Personal Finance

[PCF] President's Choice Financial HISA interest rate promo 01May-31OCT17 2%-2.5%

  • Last Updated:
  • Sep 14th, 2017 6:18 pm
[OP]
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[PCF] President's Choice Financial HISA interest rate promo 01May-31OCT17 2%-2.5%

The 2.25% interest rate promo ended 31Mar17. PCF has just posted the promotional part of the interest in our accounts.

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So far there's no indication if they'll have a promotion for the current quarter ending 30Jun17. However if they don't they risk losing deposits to TangerING and their up-to-3.21% promo.

H/T to ace604:
It seems PCF has sent e-mails to selected customers with the following offers. Still not as good as TangerING's 3.21% (for those who got that offer.)
2% Non-Registered Rate Offer Terms and Conditions (May 1, 2017 – August 31, 2017)
2.5% Non-Registered Rate Offer Terms and Conditions (May 1, 2017 – August 31, 2017)

H/T to kiwi1962:
PC Financial extends rate until October 31st.
Last edited by bylo on Apr 6th, 2017 2:34 pm, edited 3 times in total.
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62 replies
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LOL, I was trying to hit "page back" to see the thread history and then realized it's a new one. LOL.

Good job making one to keep track of this.

+1
POLL: How frequent is your RRSP-matching?
Plastiq: Pay any bill with credit card for 0-2.5% fee (help meet min spending and keep old cards active!)
Rewards program transfer times (e.g. SPG->Aeroplan, Marriott->SPG, Amex MR->SPG...)
[OP]
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ace604 wrote:
Apr 6th, 2017 4:43 pm
Good job making one to keep track of this.
I'm hoping PCF makes an offer that's worthy of keeping track. Last quarter they were 1% less than TING. I kept some token money with them for the quarter, then moved it over to EQ Bank at the end of March, hoping to trigger whatever algorithm they use to try to attract me back.

Incidentally when I tried to create a link at PCF to EQB they asked for the usual transit, branch and account numbers. Then they wanted an original voided cheque or a copy signed/stamped by a branch. Problem is that EQB doesn't issue "original" cheques and I'm not going to make a trip to downtown Tronno to get their "branch" to sign a piece of paper. It will be interesting to see how PCF/CIBC handles this.
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PCF would need to offer at least 2.5% to entice the 2 %ers away from Tangerine and EQ imo.
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Feb 11, 2009
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My money is right now in Tangerine TFSA making 0.8%

Do you think they might reimburse for the withdrawl fee?
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4seasonscentre wrote:
Apr 6th, 2017 8:27 pm
My money is right now in Tangerine TFSA making 0.8%

Do you think they might reimburse for the withdrawl fee?
Nope. Don't chase HISA promos in TFSAs.
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bylo wrote:
Apr 6th, 2017 5:20 pm
I'm hoping PCF makes an offer that's worthy of keeping track. Last quarter they were 1% less than TING. I kept some token money with them for the quarter, then moved it over to EQ Bank at the end of March, hoping to trigger whatever algorithm they use to try to attract me back.

Incidentally when I tried to create a link at PCF to EQB they asked for the usual transit, branch and account numbers. Then they wanted an original voided cheque or a copy signed/stamped by a branch. Problem is that EQB doesn't issue "original" cheques and I'm not going to make a trip to downtown Tronno to get their "branch" to sign a piece of paper. It will be interesting to see how PCF/CIBC handles this.
You can't link your EQ account unless you get that paper lol. Not much you can do to get around it.
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Apr 17, 2014
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I am on pins and needles waiting for the new PCF promo.
[OP]
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superfresh89 wrote:
Apr 8th, 2017 8:21 am
You can't link your EQ account unless you get that paper lol.
I assume you know this from experience.
Not much you can do to get around it.
If we mail PCF's form to EQB, asking them to sign/stamp it, do you think they'd do that? Ideally they'd then mail it to PCF but even if EQB just mailed it back to us we could forward it on to PCF.
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bylo wrote:
Apr 8th, 2017 1:48 pm
I assume you know this from experience.

If we mail PCF's form to EQB, asking them to sign/stamp it, do you think they'd do that? Ideally they'd then mail it to PCF but even if EQB just mailed it back to us we could forward it on to PCF.
There is no PCF form. All they want is either an MICR encoded cheque, or a stamped pre-authorized debit form from the other bank.

