Personal Finance

Locked: PC Financial - A lesson to learn

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Deal Fanatic
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Nov 19, 2004
9139 posts
2045 upvotes
Cambridge, ON
blackstar79 wrote: BTW to the poster who said if you call within 90 days to do a chargeback they "have to" credit the charge...that is not correct. they have a time period (30 days ish) from when you filed the claim to investigate with the company that put through the charge and in some cases they'll come back to you with proof that it is your charge.

Actually it is 90 days. I have been through this before with a bank. It wasn't till after I asked a lawyer and found out it was 90 days did the bank admit to it and fix it. Of course if the bank has proof of the charge (e.g. a signature) then yes obviously they won't reverse it.
Sr. Member
Sep 7, 2010
596 posts
20 upvotes
Scarborough
PC is fine for everyday banking, so long as everything goes OK. But as soon as you have any sort of special request, or anything goes wrong, their service can be TERRIBLE. and with no physical branches, there's no way to Jack Bauer them into seeing things your way ("I just want to talk" is a lot less threatening over the phone)
Goodlife Fitness SUCKS
Newbie
Nov 20, 2010
3 posts
Hamilton
My marriage with Presidents Choice Financial was short-lived.

But I still love my PCF credit card.
I cut it into small triangles with slightly rounded corners. They make great guitar picks.
Deal Fanatic
Nov 11, 2008
8755 posts
2388 upvotes
Jack Bauer wrote: PC is fine for everyday banking, so long as everything goes OK. But as soon as you have any sort of special request, or anything goes wrong, their service can be TERRIBLE. and with no physical branches, there's no way to Jack Bauer them into seeing things your way ("I just want to talk" is a lot less threatening over the phone)

+1 they lost my money order when i wanted to purchase a car.
Member
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Apr 17, 2010
202 posts
47 upvotes
Toronto
Jack Bauer wrote: PC is fine for everyday banking, so long as everything goes OK. But as soon as you have any sort of special request, or anything goes wrong, their service can be TERRIBLE.
Yes, exactly! I opened a PC account in 2002 and was perfectly pleased with them until the summer of 2010, which is the only time I've contacted them for a special request. At that point the rose-tinted glasses shattered. I still use them for day-to-day banking but am glad I kept my old RBC account active. Sometimes you need to sit down with somebody who can fix something for you, and PC can't do that.
Member
Dec 1, 2010
238 posts
22 upvotes
I have a friend who has PC and accidentally paid $500 intended for her credit card bill to a different payee. She immediately saw the mistake and called, but they said it was too late to reverse the payment and she'd have to talk to the payee directly. With my payments at RBC you can call to cancel a bill pay any time before end-of-day. It's a nice cushion. She was out $500 for like two months.
Newbie
Feb 17, 2009
68 posts
1 upvote
lewin00 wrote: I have a friend who has PC and accidentally paid $500 intended for her credit card bill to a different payee. She immediately saw the mistake and called, but they said it was too late to reverse the payment and she'd have to talk to the payee directly. With my payments at RBC you can call to cancel a bill pay any time before end-of-day. It's a nice cushion. She was out $500 for like two months.

Happened to me recently. I actually paid my credit card bill twice, by accident. Yes I know. *facepalm* Anyways they offer charge back now, but it costs $10 to do and takes 10 business days.

At least there's that service now right?

Anyways. ING isn't the solution either. Both have plus and minuses. Neither beats a brick & mortar bank in terms of service. But that's what you get for a free chequing account.
Deal Addict
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Dec 28, 2004
2034 posts
456 upvotes
Burlington
CtrOfUni wrote: Yes, exactly! I opened a PC account in 2002 and was perfectly pleased with them until the summer of 2010, which is the only time I've contacted them for a special request. At that point the rose-tinted glasses shattered. I still use them for day-to-day banking but am glad I kept my old RBC account active. Sometimes you need to sit down with somebody who can fix something for you, and PC can't do that.
I kept an account at a B&M bank for this reason. I needed a bank draft for my house purchase so I just went to the counter and go it right away. No fuss, no muss, no waiting a few days!
lewin00 wrote: I have a friend who has PC and accidentally paid $500 intended for her credit card bill to a different payee. She immediately saw the mistake and called, but they said it was too late to reverse the payment and she'd have to talk to the payee directly. With my payments at RBC you can call to cancel a bill pay any time before end-of-day. It's a nice cushion. She was out $500 for like two months.
I find it easier to do all transaction for tomorrow. That way you have a cushion once you push "GO" to stop the transaction. It has saved me a few times.
Sr. Member
Sep 7, 2010
596 posts
20 upvotes
Scarborough
EPcjay wrote: +1 they lost my money order when i wanted to purchase a car.

They *very nearly* made me miss the deadline for the deposit on my condo purchase last year (after initially saying it would be no problem). This incident (there have been a few others) convinced me I need a B&M account.. I still have my PC account, but I'm trying to gradually reduce my business with them where it makes sense..
Goodlife Fitness SUCKS
Deal Expert
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Dec 11, 2005
19869 posts
2630 upvotes
flea wrote: It started out with my marriage planning about 3 years ago. My wife and I opened a joint chequing and saving accounts at PC Financial,

Things started to spiral downward in summer 2010, I got a call about fraudulent activities on my PC Mastercard. ...

