Personal Finance

PC Financial reports 73 cents as late payment

  • Last Updated:
  • Oct 11th, 2017 3:03 pm
Deal Fanatic
Mar 24, 2008
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Op, have you considered suing them over this? :facepalm:
vkizzle wrote:
Apr 17th, 2017 9:07 pm
If you only knew how important your credit report plays.
There's another member being quoted high insurance premiums on his home, though no fault of his own; due to a low score.
Really? :lol:
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Aug 24, 2016
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604nation wrote:
Apr 17th, 2017 9:35 pm
unfortunate but they did send a statement or letter likely - it's irrelevant that the amount be .01 cent or .73 cents you dismissed the letter, which was there reminder to you.
Nobody is denying that, including the OP.
All he asked was for a goodwill, as a good customer.
I don't think that's too much to ask, but clearly others believe it is until the shoe is on the other foot of course.
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Apr 11, 2006
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Interest is charged daily and calculated monthly. Don't people understand they need to overpay and then claw back the positive balance after monthend interest charge?

Just move on OP. It's a score. You'll recover.
Sr. Member
Oct 21, 2014
650 posts
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Burlington, ON
psyko514 wrote:
Apr 18th, 2017 1:23 pm
The reporting is correct and factual. It will not be removed unless PCF falsely claims that it was a reporting error on their part.
Yes, but that is not the point. It is nonsense to take such extreme action over $0.73. Would it not have been better to just forgive such a minuscule debt, as it cost them much more to track it down, and far more in loss of good will? What exactly does the bank gain from this activity, other than to showcase it's poor judgement?

That is a good way to get a bad reputation. Thanks for the heads up OP, I know to avoid these guys in the future. Penny wise and pound foolish.
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Gungnir wrote:
Apr 21st, 2017 7:57 am
Yes, but that is not the point. It is nonsense to take such extreme action over $0.73. Would it not have been better to just forgive such a minuscule debt, as it cost them much more to track it down, and far more in loss of good will? What exactly does the bank gain from this activity, other than to showcase it's poor judgement?

That is a good way to get a bad reputation. Thanks for the heads up OP, I know to avoid these guys in the future. Penny wise and pound foolish.
There's no judgement of bad decisions being made here as there's no people involved. Everything is done automatically. It's all very black & white and unemotional. OP was late, they reported the OP late.

The rules in the account agreement doesn't have a "close enough is good enough" clause so there shouldn't be an expectation of getting any leeway.
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Oct 21, 2014
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Burlington, ON
CanadianLurker wrote:
Apr 21st, 2017 8:40 am
There's no judgement of bad decisions being made here as there's no people involved. Everything is done automatically. It's all very black & white and unemotional. OP was late, they reported the OP late.

The rules in the account agreement doesn't have a "close enough is good enough" clause so there shouldn't be an expectation of getting any leeway.
Okay. If you want to bank that way, then by all means. I'd rather work with a more reasonable bank and I would imagine that others who lives in the real world would rather the same. Personally, I would not conduct myself in such a senseless manner in dealing with others, and I expect no less from my bank as they must display sound judgement. If we were taking about $100, that would be a different story. Further, automation is not really an excuse, management should be in charge of machines, not the other way around.

HSBC has called me and made contact once when I had a somewhat similar issue with a credit card and we worked it out without extreme actions. Had they taken an action such as PCF did, the relationship would have been lost. The only ones harmed in that scenario would have been the bank itself, as banks relationships can be very easily replaced in this country.

Destroying relationships and goodwill over trifling amounts of money and not following up with customers is folly, avoid it in both business and personal endeavors.
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May 9, 2009
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Gungnir wrote:
Apr 21st, 2017 9:13 am
Okay. If you want to bank that way, then by all means. I'd rather work with a more reasonable bank and I would imagine that others who lives in the real world would rather the same. Personally, I would not conduct myself in such a senseless manner in dealing with others, and I expect no less from my bank as they must display sound judgement. If we were taking about $100, that would be a different story. Further, automation is not really an excuse, management should be in charge of machines, not the other way around.

HSBC has called me and made contact once when I had a somewhat similar issue with a credit card and we worked it out without extreme actions. Had they taken an action such as PCF did, the relationship would have been lost. The only ones harmed in that scenario would have been the bank itself, as banks relationships can be very easily replaced in this country.

Destroying relationships and goodwill over trifling amounts of money and not following up with customers is folly, avoid it in both business and personal endeavors.
So you believe that someone should manually review all these accounts and either make courtesy calls or proactively write off small balances? Are you prepared to accept higher fees as a consequence?

