Personal Finance

Thinking of switching from BMO to PC Banking?

  • Last Updated:
  • Feb 23rd, 2010 1:33 am
Deal Addict
Dec 26, 2009
2293 posts
963 upvotes
I find PCF great as well, but like the other posters are saying, there are limited services offered.

If you need more service than PCF offers but want to reduce your fees, I would consider a local credit union.
Member
Dec 3, 2008
273 posts
80 upvotes
Surrey
I have PC banking to pay my bills with....because no service charges.

No minimum.

Just that they hold deposits. You have to keep reapplying every 9 months or a year?...can't remember...to get the hold time reduced. Went from 7 business days for a hold to 5 to 3.

Customer service has always been good.
Deal Guru
User avatar
Feb 10, 2007
10780 posts
1774 upvotes
Just wondering since PCF is no-teller. How do you deposit cash ? I assume with cheque you just do it through the ATM ?
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Deal Expert
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Jun 14, 2003
23140 posts
187 upvotes
sexyj wrote:
Feb 22nd, 2010 5:30 am
Just wondering since PCF is no-teller. How do you deposit cash ? I assume with cheque you just do it through the ATM ?
People deposit cash through ATM. No, I personally do not recommend that but people do that.
Too many people spend money they haven't earned to buy things they don't want, to impress people they don't like. -- Will Smith
Growing older is mandatory. Growing up is optional.
Stay hungry, stay foolish.
Deal Addict
May 6, 2007
1313 posts
284 upvotes
Ottawa, On
gman wrote:
Feb 22nd, 2010 10:26 am
People deposit cash through ATM. No, I personally do not recommend that but people do that.
I think the OP was asking how you deposit change. The solution is you go to a CIBC branch with your rolled change and ask for cash. Because its a cash for cash exchange you don't need a CIBC account. Then you take the cash they give you, walk over to a ATM and deposit it. Easy.
Jr. Member
Dec 4, 2009
121 posts
7 upvotes
Calgary,AB
dont close your BMO chequing account...keep a minimum of $1000 and switch to "practical-10 transactions" and open a PC financial.

PC account is great free transcations, no minimum, free cheques etc but the biggest disadvantage, i found is "Deposits & Clearing Cheques" and ordering Bank Draft...it takes almost 1wk...

my best advice to you:
1 keep your current BMO (for Emergency use) and switch to Practical option + keep $1000 to maintain it(to waive the fee)...you can use it to make deposit, and other request like Bank Draft...where a teller is needed
2. and use PC financial for all your transactions..
Deal Expert
User avatar
Dec 11, 2005
19011 posts
1448 upvotes
Red_Army wrote:
Feb 21st, 2010 5:40 pm
i have come to find that most banks ive dealt with have a high turnaround rate with staff, so even if you wanted to, you cant always speak to the same person all the time
+1 agreed. Bank teller is a fairly low paying wage and many are either part-time or semi-part time. Account managers at the branch level also make surprisingly little and most are just putting in their time until they can move up at the company. You aren't going to build any decade-long relationship with people at a retail bank nowadays, and even if you could, you wouldn't get anything out of it because these people can't do any more for you than anyone else.
To be nobody but yourself - in a world which is doing its best, night and day, to make you everybody else - means to fight the hardest battle which any human being can fight; and never stop fighting. -- E. E. Cummings
Sr. Member
User avatar
Feb 2, 2005
976 posts
134 upvotes
+1 for the downgrade to the BMO account and sign up for a PCF account. You can slowly swich over and you can decide if it's working for your needs.

I use PCF, and have no issues with them.
Deal Addict
Aug 16, 2005
1865 posts
116 upvotes
I've held both BMO and PCF bank accounts.

PCF:
- had a lot of problems with their website/online banking (passwords not working, address won't update, payment didn't go through)
- couldn't use it when I was traveling in the UK (card only works in canada)
- wouldn't give me overdraft and had long 5 biz day holds on cheque deposits
- no access to send/receive EMT
- never got credited for PC points. apparently they setup my bank account, but never setup a PC points accounts for me. I called several times, but did not get problem resolved. finally gave up.

