Personal Finance

PC Financial held my money for too long?

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  • Dec 11th, 2005 2:19 pm
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Deal Addict
Aug 2, 2003
2699 posts
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Toronto
I signed up with them and i thought it was standard for all banks. I was previosly banking with scotia bank, and they require a 6 business day hold on all deposts over $200.

PC is exactly the same, a 6 business day hold for anything over $200 drposit thru the ABM.

Again, they told me its UP TO 6 business days. Ive had money orders and cash clear within the next business day. Depends if you depoited your money into a standalone ABM, or a branch ABM. standalone ABM (such as lablaws) scheduled to do a pick up everyother day as compared to same day pick up at the branch.

Aside from that, I wouldn't want to join icici bank becuase they don't have too many bank machines to take out money.
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Nov 4, 2005
233 posts
Toronto, Ontario
I first signed up with PC as the only incentive was it was free banking. But the problem was they hold all of my money for friggin 5 business days which is inconvient for me because once I get my paycheques I gotta use some of the funds to pay bills etc... then I went to TD (MUCH BETTER SERVICE) and bam I am able to access $500 of the deposit in the ABM and the rest of it is on hold for 5 business days. You gotta love TD, better service, longer branch hours and sometimes they are willing to re-imburse service charges :D
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Dec 7, 2004
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MARINE BETTA wrote:I first signed up with PC as the only incentive was it was free banking. But the problem was they hold all of my money for friggin 5 business days which is inconvient for me because once I get my paycheques I gotta use some of the funds to pay bills etc... then I went to TD (MUCH BETTER SERVICE) and bam I am able to access $500 of the deposit in the ABM and the rest of it is on hold for 5 business days. You gotta love TD, better service, longer branch hours and sometimes they are willing to re-imburse service charges :D
you can get the same or better results with citizens bank.
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Sep 13, 2005
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Ottawa
MARINE BETTA wrote:I first signed up with PC as the only incentive was it was free banking. But the problem was they hold all of my money for friggin 5 business days which is inconvient for me because once I get my paycheques I gotta use some of the funds to pay bills etc... then I went to TD (MUCH BETTER SERVICE) and bam I am able to access $500 of the deposit in the ABM and the rest of it is on hold for 5 business days. You gotta love TD, better service, longer branch hours and sometimes they are willing to re-imburse service charges :D
You can get that at a lot of banks. I got up to $3000 cleared from my PC account and just $500 with my BMO if I deposit a $7000 cheque (not that I ever would. Gotta love direct deposit!). TD has good hours but BMO's in my areas are opened till 8pm on Thurs. and to 3pm on Saturdays. There are some banks trying to compete with TD's long hours. If you're paying bills why don't you just use online banking to pay them. I use it and it's great. Less hassel and just as good as paying in cash.
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Nov 4, 2005
233 posts
Toronto, Ontario
philelmo wrote:you can get the same or better results with citizens bank.
nah I do not trust those unknown or small banks
Deal Fanatic
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Apr 1, 2001
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MARINE BETTA wrote:nah I do not trust those unknown or small banks
Citizens bank = Vancity
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Nov 4, 2005
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Toronto, Ontario
Arrow wrote:Citizens bank = Vancity
nah never heard of them, I rather bank with the big guys, at least I can sleep well at night knowing my money is not going elsewhere.
Deal Addict
May 19, 2003
3674 posts
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Holds are standard procedure for every bank. It all depends on your credit/client history. When I first got my PC bank account I used to get the 5 day holds too but I had immediate access to the first $300 of any cheque. I just recently found out that I now have no holds up to $20k!! You just have to prove yourself as a good customer.
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Jun 9, 2005
1919 posts
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Calgary
I dont think any of you understand the reasoning behind holds on accounts. When an account is opened the bank system checks the credit bureau for your credit history. The banker who sets up your account has no input on what your holds and limits are, you get whatever is sent back from the bureau. They simply send a code and PC/TD/CIBC/RBC/etc have their own holds/limits associated with each code.
Holds are not only for the bank to verify cheques. Banks will hold cash as well to make sure that whatever u say you deposited is actually in the envelope. If you have good credit history, you can get up to 20,000 available to you immediately upon deposit through the machine (cash/cheque/whatever). This is because the bank/bureau know what you've got a good history and thus can be trusted. You can be trusted to enter 15k on the machin and actually have that 15k in the envelope you deposit. If someone is not trusted or do not provide enough info to be verified by the bank, then they will have a 10 day hold on ATM deposits. This is simply so that you dont press 20k on the machine, deposit an empty envelope, and withdraw 20k from the machine.

How to get good holds/limits:
Provide your home (landline) phone number when opening the account - Your credit bureau file is connected to your home phone (landline). City fido ppl will have trouble with this. You will need to provide two utility bills and a cell phone bill connecting that cell phone to your address.
Provide the correct postal code - Again, credit bureau identifies u based on ur postal code. If u get this wrong, they'll think you dont exist.
Give your legal first and last names - John does not equal Johnny when it comes to the credit bureau. If you have perfect credit under John Doe and you tell the banker ur name is Johnny Doe, then the credit bureau cannot find you again.
Provide your sin number - okok, i know there are some reservations about this one. Banks can never legally ask you for your sin number. you never NEED to give it to them. Banks use the sin number for two things: First, if you earn interest in excess of 50 dollars per year it must be reported to taxes. Secondly, if you provide Johnny Doe instead of John Doe, then the sin number ensures that the credit bureau can still find the correct file.
This one is hard to avoid, but dont have bad credit - pretty self explanatory, no?.