You'd have to get in touch to see if EQ can provide such a document.
[OP]
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superfresh89 wrote:
Apr 8th, 2017 1:52 pm
You'd have to get in touch to see if EQ can provide such a document.
No need to do that. EQB's website can produce a standard "void'' cheque, with MICR printed transit, branch and account number on the bottom, that customers can print at home.
There is no PCF form. All they want is either an MICR encoded cheque, or a stamped pre-authorized debit form from the other bank.
On PCF's website after you provide PCF's website with the transit, branch and account number of the to-be-linked account they take you to a page that asks you to send either a voided cheque or PAD form from the linked FI. I'm thinking of printing that page, signing it and including the voided cheque from EQB in a mailing to PCF. That should be sufficient for a rational institution. But PCF/CIBC is a lot less than rational. In the past they rejected a pre-printed cheque of mine because I'd moved and put an address sticker over the old address.

If they don't accept what I'm proposing (perhaps because the voided cheque isn't a real cheque?) I'm wondering if they'll accept it if I get an officer at EQB to sign and stamp it. Or more generally, has anyone managed to get PCF to link to an EWB external account?
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bylo wrote:
Apr 8th, 2017 2:27 pm
No need to do that. EQB's website can produce a standard "void'' cheque, with MICR printed transit, branch and account number on the bottom, that customers can print at home.

On PCF's website after you provide PCF's website with the transit, branch and account number of the to-be-linked account they take you to a page that asks you to send either a voided cheque or PAD form from the linked FI. I'm thinking of printing that page, signing it and including the voided cheque from EQB in a mailing to PCF. That should be sufficient for a rational institution. But PCF/CIBC is a lot less than rational. In the past they rejected a pre-printed cheque of mine because I'd moved and put an address sticker over the old address.

If they don't accept what I'm proposing (perhaps because the voided cheque isn't a real cheque?) I'm wondering if they'll accept it if I get an officer at EQB to sign and stamp it. Or more generally, has anyone managed to get PCF to link to an EWB external account?
That's exactly what PCF wants from EQ. I haven't heard of anyone successfully setting up accounts for transfer with PCF without either having an actual cheque, or a stamped void cheque.
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superfresh89 wrote:
Apr 8th, 2017 2:39 pm
That's exactly what PCF wants from EQ. I haven't heard of anyone successfully setting up accounts for transfer with PCF without either having an actual cheque, or a stamped void cheque.
That is correct. PCF will NOT link the account unless the form is stamped by the other bank (like a teller stamp) or you have a pre-printed void cheque (an actual cheque, not the form)

I had to print that form and order cheques from a 3rd party printer at a cost of $30 just to get the 1 cheque I needed to link the account to PCF.

So annoying that PCF is stuck in 1998.
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Shawguy wrote:
Apr 9th, 2017 9:14 am
That is correct. PCF will NOT link the account unless the form is stamped by the other bank (like a teller stamp) or you have a pre-printed void cheque (an actual cheque, not the form)

I had to print that form and order cheques from a 3rd party printer at a cost of $30 just to get the 1 cheque I needed to link the account to PCF.

So annoying that PCF is stuck in 1998.
Yup, I agree. Last time, I sent out my printed void cheque from RBC and they rejected my request to link. I don't use the RBC account much, just that I have RBC DI account so I need to have money in/out sometime. I am not going to pay $50 for some cheques so I could link the account. It's their loss as I linked it with EQ & Tangerine instead. I am also not too crazy about their bonus interest offer - they won't pay till at least 7 days after the period ends. Sometime they missed it and I had to call in to get the money paid. If it's 2.14% vs. 2% at EQ, I would go to EQ no question about that
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mkl38s wrote:
Apr 9th, 2017 9:24 am
Yup, I agree. Last time, I sent out my printed void cheque from RBC and they rejected my request to link. I don't use the RBC account much, just that I have RBC DI account so I need to have money in/out sometime. I am not going to pay $50 for some cheques so I could link the account. It's their loss as I linked it with EQ & Tangerine instead. I am also not too crazy about their bonus interest offer - they won't pay till at least 7 days after the period ends. Sometime they missed it and I had to call in to get the money paid. If it's 2.14% vs. 2% at EQ, I would go to EQ no question about that
All you needed to do was go to RBC and have a teller give you a printed void cheque and apply their stamp to it... Why would you need to spend money on cheques?

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