PCF is a low-cost banking option. They accomplish this in part by reducing their overhead. If you want to be coddled by a big bank, you should do business with a big bank. It's not even clear if PCF has lost the OP's business as a consequence let alone anyone else's business because of this.
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Oct 21, 2014
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Burlington, ON
psyko514 wrote:
Apr 21st, 2017 12:32 pm
So you believe that someone should manually review all these accounts and either make courtesy calls or proactively write off small balances? Are you prepared to accept higher fees as a consequence?

PCF is a low-cost banking option. They accomplish this in part by reducing their overhead. If you want to be coddled by a big bank, you should do business with a big bank. It's not even clear if PCF has lost the OP's business as a consequence let alone anyone else's business because of this.
Yes, courtesy calls should be made. Think of it as inexpensive advertising, because it's far cheaper than destroying relationships over nothing. Anyway, we're talking about $0.73. All of this hyperbole about "higher fees" is invalid, because it cost them far more than $0.73 to deal with the situation.

Either way, it's not worth discussing because there are some people/organizations who really believe that extreme actions are justified if someone made a simple mistake, and that just because it is possible to nail someone to the wall over nothing you should do so. If that's your value system, then fine. It is not mine, nor my bank's or really anyone that I know, luckily for me. I avoid those kind of people and institutions like the plague. The OP has made his point, and I for one will not use PCF.

I hope no one at Tim Horton's double charges you, I can't imagine what you would unleash on such an unfortunate soul.
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Gungnir wrote:
Apr 21st, 2017 1:33 pm
Yes, courtesy calls should be made. Think of it as inexpensive advertising, because it's far cheaper than destroying relationships over nothing. Anyway, we're talking about $0.73. All of this hyperbole about "higher fees" is invalid, because it cost them far more than $0.73 to deal with the situation.

Either way, it's not worth discussing because there are some people/organizations who really believe that extreme actions are justified if someone made a simple mistake, and that just because it is possible to nail someone to the wall over nothing you should do so. If that's your value system, then fine. It is not mine, nor my bank's or really anyone that I know, luckily for me. I avoid those kind of people and institutions like the plague. The OP has made his point, and I for one will not use PCF.

I hope no one at Tim Horton's double charges you, I can't imagine what you would unleash on such an unfortunate soul.
Hyperbole about higher fees? The cost isn't limited to waiving the $0.73 charge. Do you think the labour required to make the call is free? What about the computer and phone used by the person making the call? How about the real estate their cubicle uses? The electricity to power that cubicle? The cost to the bank of this "courtesy" call could be somewhere around $15 for a 10 minute call.

Extreme actions? The actual impact to the OP's credit score is negligible at best, even less so considering how high his score was to begin with. You're making it sound as if someone at PCF intentionally decided to personally cause harm to the OP. The OP made a mistake and an automated system did what it was set to do. Why are you so insistent on shifting the blame to the bank when the OP is admittedly at fault?

Somehow, I'm sure PCF will survive without your imaginary business and they'll recover from this mega PR disaster.
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Oct 21, 2014
650 posts
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Burlington, ON
psyko514 wrote:
Apr 21st, 2017 3:13 pm
Hyperbole about higher fees? The cost isn't limited to waiving the $0.73 charge. Do you think the labour required to make the call is free? What about the computer and phone used by the person making the call? How about the real estate their cubicle uses? The electricity to power that cubicle? The cost to the bank of this "courtesy" call could be somewhere around $15 for a 10 minute call.

Extreme actions? The actual impact to the OP's credit score is negligible at best, even less so considering how high his score was to begin with. You're making it sound as if someone at PCF intentionally decided to personally cause harm to the OP. The OP made a mistake and an automated system did what it was set to do. Why are you so insistent on shifting the blame to the bank when the OP is admittedly at fault?

Somehow, I'm sure PCF will survive without your imaginary business and they'll recover from this mega PR disaster.
When the bank commits a mistake which happens from time to time, do you call your lawyer, or do you call them and work it out like a human being? If you feel like you deserve less from your bank than the courtesy you give to them, I'm sorry you feel that way. I do expect the same courtesy, and if a bank acted like this one time with me they'd be out the door. I have fairly significant investments and I'm sure any rational bank would rather do the right thing. Maybe it's because I have premiere with HSBC they treat me a bit better.

PCF didn't do this intentionally, they did it through automation and took a hard lane when the OP asked them to reverse it. That is pretty bad, and I'd dump them on the spot for it.

Also, my banking needs aren't imaginary. I do bank. I don't know why you would think someone does not use a bank.

