Personal Finance

Locked: PC Financial - A lesson to learn

  • Last Updated:
  • Jan 2nd, 2018 1:31 pm
Member
Jan 18, 2011
391 posts
77 upvotes
Toronto
What bothers me the most is that when your debit/credit card has been frozen due to suspicious activity, they wont tell you at what store did such activity occured. If customers were made aware of this, stores would be under immense pressure to protect their customers data privacy from the clerk all the way up to the servers.

Instead with the banks hiding it, they are just enabling the theft, and we all pay through higher rates.
Member
Aug 8, 2008
241 posts
48 upvotes
the reason they don't release that information is because it could compromise the investigation. Also, the bank/credit card is the property of the bank, not you, so it's not information for you to know as far as the banks are concern.
Deal Addict
Mar 2, 2005
2032 posts
333 upvotes
Like a previous poster said, no bank is perfect. They all seem great until you actually "need" them for something. A year or so ago CIBC froze my bank account, and didn't tell me. I was at a designer store purchasing some shirts and when my debit card got declined, it made me look very suspicious. I was extremely embarrassed so I called CIBC to inquire. They said the account has been compromised and I have to report to nearest CIBC branch to get a new card and get it off hold. They absolutely can not release it over the phone. They had also locked my CIBC credit card since it was connected to my debit card. Good thing I had a capital one mastercard that I used to complete the transaction. I had made plans for the remainder of the day but why do they care? Needless to say it ruined my beautiful summer weekend. I did learn my lesson though, never put all eggs in one basket. Opened a TD account the following week, and keep some savings to cover myself during emergencies.

Just my two cents, I am sorry to hear about your experience, been through it myself so I can understand how you feel.
Member
Dec 1, 2010
238 posts
22 upvotes
Deal Grabber wrote: Like a previous poster said, no bank is perfect. They all seem great until you actually "need" them for something. A year or so ago CIBC froze my bank account, and didn't tell me. I was at a designer store purchasing some shirts and when my debit card got declined, it made me look very suspicious. I was extremely embarrassed so I called CIBC to inquire. They said the account has been compromised and I have to report to nearest CIBC branch to get a new card and get it off hold. They absolutely can not release it over the phone. They had also locked my CIBC credit card since it was connected to my debit card. Good thing I had a capital one mastercard that I used to complete the transaction. I had made plans for the remainder of the day but why do they care? Needless to say it ruined my beautiful summer weekend. I did learn my lesson though, never put all eggs in one basket. Opened a TD account the following week, and keep some savings to cover myself during emergencies.

That sounds reasonable and prudent. If your credit card were stolen and the thief were declined at a store, would you want him to be able to call CIBC and reactivate it? I think not. You don't say how long the accounts had been frozen. If more than a day or two, then you're right -- they probably should have called or something.

It's also prudent to carry two forms of payment, so kudos there.
Member
Dec 1, 2010
238 posts
22 upvotes
ynchu wrote: On the same note, MBNA's service on fraud is very good.

Ditto. Last month I made an $1100 purchase on a US website (work stuff) and they called within an hour to check whether the transaction was legitimate.
Deal Addict
Mar 2, 2005
2032 posts
333 upvotes
lewin00 wrote: That sounds reasonable and prudent. If your credit card were stolen and the thief were declined at a store, would you want him to be able to call CIBC and reactivate it? I think not. You don't say how long the accounts had been frozen. If more than a day or two, then you're right -- they probably should have called or something.

It's also prudent to carry two forms of payment, so kudos there.

My reason for disappointment wasn't the fact that I had to go to the bank, it was because they apparently had it on hold since sometimes mid-week and they did not bother informing me. Mind you, I had decent amount of money sitting with them at the time, and I panicked a little till all was sorted out.
Member
Dec 1, 2010
238 posts
22 upvotes
Deal Grabber wrote: My reason for disappointment wasn't the fact that I had to go to the bank, it was because they apparently had it on hold since sometimes mid-week and they did not bother informing me. Mind you, I had decent amount of money sitting with them at the time, and I panicked a little till all was sorted out.

Ah, well then you definitely have my sympathies and agreement. They should definitely call you that day, or the next at least.
Sr. Member
Feb 21, 2003
771 posts
201 upvotes
I never deposit cash at an ATM...I just don't trust the banks enough. I rather go to the teller and have them count it in front of me.
Deal Addict
Mar 2, 2005
2032 posts
333 upvotes
hostlead wrote: I never deposit cash at an ATM...I just don't trust the banks enough. I rather go to the teller and have them count it in front of me.
I dont even deposit cheques at the ATM unless its only a few hundred dollars. Having said that I can't recall the last time someone gave me a cheque :)
Deal Addict
Dec 26, 2009
2992 posts
1695 upvotes
HBP wrote: I have PCF, but there's no way I would make a deposit over $1000 (cash) into an ABM.

I thought the same thing to myself until I realized that when I opened my PCF account, I emptied+closed my TD account and brought approx. $6,000 cash to deposit at the ATM. All to save the $3 fee for having under X dollars in the TD account! Luckily it all panned out ok!

Since PCF banking is run by CIBC, i don't think you can complain versus regular CIBC.

