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[PC Financial] 2 % interest on all NEW deposits till Oct 31

  • Last Updated:
  • Dec 1st, 2014 7:58 am
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Deal Addict
Jan 7, 2014
2722 posts
549 upvotes
Manitoba
Asker123 wrote: why would you need to close them? just pull every last cent out and thats it? they aren't any credit accounts so i guess you shouldn't be worried about closing those.
Sorry , answering my own query after checking the fee structure sent by the previous poster. they do have a fee if the account become inactive or dormant for 2 years.
the page is saying following
Inactive or Dormant chequing and savings accounts that have been inactive/dormant for 2 years or greater (up to 9 years): $20.00 each year
(charged starting the first January after 2 years of inactivity)

hence it is better to close them if you don't wish to keep them active. pls post here what you find about closing fee. thx
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Dec 25, 2012
5438 posts
4856 upvotes
Toronto
Asker123 wrote: Sorry , answering my own query after checking the fee structure sent by the previous poster. they do have a fee if the account become inactive or dormant for 2 years.
the page is saying following
Inactive or Dormant chequing and savings accounts that have been inactive/dormant for 2 years or greater (up to 9 years): $20.00 each year
(charged starting the first January after 2 years of inactivity)

hence it is better to close them if you don't wish to keep them active. pls post here what you find about closing fee. thx
Any idea if such fees exist for Tangerine? I can't seem to find it but curious.
Deal Fanatic
Jul 8, 2010
7578 posts
576 upvotes
York
zentro wrote: Any idea if such fees exist for Tangerine? I can't seem to find it but curious.
Or the big banks? Particularly Scotiabank,
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Jan 11, 2008
7816 posts
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GTA
dankup wrote: Or the big banks? Particularly Scotiabank,
Almost all, if not all, of the big banks charge dormant/inactive fees starting at 2 years and they'll send you a notice. After 10 years, the money is transferred to the Bank of Canada for holding. For Scotiabank, years 2 - 4 = $20 annual charge. Years 5 - 8 = $30 annual charge and year 9 is $40.

http://www.scotiabank.com/ca/en/0,,16,00.html
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Deal Addict
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Aug 3, 2009
2294 posts
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Nova Scotia
So I just transfer money from tangerine to my existing PCF and I get 2%? glossed the terms but it appears it must be in the savings account vs chequing?
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Sep 13, 2003
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HeChats wrote: ... calculated on the portion of the Eligible Account’s average daily closing balance during the Offer Period that exceeds the closing balance as at July 25, 2014.
The Promotional Interest will be paid in November 2014 to the account holder’s Eligible Account(s).
That sucks. Interest paid in November? So if I will be needing the money in say October it's not worth if ?
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One million blind humans - a statistic
Deal Addict
Jan 7, 2014
2722 posts
549 upvotes
Manitoba
jmatheson64 wrote: So I just transfer money from tangerine to my existing PCF and I get 2%? glossed the terms but it appears it must be in the savings account vs chequing?
Pls note, as per my conversation with PC, you automatically dont qualify for promotional rate even if you transferred after 01 Aug. You need to call them to enroll.
Sr. Member
Aug 4, 2007
720 posts
4263 upvotes
Mississauga
Wow, 2% is below historical inflation rate and everyone is so excited!

What is the purpose of investing? It's to make money! Not lose money to inflation! Don't you realize that with 2% interest, your money will double in 36 years!? Now, ask yourself: How many 36 year periods do I have left in my life?

No wonder everyone is broke!
Newbie
Feb 7, 2013
4 posts
Vancouver
I just signed up for this today and I have a question. When I signed up, I was advised my daily Interac limits will be $200 cash, and $500 for purchases, unless I authorize a credit query.
First, would this be a hard or soft inquiry?
Second, can anyone enlighten me as to why this is necessary when there is no credit involved (i.e., overdraft)? Perhaps I'm being overly cynical but it felt to me like these daily limits are set artificially low to encourage people to reveal credit information which would then be used for marketing purposes/profiling.

Thanks,
ND
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Nov 18, 2008
9291 posts
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Mont-Royal
-=PASHA=- wrote: Wow, 2% is below historical inflation rate and everyone is so excited!