BMO:
- cheques cleared cleared right away, no holds
- offered overdraft even when i was a student with no FT job
- was able to use debit card for cash withdrawls at many international ATM's (cirrus/mastro network access)
- full EMT access

PCF is fine if you want a no-frills bank account. I'm not saying BMO is perfect, but you do get what pay for in the banking world.

I agree with the others. Downgrade and keep your BMO account open for a while just in case you find problems with your new PC account.
Member
User avatar
Nov 19, 2009
482 posts
43 upvotes
I have a CIBC account with unlimited no-fee transactions with a 1K balance and a PCF savings account for their higher interest rate and a TFSA. CIBC owns PCF so you can link these accounts. 3 day wait for transfers but this can be done electronically. This way can keep a full service bank and still get benefits of PCF with no service fees.
Deal Expert
User avatar
Aug 18, 2005
18543 posts
3174 upvotes
GTA West
myapple wrote:
Feb 22nd, 2010 3:35 pm
I've held both BMO and PCF bank accounts.
PCF:
- had a lot of problems with their website/online banking (passwords not working, address won't update, payment didn't go through)
Never had this problem in 8+ years using their services.
myapple wrote:
Feb 22nd, 2010 3:35 pm
I've held both BMO and PCF bank accounts.
- couldn't use it when I was traveling in the UK (card only works in canada)
PCF now is on the PLUS network supporting lots of international transactions.
myapple wrote:
Feb 22nd, 2010 3:35 pm
I've held both BMO and PCF bank accounts.
- wouldn't give me overdraft and had long 5 biz day holds on cheque deposits
True downside, they are very conservative.
Though my mother applied and got something like $30,000 release and no holds.
myapple wrote:
Feb 22nd, 2010 3:35 pm
I've held both BMO and PCF bank accounts.
- no access to send/receive EMT
You can't send but you can receive for an extra fee. True downside here.
myapple wrote:
Feb 22nd, 2010 3:35 pm
I've held both BMO and PCF bank accounts.
- never got credited for PC points. apparently they setup my bank account,
but never setup a PC points accounts for me. I called several times, but did not get problem resolved. finally gave up.
Never had problems with PC Points. I've redeemed over $800 in rewards.
What if there were no hypothetical questions?
Jr. Member
Dec 25, 2008
159 posts
1 upvote
Toronto
myapple wrote:
Feb 22nd, 2010 3:35 pm
I've held both BMO and PCF bank accounts.

- wouldn't give me overdraft and had long 5 biz day holds on cheque deposits
so its not just me that they imply the holds on, the funny part is CIBC gave me no holds upto $1000. While PCF holds all funds for 5 days.

Since PCF is owned by CIBC why does PCF hold all my funds?
Deal Fanatic
Apr 15, 2004
5434 posts
78 upvotes
Toronto
glyk wrote:
Feb 22nd, 2010 9:29 pm
so its not just me that they imply the holds on, the funny part is CIBC gave me no holds upto $1000. While PCF holds all funds for 5 days.

Since PCF is owned by CIBC why does PCF hold all my funds?
CIBC can absorb the loss if you default. PCF cannot. Simple numbers.
Deal Expert
User avatar
Jun 14, 2003
23140 posts
187 upvotes
glyk wrote:
Feb 22nd, 2010 9:29 pm
so its not just me that they imply the holds on, the funny part is CIBC gave me no holds upto $1000. While PCF holds all funds for 5 days.

Since PCF is owned by CIBC why does PCF hold all my funds?
PCF is not fully owned by CIBC. PCF is a joint venture between Loblaw and CIBC. PCF's banking service is provided by direct banking division of CIBC. i.e. PCF pays CIBC to provide their banking service.
Too many people spend money they haven't earned to buy things they don't want, to impress people they don't like. -- Will Smith
Growing older is mandatory. Growing up is optional.
Stay hungry, stay foolish.
Deal Addict
Dec 14, 2008
1009 posts
67 upvotes
[quote="myapple" post_id="10360823" time="1266870903" user_id="28265"]I've held both BMO and PCF bank accounts.

PCF:
- had a lot of problems with their website/online banking (passwords not working, address won't update, payment didn't go through)
- couldn't use it when I was traveling in the UK (card only works in canada)

The card DOES work outside of Canada. I have used it many times in USA, Mexico and overseas.

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