I think we have to agree to disagree on this one. Guess it's one of those you get what you pay for things...
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Sep 9, 2012
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Gungnir wrote:
Apr 21st, 2017 4:20 pm
When the bank commits a mistake which happens from time to time, do you call your lawyer, or do you call them and work it out like a human being? If you feel like you deserve less from your bank than the courtesy you give to them, I'm sorry you feel that way. I do expect the same courtesy, and if a bank acted like this one time with me they'd be out the door. I have fairly significant investments and I'm sure any rational bank would rather do the right thing. Maybe it's because I have premiere with HSBC they treat me a bit better.

PCF didn't do this intentionally, they did it through automation and took a hard lane when the OP asked them to reverse it. That is pretty bad, and I'd dump them on the spot for it.

Also, my banking needs aren't imaginary. I do bank. I don't know why you would think someone does not use a bank.

I think we have to agree to disagree on this one. Guess it's one of those you get what you pay for things...
So, they should have a whole department of staff combing through accounts each day looking for minor issues that the customers have made themselves, and then proactively get in touch with the customer before there are consequences? Really? They have over 2 million customers by the way. And the bank didn't make the mistake, the OP made the mistake.

This issue was pretty egregious with a lady be a penny short on a payment and being charged $45 as a result.

http://globalnews.ca/news/2082941/a-pen ... stomer-45/

Lots of outrage, but ultimately it was her own fault and since the bank hasn't collapsed in the 18 months since this story ran (ie 1,000's of clients haven't left) I'd say most people don't have the same expectations that you have. Sad, but true.
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May 9, 2009
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Gungnir wrote:
Apr 21st, 2017 4:20 pm
When the bank commits a mistake which happens from time to time, do you call your lawyer, or do you call them and work it out like a human being? If you feel like you deserve less from your bank than the courtesy you give to them, I'm sorry you feel that way. I do expect the same courtesy, and if a bank acted like this one time with me they'd be out the door. I have fairly significant investments and I'm sure any rational bank would rather do the right thing. Maybe it's because I have premiere with HSBC they treat me a bit better.

PCF didn't do this intentionally, they did it through automation and took a hard lane when the OP asked them to reverse it. That is pretty bad, and I'd dump them on the spot for it.

Also, my banking needs aren't imaginary. I do bank. I don't know why you would think someone does not use a bank.

I think we have to agree to disagree on this one. Guess it's one of those you get what you pay for things...
You seem to think that the bank has the ability to undo what they've done and are refusing to do so. That's not the case, however. In Canada, derogatory information can only be removed from a credit report if it is incorrect. The OP missed a payment and PCF reported a missed payment to the credit bureaus. The only way for them to remove this from the OP's credit report is for PCF to lie to a third party and claim it was their mistake. No bank, regardless of what assets you hold with them, will lie to a third party on your behalf. I'd question any bank who would.

The mistake that OP made has consequences that cannot be undone. No amount of courtesy from the bank will change that. Having said that, the consequences in the OP's case are minimal and he stands to lose more in lost time than the bank does in lost business by pursuing the issue further.

I didn't say your banking needs were imaginary. Your banking relationship with PCF is imaginary. I doubt you've ever considered moving your banking you PCF and so this thread changed nothing for you.
[OP]
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Nov 18, 2002
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So to provide a brief update without delving into too much detail, after two escalations I did receive a call back from someone 'friendly' and knowledgeable in the matter. Without so much as saying my name I was told that I'm part of a not insignificant group of customers who have been affected by this. The matter has been escalated to head office for resolution. I won't hear anything until next week. I remain cautiously optimistic that PCF can remedy this.

It was acknowledged that this is a poor customer experience and customer treatment, and irrespective of technicalities the optics are not good for PCF.

Will update this should something occur.
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Mar 24, 2008
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Gungnir wrote:
Apr 21st, 2017 1:33 pm
Yes, courtesy calls should be made. Think of it as inexpensive advertising, because it's far cheaper than destroying relationships over nothing. Anyway, we're talking about $0.73. All of this hyperbole about "higher fees" is invalid, because it cost them far more than $0.73 to deal with the situation.

Either way, it's not worth discussing because there are some people/organizations who really believe that extreme actions are justified if someone made a simple mistake, and that just because it is possible to nail someone to the wall over nothing you should do so. If that's your value system, then fine. It is not mine, nor my bank's or really anyone that I know, luckily for me. I avoid those kind of people and institutions like the plague. The OP has made his point, and I for one will not use PCF.

I hope no one at Tim Horton's double charges you, I can't imagine what you would unleash on such an unfortunate soul.
This is exactly the kind of customer that no one needs. I think if it keeps a people like you away, I'd encourage more financial institutions to make these "mistakes". :lol:
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