Near the end of 2010, having reconciled our family budget which we often performed every 2 months or so, my wife and I deposited a large amount of money through the ATM
I realize you have had bad experiences here, but it has been pointed out here many times - PCF Mastercard and PCF Banking are totally different entities. They have absolutely nothing to do with eachother other than the PC brand. PCF Banking is a subsidiary of CIBC, PCF Mastercard is owned by Loblaws. They don't share anything at all, not their call centres, nothing. The main PCF call centre is actually located here and it has nothing to do with the credit cards.
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
Deal Expert
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Aug 18, 2005
21124 posts
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Burlington-Hamilton
lewin00 wrote: I have a friend who has PC and accidentally paid $500 intended for her credit card bill to a different payee. She immediately saw the mistake and called, but they said it was too late to reverse the payment and she'd have to talk to the payee directly. With my payments at RBC you can call to cancel a bill pay any time before end-of-day. It's a nice cushion. She was out $500 for like two months.

Strange, I did this too with some $1800 payment, and PCF was able to reverse it quite easily with no fees. Maybe it was because the payment was into some else's PC MC. (PC's fee structure has been modified to add fees for this sort of thing reversal now adays.)
- casual gastronomist -
Member
Dec 1, 2010
238 posts
22 upvotes
Jucius Maximus wrote: Strange, I did this too with some $1800 payment, and PCF was able to reverse it quite easily with no fees. Maybe it was because the payment was into some else's PC MC. (PC's fee structure has been modified to add fees for this sort of thing reversal now adays.)

It was to a utility bill, but was around two years ago so maybe they're better now.
Jr. Member
Feb 2, 2008
121 posts
10 upvotes
Alberta
I have stopped to use PC Mastercard from last year after lots of problems with them.
Deal Addict
Apr 1, 2004
1582 posts
35 upvotes
I too gave up on PC Financial mostly. Now I just use them for my automatic debits because I don't want to give third parties direct access to my main account. Also stopped with PC Mastercard after a whole bunch of annoying issues. Consolidated everything with TD, and far far happier now, especially now that I have a single individual who I can email to have set up stuff for me.
Deal Addict
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Aug 12, 2010
1260 posts
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Southern Ontario
meg2006 wrote: I have stopped to use PC Mastercard from last year after lots of problems with them.

+1

Like the OP, got the fraudulent activity call/replacement card in the mail/affidavit to be sent phone call, then after weeks of no replacement card/no affidavit/rejected automatic payments/multiple calls from me to them, they finally send me new cards. But not before I see the light on RFD and get MBNA Smart Cash. Bye-bye PCMC.
Member
Aug 17, 2006
467 posts
417 upvotes
I had my new chip bank card compromised in Nov. 2010. (first time) The unauthorized withdrawal happened on the weekend and I got a cryptic phone message on my home phone once I got home in the evening on Monday. The company identified (I forget the name) was not from PC Financial nor CIBC but a 3rd party. So to confirm this call, I first logged on to my banking account and sure enough I saw an unauthorized cash withdraw of $380. Then, I called PC Financial directly to confirm the 3rd party company and fraud. Just for my peace of mind, I would rather call PC directly to confirm such things and in this case, I was assured it was a legit company calling on behalf of PCF. After getting transferred to the fraud department to confirm details, they called me back the next day and reversed the charge the next business day. They told me I used my debit card at a location "known to have fraudulent activities" but could not tell me where. And the bothersome aspect was that even though they suspected the card was compromised, PC did not suspend the card immediately rather I was out $380 for 3 days. While the credit was completed within 2 days of returning the phone call, I would have much preferred they contact me after first notice that the card was used at a compromised location or maybe issue a new card immediately. However, not sure how other banks may have sorted such an issue but I suspect it would be similar. (?) Oh, and I drove to the nearest PFC pavilion and replaced my bank card the same day I called in.
Deal Addict
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Oct 15, 2004
3953 posts
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don242 wrote: You have 90 days to tell the bank to do a chargeback. This is the law. If you do not recognize a transaction, tell the bank within 90 days and they have to reverse the transaction. Just be sure it is incorrect, because if it is legit, then whomever the legit charge was for will have to get hold of you.

As for PCF, been with them for 8 years or so and no problems. As for other banks (like TD), can't say the same.

TD treated me very well in the past 8 years. Had three incidents where VISA was signed and used by someone else, and a simple phone call got everything back and replaced properly.

On the same note, MBNA's service on fraud is very good.
Sr. Member
Mar 6, 2007
668 posts
43 upvotes
From personal experiences, PCF is not good when problem occurs.
Aske001 wrote: The lesson you should have learned from this is never to deposit cash at an ATM.
1. They put a hold on it. (yes, a hold on cash deposits)
2. You have absolutely no proof if some money mysteriously turns out to be missing.

Always deposit cash with a teller who counts it on the spot.
What to do if you only have PCF account and have to deposit a few grand in cash?
jackboot wrote: The idea that depositing cash at an ATM is risky is new to me. One would never think that money could simply vanish...but I had a close call this last summer. I made a deposit at a CIBC machine and then saw on my online account that CIBC had made an "adjustment" for $1,000 in their favour. I went into the branch and talked with the manager who promised to investigate the issue. Eventually I got my $1,000 back. It is scary to think that they could have just kept my $1K and all I would have was my word to back up my claim.

I won't be depositing cash at ATMs at any bank again.
Deal Fanatic
Apr 15, 2004
5438 posts
79 upvotes
Sydney
jmc0 wrote: What to do if you only have PCF account and have to deposit a few grand in cash?
Get another bank account. TD waives the service fees if you have a "few grand" in the account. If you need to actually use the money, then why not make your payment in cash? There is no good reason to only have a virtual bank.
Deal Addict
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Apr 5, 2003
2182 posts
95 upvotes
Toronto
You get what you pay for. PC is great until you need something as simple as a money order. Good luck. There are ways to bank at a B&M without paying any fees. Way more pluses than any virtual bank. Do some research.

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