you specifically need a bank draft, you may find it is quicker, simpler, and cheaper to just buy a money order from Canada Post for the amount you need via Interac.
To be nobody but yourself - in a world which is doing its best, night and day, to make you everybody else - means to fight the hardest battle which any human being can fight; and never stop fighting. -- E. E. Cummings
Member
Dec 4, 2007
216 posts
East
The OP was referring to requiring a cheque for a downpayment on a house. That would have been one inexpensive home....as the max for money orders is $999.99...
brunes wrote:
Jun 16th, 2008 10:52 am
Unless you specifically need a bank draft, you may find it is quicker, simpler, and cheaper to just buy a money order from Canada Post for the amount you need via Interac.
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Apr 5, 2006
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Kanata
bucho wrote:
Jun 16th, 2008 9:43 am
EDIT:
Answered my own question. For $20, they'll wire the money to CIBC and I can pick up a bank draft from them (CIBC) immediately (usually within 24 hrs). It's a little more costly than a regular bank draft, but at least I can sleep at night.
Correct. Don't depend on it taking 24 hours though (unless things have changed at PCF recently). I believe they say that it can take up to a couple of days to get the money. To save yourself some stress, do what I did and order the bank draft 3-4 business days before closing and pick it up at your nearest CIBC branch.
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upupnorth wrote:
Jun 16th, 2008 11:37 am
The OP was referring to requiring a cheque for a downpayment on a house. That would have been one inexpensive home....as the max for money orders is $999.99...
You realize you can buy more than one...
To be nobody but yourself - in a world which is doing its best, night and day, to make you everybody else - means to fight the hardest battle which any human being can fight; and never stop fighting. -- E. E. Cummings
Member
Nov 26, 2003
472 posts
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Toronto
I had to get a bank draft twice for the closing of my home (once for the deposit and the other for the remainder of the down payment) and I got both within the same day. All that I did was to state that I needed the draft on the same day in the afternoon and I was transferred to a supervisor/manager. They were able to put the requests through without incident. So it's possible to get them the same day. But if you have some lead time then you'll likely get it the next day or thereafter.
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Jan 27, 2004
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Then quickly deposit the money into a b&m bank.
5 days standard clearing time. By then the funds will be cleared and you can buy a draft off the bank for $6.50ish
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UrbanPoet wrote:
Jun 16th, 2008 6:16 pm
Then quickly deposit the money into a b&m bank.
5 days standard clearing time. By then the funds will be cleared and you can buy a draft off the bank for $6.50ish
Why would you order a draft, deposit it only to re-order it again?
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brunes wrote:
Jun 16th, 2008 6:46 pm
Why would you order a draft, deposit it only to re-order it again?
He means transfer the money to a B&M bank (i.e. Via Cheque - free with PCF, or EFT) and then buy the draft at the B&M bank when you are ready.

I guess assuming you have an account at a B&M bank already.
[OP]
Newbie
Mar 24, 2005
29 posts
I'll definitely have a few days notice, and the PCF rep. made it sound very possible to have a bank draft in my hands, the same day it's ordered. I'm not too worried now that I have this option. I was cringing at the thought of 5-7 business days for a bank draft to be mailed. 1-2 days is far more manageable.
Member
Aug 8, 2005
418 posts
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Toronto
I have ordered a few drafts through PCF.. some notes from my experiences:

-They're open 24/7 and can take bank draft orders at any time. Call right away when you know you need it, as waiting till they open the next day might delay you by one business day.

-There is a cutoff time each day (noon? can't remember). If you get it in by that time, it will be done a day sooner.

-Ask them to put a rush on the order. If you are nice to them, they will mark the draft order "rush" and it will get there faster

-It can be delivered to ANY branch of CIBC in Canada. You can have the draft appear at the branch in your office building, near your home, or where you're travelling. I was once in Alberta for a week, and had the draft sent to the branch next door to where I was working.

-I have never had to wait more than 2 business days for a draft. I think their company line is "3-5 days" but it never takes that long. The rush order draft was ordered at 8:30am and the CIBC branch called me at 2pm the same day to say it was ready!

-Give them your cell # as they pass it on to CIBC. You'll get a call when the draft is ready. By using your cell number, you'll know right away and can usually pick the draft up faster (don't have to wait till you get home and check the message).

Hope this helps!
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Apr 23, 2008
451 posts
Edmonton, Alberta
It seems like so much hassle, though! In general, why not just open an LOC with a B&M bank, use the LOC balance to buy the draft and then repay the LOC with a PCF cheque? This may not be possible for a sum as large as a down payment, but for smaller drafts (like for car purchases), that would be the route to take, IMO.

(Or, of course, one could pay the couple bucks a month to use a real bank, for your peace of mind. Have to squeeze in my B&M advocacy somewhere ;) !)
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this is why.... even if you only use virtual banks/credit unions, you should get an account @ a b&m bank.

All major banks have a basic 'savings' account where you get 1 or 2 free transactions per month.
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Aug 8, 2005
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Do you guys really get that many drafts that paying a fee makes sense?

I thought so at first too, but it turns out I've only requested 3 drafts in 8 years.

And it's not like I ever needed a large amount of $ and didn't have 2-3 days notice! Even for a house or car purchase, a deposit is left and you have more than enough time to get the funds together.

I just make a quick phone call to PCF and the local CIBC branch calls when the draft is ready. I go in, show my ID, sign for the draft and leave in 30 seconds or less.

It's way easier and faster than waiting for some teller to get multiple approvals on a bank draft and verifying all of my info all over again (check ID, client card, etc, etc.)
Member
Dec 4, 2007
216 posts
East
Fully agree. Have had PCF for 8 years or so and no problems....
BHA1 wrote:
Jun 17th, 2008 12:48 pm
Do you guys really get that many drafts that paying a fee makes sense?

I thought so at first too, but it turns out I've only requested 3 drafts in 8 years.

And it's not like I ever needed a large amount of $ and didn't have 2-3 days notice! Even for a house or car purchase, a deposit is left and you have more than enough time to get the funds together.

I just make a quick phone call to PCF and the local CIBC branch calls when the draft is ready. I go in, show my ID, sign for the draft and leave in 30 seconds or less.

It's way easier and faster than waiting for some teller to get multiple approvals on a bank draft and verifying all of my info all over again (check ID, client card, etc, etc.)
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