The only reason PC has 10 day holds and you dont see those kinds of holds anywhere else is because they dont have hard locations and thus the amounts of cash deposited must all be taken to certain central locations in order to be counted. PC will save you money. Just make sure that the bureau can identify who you are.
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Jun 9, 2005
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Calgary
ohh, yea.. and regarding an increase in your holds/limits.
If you constantly make correct deposits in the machine (ATM deposits, not transfers or whatever). You prove to the bank that what you deposit is actually there. This allows you to call in after each six month period and get your limits improved.

MARINE BETTA wrote:nah I do not trust those unknown or small banks
Presidents Choice Financial is now directly controlled by CIBC.
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Oct 15, 2002
17278 posts
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matradley wrote:My funds were instantly available when I made my first deposit to PCF. Even now, when I use machines, there's no hold on my funds.
Same, no problems here. Just a daily ATM withdrawal limit of $1000.
Member
Jan 18, 2005
408 posts
83 upvotes
MARINE BETTA wrote:nah never heard of them, I rather bank with the big guys, at least I can sleep well at night knowing my money is not going elsewhere.
Never heard of them? Been under a rock lately? BTW, your money is going somewhere else...into the big banks shareholder pockets. Keep paying the fees, I like my stock dividends to keep growing. :lol:
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Aug 26, 2005
3434 posts
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Coquitlam
ehh, just an update:

My avaliable balance is still showing at $0.xx with some interest on it, but the huge deposit is still not cleared after 5 days.
Deal Addict
Nov 21, 2004
1267 posts
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Badger wrote:ehh, just an update:

My avaliable balance is still showing at $0.xx with some interest on it, but the huge deposit is still not cleared after 5 days.
I guess it's understandable for your first go around that they'll hold it since you don't have any balance in your account. Have you tried calling them to explain the situation?
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Sep 4, 2002
3050 posts
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Markham
My wife's account has a similar restriction as she didn't really have any credit history when she first signed up with them 5 years ago. Basically, they hold her deposits for 5 days before she has access to it.

Since I have a decent release amount she normally just asks me to deposit it into her joint account. We called in the other day to find out how she can get a release amount made available to her and they advised us that she should do some regular deposits (whether it be $5 or $500) every so often for the next 6 months and then call back.
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Jun 14, 2003
23140 posts
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That is why LOC comes in handy if you can have one. It is virtually no hold ... or not hold up to your LOC limit. Deposite the cheque to LOC and take out the money if you need to. Of course, this only assume you want the money right the way. And no LOC interest will be charged.
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Nov 4, 2005
233 posts
Toronto, Ontario
PurpleTiger wrote:Never heard of them? Been under a rock lately? BTW, your money is going somewhere else...into the big banks shareholder pockets. Keep paying the fees, I like my stock dividends to keep growing. :lol:
So what if I have been under the rock? If you ask anyone out on the street if they have heard about Citizens Bank, I almost assure you 95% will say no. and btw I don't pay fee's with TD, I get get free banking with TD.
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Jun 14, 2003
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MARINE BETTA wrote:So what if I have been under the rock? If you ask anyone out on the street if they have heard about Citizens Bank, I almost assure you 95% will say no. and btw I don't pay fee's with TD, I get get free banking with TD.
Same here. I won't touch Citizens. I don't pay fee with CIBC and I get free banking with CIBC.

I asked a question a while ago in another thread. Nobody answered that question. Let me try again here.

For those who use these branchless banking, how do you deposit cash to your account? Says, somebody gives you $1000 in cash ($20, $5, $10 dollar bills). How are you going to deposit it? Use ATM?
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Jun 9, 2005
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Calgary
gman wrote:Same here. I won't touch Citizens. I don't pay fee with CIBC and I get free banking with CIBC.

I asked a question a while ago in another thread. Nobody answered that question. Let me try again here.

For those who use these branchless banking, how do you deposit cash to your account? Says, somebody gives you $1000 in cash ($20, $5, $10 dollar bills). How are you going to deposit it? Use ATM?
Well for PC, you can deposit it into CIBC, Amicus, of PC machines. All of the deposits are done thru the ATM.

For those of you who say you dont pay fees, what kind of minimum do you keep in your account? Keeping a minimum is the same as paying a fee to me. It's money that you do not have access to, but also you're gaining little, if any, interest on it. You can take that money and deposit it into a savings account paying 2.3% at PC and make a fair amount of money on it. The opportunity cost of the free banking you're getting there is the interest you're giving up to keep the minimum :P. Yes, i DO work at PC. lol
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Jun 14, 2003
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Nuprapture wrote:Well for PC, you can deposit it into CIBC, Amicus, of PC machines. All of the deposits are done thru the ATM.
Well, that's the problem. I don't trust deposit cash to ATM. And, the ATM will not be able to swallow $1000 in cash in one shot.

Also, based on the people who is actually counting cash from ATM, her advice is NEVER use ATM to deposit cash. Those 'two people to double check' theory is a theory. When something goes wrong (and as she said that happens often than one would expect), somebody else will lose money ... and not her department.

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