What is the purpose of investing? It's to make money! Not lose money to inflation! Don't you realize that with 2% interest, your money will double in 36 years!? Now, ask yourself: How many 36 year periods do I have left in my life?

No wonder everyone is broke!
then what to do with 100k?
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Sep 13, 2003
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-=PASHA=- wrote: Please PM me.
lol

why not post it here if you have such a super idea to make everyone millionaires.

i'm assuming you're a financial advisor or work for one of those life insurance companies
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Ten blind humans - a disaster
One million blind humans - a statistic
Deal Addict
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Sep 4, 2007
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aquariaguy wrote: lol

why not post it here if you have such a super idea to make everyone millionaires.

i'm assuming you're a financial advisor or work for one of those life insurance companies
And don't forget risk free!
Sr. Member
Aug 4, 2007
720 posts
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Mississauga
aquariaguy wrote: lol

why not post it here if you have such a super idea to make everyone millionaires.

i'm assuming you're a financial advisor or work for one of those life insurance companies
Not to sound condescending, but you must be a very noble person if you work for free, because, as far as I know, slavery was abolished and Communism does not work!

BTW, interest income is getting taxed at 100%.
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Jan 19, 2005
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Vancity
-=PASHA=- wrote: Not to sound condescending, but you must be a very noble person if you work for free, because, as far as I know, slavery was abolished and Communism does not work!

BTW, interest income is getting taxed at 100%.
What risk-free investment strategy do you have that can beat 2%? As long as you can guarantee me a risk-free 3% return (you may use your paid-off house as collateral), you can do whatever you want with the money I'll let you manage. Also, I don't want to have to lock in the money. Deal?
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Sr. Member
Aug 4, 2007
720 posts
4263 upvotes
Mississauga
recordman wrote: What risk-free investment strategy do you have that can beat 2%? As long as you can guarantee me a risk-free 3% return (you may use your paid-off house as collateral), you can do whatever you want with the money I'll let you manage. Also, I don't want to have to lock in the money. Deal?
If I understand you correctly, you have a very low risk tolerance. Is that so?

Why people invest their money? It's to make money. Historically rate of inflation in Canada has been around 3%. What money are you making if inflation takes away any gains? And don't forget about taxes, unless your money are in RRSP or TFSA.

I do offer different products for people with different risk tolerance.
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Sep 13, 2003
9923 posts
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-=PASHA=- wrote: Not to sound condescending, but you must be a very noble person if you work for free, because, as far as I know, slavery was abolished and Communism does not work!

BTW, interest income is getting taxed at 100%.

Well you work for free. Look at the bottom of your signature.

"FREE $20 GC of your choice with your yearly max TFSA contribution.
PM me for info on free: Needs Analysis, Debt Elimination, Medical & Dental Benefits, Pension Transfers (Locked-In incl.), Life, Disability, Critical Illness, Investments, RRSP, RESP, RDSP, TFSA."

I guess it's more like "contact me so I can harass you to buy my risk-free insurance and make millions of dollars with no risk, and than i won't stop bothering you to get my free[/B] services"

You, my friend, are noble.
One blind human - a tragedy
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One million blind humans - a statistic
Sr. Member
User avatar
Feb 21, 2007
907 posts
787 upvotes
is this targeted promotion? Can't find in PC Financial website anywhere.
Deal Addict
Feb 27, 2011
2161 posts
726 upvotes
You need to call in and ask to enrol. I called them, said I was inquiring about the 2% promotional offer. The rep asked for my name and said okay we're enrolling you in that. Took a total of ~8 minutes (mostly navigating through the phone system and being on hold).

I think they might be targeting some groups by auto-enrolling them (new customers maybe?).
Sr. Member
User avatar
Feb 21, 2007
907 posts
787 upvotes
FreezingCanada wrote: You need to call in and ask to enrol. I called them, said I was inquiring about the 2% promotional offer. The rep asked for my name and said okay we're enrolling you in that. Took a total of ~8 minutes (mostly navigating through the phone system and being on hold).

I think they might be targeting some groups by auto-enrolling them (new customers maybe?).
forget it then. Bank suppose to solicit me, not the other way around :lol:

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