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.