Although I don't use my PC MC any more, they were very good to me over the years. I had to do one chargeback when an airline went bankrupt, and that went through hassle-free.
Deal Expert
User avatar
Nov 15, 2004
20627 posts
4354 upvotes
Toronto
Deal Grabber wrote: Like a previous poster said, no bank is perfect. They all seem great until you actually "need" them for something. A year or so ago CIBC froze my bank account, and didn't tell me. I was at a designer store purchasing some shirts and when my debit card got declined, it made me look very suspicious. I was extremely embarrassed so I called CIBC to inquire. They said the account has been compromised and I have to report to nearest CIBC branch to get a new card and get it off hold. They absolutely can not release it over the phone. They had also locked my CIBC credit card since it was connected to my debit card. Good thing I had a capital one mastercard that I used to complete the transaction. I had made plans for the remainder of the day but why do they care? Needless to say it ruined my beautiful summer weekend. I did learn my lesson though, never put all eggs in one basket. Opened a TD account the following week, and keep some savings to cover myself during emergencies.

Just my two cents, I am sorry to hear about your experience, been through it myself so I can understand how you feel.

PC did the same to me twice in 2009, except I got declined trying to buy lunch with 12 people in line behind me. It's the only real problem I've had with them in the 8 years I've been with them, and the second time it happened I got a little frustrated with the rep on the phone about how they can send me emails about other stuff but absolutely nothing to tell me my card has been suspended.
Deal Addict
Mar 2, 2005
2032 posts
333 upvotes
Piro21 wrote: PC did the same to me twice in 2009, except I got declined trying to buy lunch with 12 people in line behind me. It's the only real problem I've had with them in the 8 years I've been with them, and the second time it happened I got a little frustrated with the rep on the phone about how they can send me emails about other stuff but absolutely nothing to tell me my card has been suspended.

Precisely. They have all the time in the world to call me and sell me services that I don't need but when it comes to useful contact they seem to not care.
Newbie
Nov 17, 2006
4 posts
1 upvote
I also learnt this lesson recently... deposited 1500 into my PC account and they took 100 away. Called immediately, they promised to investigate and gave no more news after 2 weeks.

Again, 2 weeks later, haven't realized how stupid we are, deposited another 1500 into my hubby's PC account, after counting the money 4 times and making sure it was really 1500, and they took 300 away this time!! If they don't give me back the money can I call the police? There must be something wrong with either the bank or their employees!! > :(
Member
Jun 17, 2009
491 posts
34 upvotes
Vancouver
Where do you guys get all these cash from to make an ATM deposit?
Newbie
Nov 17, 2006
4 posts
1 upvote
Tenants, business income, money return from friends, etc. etc. In my case, financial aid from parents.
Deal Expert
User avatar
Dec 11, 2005
19888 posts
2649 upvotes
ziyicanada wrote: Tenants, business income, money return from friends, etc. etc. In my case, financial aid from parents.

I don't care how you are getting it, anyone who despoits that much cash into an ATM, in one SINGLE transaction, is not thinking straight.

If your bank has no tellers then AT LEAST divide it up into smaller, more easily trackable and countable amounts. Even better if you can spread it out through a few ATMs.
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
Banned
Feb 17, 2007
3190 posts
202 upvotes
depositing cash via ATM, the last thing I would do on earth.

I even feel nervous depositing cash at the bank tellers lol.

However, if depositing cash at bank teller, I could argue that the person counted right on the spot, and credited my account, which is a much stronger case again them.

Edit: there was a case with Bank of China (Canada), I have to send $2,000 to my in laws every year in China. I went to their branch, the person counted right on the spot as $2,000. Half hour later they call me regarding my money being missing $200. I said wtf? the guy counted twice (hand and machine) and it was $2,000 and he puts it in the desk, I have the paper to prove it. Someone might have taken 2 hundred at some points. You need to improve your procedures and heighten up the security. What else could that lady said? their employee and machine couldn't count?
[OP]
Newbie
Jan 13, 2011
4 posts
ziyicanada wrote: I also learnt this lesson recently... deposited 1500 into my PC account and they took 100 away. Called immediately, they promised to investigate and gave no more news after 2 weeks.

Again, 2 weeks later, haven't realized how stupid we are, deposited another 1500 into my hubby's PC account, after counting the money 4 times and making sure it was really 1500, and they took 300 away this time!! If they don't give me back the money can I call the police? There must be something wrong with either the bank or their employees!! > :(

Haven't logged in for a year, rechecking on my original thread. Thanks for everyone for their comments.

Ziyicanada, my advice to you is probably ask a lawyer for advice and I would not rule out the possibility of getting the police involved. Since my original post, I have already considered my 1K gone and have learnt my lesson. I have withdraw all money from PC and no longer deposit any cash in any ATM. If I were given another chance and had a clear mind, I would have gone to the police at that time.
Sr. Member
User avatar
Jun 6, 2009
960 posts
544 upvotes
Montréal
All CIBC's ATM envelopes are processed at Intria where many people working there are actually employees of agencies with 0 benefits and a crappy salary. I'm not surprised that money ends up disappearing. There's a myth floating around that envelopes are processed by two employees, which is totally false.
Newbie
Nov 22, 2011
57 posts
2 upvotes
EDMONTON
I had bad experience with PC too. Now I only use their free cheques to pay bills.

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