Personal Finance

[PCF] President's Choice Financial HISA interest rate promos

  • Last Updated:
  • Apr 19th, 2017 8:33 pm
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Dec 16, 2012
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S5 wrote:
Apr 7th, 2017 10:05 am
Nope. Don't chase HISA promos in TFSAs.
I think sometimes it can make sense with chasing HISA in TFSAs, I got 2.81% which I put my CDIC limit into my savings account but I still have overflow so I will put it in my TFSA to get the 2.81% and to be CDIC insured on all my money.

I will be buying a place in the next 1-6 months so I will be draining my TFSA and won't be able to replenish my TFSA for the rest of the year. To me it just makes sense to use my TFSA even knowing in a few months I will be withdrawing it all and won't be able to contribute anymore this year.
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xiaobao wrote:
Apr 9th, 2017 2:19 pm
I think sometimes it can make sense with chasing HISA in TFSAs, I got 2.81% which I put my CDIC limit into my savings account but I still have overflow so I will put it in my TFSA to get the 2.81% and to be CDIC insured on all my money.

I will be buying a place in the next 1-6 months so I will be draining my TFSA and won't be able to replenish my TFSA for the rest of the year. To me it just makes sense to use my TFSA even knowing in a few months I will be withdrawing it all and won't be able to contribute anymore this year.
Pretty sure CDIC covers per customer, not per account.

If you've got $150,000 with CIBC with $100,000 of it being savings and $50,000 of it being in TFSA, only $100,000 (total) of your money is covered in case something happens. To have full coverage, you'd have to move the excess to another bank.
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Octavius wrote:
Apr 9th, 2017 2:28 pm
Pretty sure CDIC covers per customer, not per account.

If you've got $150,000 with CIBC with $100,000 of it being savings and $50,000 of it being in TFSA, only $100,000 (total) of your money is covered in case something happens. To have full coverage, you'd have to move the excess to another bank.
This is incorrect. It's per customer per account category (individual, joint, RRSP, ...)
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ace604 wrote:
Apr 9th, 2017 2:58 pm
This is incorrect. It's per customer per account category (individual, joint, RRSP, ...)
I stand corrected. Learn something new every day :)
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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. Not much you can do to get around it.
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.
Why bother with so much effort to link EQ at PCF when you can just easily add a PCF link (or two or three) at EQ using their Tangerine-style microdeposit verification system?
POLL: How many credit cards do you CARRY?
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...)
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ace604 wrote:
Apr 9th, 2017 3:00 pm
Why bother with so much effort to link EQ at PCF when you can just easily add a PCF link (or two or three) at EQ using their Tangerine-style microdeposit verification system?
They don't have a system like that from what I understand. The only way is to provide the cheque or stamped form. There wouldn't be a thread if OP could just do that.

Or did you mean OP should just use Tangerine?
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superfresh89 wrote:
Apr 9th, 2017 3:11 pm
They don't have a system like that from what I understand. The only way is to provide the cheque or stamped form. There wouldn't be a thread if OP could just do that.

Or did you mean OP should just use Tangerine?
EQ has microdeposit linking.

You can link up to 10 external accounts which is 7 more than Tangerine.

When they first started you had to use a cheque and the app to add a new linked account (which isn't an issue with PCF either since PCF gives you free cheques) but they added microdeposit style external account linking months and months ago so now it is even easier and you can link to accounts without cheques (like link directly to Tangerine savings accounts).
POLL: How many credit cards do you CARRY?
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 9th, 2017 3:00 pm
Why bother with so much effort to link EQ at PCF when you can just easily add a PCF link (or two or three) at EQ using their Tangerine-style microdeposit verification system?
Because then I can do "pulls" from EQB to PCF as well as "pulls" from PCF to EQB. Moving money out of PCF is such a pain otherwise because you have to phone in to do more than $50k. It's not the end of the world if I can't but I thought I'd ask. (FWIW TING's limit of 3 links is far more restrictive for my needs.)

And still no sign of PCF's response to TING's promo so this may all turn out to be moot in any case.
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bylo wrote:
Apr 9th, 2017 4:00 pm
Because then I can do "pulls" from EQB to PCF as well as "pulls" from PCF to EQB. Moving money out of PCF is such a pain otherwise because you have to phone in to do more than $50k. It's not the end of the world if I can't but I thought I'd ask. (FWIW TING's limit of 3 links is far more restrictive for my needs.)

And still no sign of PCF's response to TING's promo so this may all turn out to be moot in any case.
You have to phone PCF to push >$50k out of PCF is what I assume you mean??

Or do you mean if you try to pull >$50k out of PCF from the other bank's site (TNG or EQ) that PCF rejects it?

Or do you mean you have to phone EQ/TNG to pull >$50k from PCF?

Not clear :)

I think you can pull as much from PCF as EQ will let you (by very responsive online chat if their online site doesn't let you).
POLL: How many credit cards do you CARRY?
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 9th, 2017 4:12 pm
You have to phone PCF to push >$50k out of PCF is what I assume you mean??
Yup. Last time I called PCF to push money out (in late March) I spent something like half an hour on hold. Then the rep had to transfer me to a supervisor. Then I had to play an abbreviated version of 20 Questions to prove I really was who I said I was. Only then would they accept my instructions to move my money. I'm hoping to avoid all that in the future.
I think you can pull as much from PCF as EQ will let you (by very responsive online chat if their online site doesn't let you).
OK, that works for me too.

I was hoping to set up links in both directions for convenience but perhaps ultimately it's not necessary.
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[OP]
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wadesj wrote:
Apr 9th, 2017 4:34 pm
Why not use the free PCF cheques?
Because then you have to get the cheque to EQB. Mail can take a week. Mobile cheque deposit is instantaneous but if it's anything like other banks there's a relatively low daily limit like $5k or $10k.
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2 things.

1. AFAIK you can make unlimited 50k withdrawals from within PCF. I've withdrawn at least high six figures in a matter of minutes without ever phoning in. Unless something has changed recently there is no need to call. Just make sure you keep track of your transactions as they don't generally appear in the pending list.

2. Many(but not all) mobile cheque deposit limits are well into the six figures. PCF is a dollar shy of a million. I can't comment on EQB since I'm persona non grata there.
Newbie
Feb 24, 2017
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EQB has 25k limit on mobile cheque deposits. (Don't see anything stopping someone from using multiple 25k cheques. )

Actually what I did in this similar situation was use a 3rd bank account.
3rd Bank (initiate) <== EQB
PCF (initiate) <== 3rd Bank
Fire off interac e-transfers from EQB and the 3rd bank to PCF (Target)
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