Personal Finance

PC Money - Launched 09/14/2020

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  • Dec 3rd, 2022 1:11 pm
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PC Money - Launched 09/14/2020

Didn't research this yet .. Didn't Google it etc ...but I was doing some internet survey earlier ...and hypothetically, it was about possibility of having PC Financial bank account. ...no fees etc ...free cheques ....earn pc Optimum points .. Free unlimited etransfer...get paid for bill payments etc etc.

Plus optional ... Starter account attached to the main account ...for kids ...dependents etc ..to give em money . Monitor their spending etc

Here are few screenshots i took from that survey...

Update: Per @titaniumtux, this will launch on 09/14/2020
titaniumtux wrote: PCF staff have been trained on this. They'll also launch a prepaid card...
Images
  • wp_ss_20190322_0001.png
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Last edited by angel_wing0 on Sep 15th, 2020 9:44 am, edited 3 times in total.
Reason: OP title updated - PC Money, Launching >>> Launched
Thread Summary
Summary:
• Here's a link to the PC Money webpage
• This is a prepaid Mastercard like Stack or Koho
• 1% return on all purchases (10 Optimum points/$1 spent), excluding bill payments, until Sept 30, 2021, after which time they may drop it to 0.5% return (5 Optimum points/$1 spent)
• Free unlimited transactions
• Free Interac e-transfers
• Automatic payroll and pension direct deposits
• Bill payments
• Free cash withdrawals at PC Financial ATMs
• Optional overdraft (choosing this may result in a hard credit check)

RFD Value
• 1) Ongoing bill payment bonus
• 2) One-time bonuses

Bill Payment Bonus
• 1000 points for each bill you pay that's ≥ $50, up to 5 bills/calendar month (6 if you have PCF MC*)
• The payees have to be unique, so if you make 2 payments of $50 each to the same payee in the same calendar month—even if you're paying two different account numbers you have with this payee—you'll get 1000 points rather than 2000
• A good strategy is to e-transfer $250 (or $300*) into your account each month and pay 5 (or 6*) different bills with $50 each
• For bills you can pay with a credit card, this is superfluous if your credit card gives ≥ 2% back on bill payments
• Best used for bills that can't be paid with a credit card, like utilities, the CRA, property taxes, and credit card bills themselves
• Used optimally, you get 5000 (or 6000*) points (equivalent to $5 (or $6*)) each month
• *6th bonus requires having a PCF Mastercard (not the prepaid MC) with at least $0.01 owing, and transferring $50+ to your PCF MC from your PC Money account, using the "Move money" function/workflow, instead of Bill Pay. To do this: tap the "+" button at the bottom of the main screen of the app (or click the "Pay & Fund" button at the top right in the browser page), then select "Move money". Alternatively, in the PCF Mastercard view, if you have a balance of at least $0.01 owing, the "Pay Mastercard" option will appear, and that will get you into the "Move money" workflow.

One-Time Bonuses
20000 10000 points when you make a purchase of at least $50 within three months of account approval
• 25000 points when you set up an automatic payroll or pension direct deposit and maintain it for at least 3 deposits
• 10000 bonus points for linking your PC Money Account to an external bank account
• Ref: See https://www.pcfinancial.ca/en/learning- ... m-account/

Thread index
All discussion before Sep. 14, 2020 is speculative. Post-launch discussion starts around post #496.
2852 replies
Sr. Member
Feb 9, 2018
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That will be awesome. More competition in no fee banking is always good.
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CND Brain & Hear…
Motus is coming up too :D
awesome sauce
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[OP]
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I wonder if they'll have High Interest Savings account as well ... and not just Chequing account.
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Points for purchases and paying bills. :O
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matradley wrote: Points for purchases and paying bills. :O
PayTM points competition :D
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Apr 6, 2008
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PC Financial used to have a no fee account lol...then changed to Simplii
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Nov 22, 2015
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fusion2k2k wrote: PC Financial used to have a no fee account lol...then changed to Simplii
Not really. All that changed was the name. CIBC always ran the show and just had the rights to use the PCF brand for their no-fee bank.

This new PCF will be run by Loblaws.
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Nice find!
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Jul 31, 2007
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That will be great.
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Darkman wrote: Didn't research this yet .. Didn't Google it etc ...but I was doing some internet survey earlier ...and hypothetically, it was about possibility of having PC Financial bank account. ...no fees etc ...free cheques ....earn pc Optimum points .. Free unlimited etransfer...get paid for bill payments etc etc.

Plus optional ... Starter account attached to the main account ...for kids ...dependents etc ..to give em money . Monitor their spending etc

Here are few screenshots i took from that survey...
It seems like it's a direct competition with Koho especially now that Koho allows you to pay credit card bills.

Koho posted this today as if they're reassuring everyone on what you can do with their services.
Images
  • 20190322_143154.jpg
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Looks promising.

Only thing that would really suck about this account is having to go to Loblaws ATM to get cash/do deposits. Wonder if they will link with one of the other banks or networks for free ATM withdrawl.
Sr. Member
Dec 12, 2016
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I have a friend who works at PCF and they are creating a new bank account offering that will run on the MasterCard network (similar to KOHO). I think it’s launching later this year.
Last edited by Here2day2 on Mar 22nd, 2019 3:35 pm, edited 1 time in total.
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Here2day2 wrote: I have a friend who works at PCF and they are creating a new bank account offering that will run on the MasterCard network (similar to kobo). I think it’s launching later this year.
*KOHO
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superfresh89 wrote: Not really. All that changed was the name. CIBC always ran the show and just had the rights to use the PCF brand for their no-fee bank.

This new PCF will be run by Loblaws.
We don't know that. If indeed this is a new survey and not an old one still available on the Web, then all it tells us is that Loblaw is considering a no-fee bank account. They may not ultimately go ahead with it, but if they do, they face a few, significant headwinds:
  • It's not the same as when they partnered with CIBC 20+ years ago to launch a co-branded banking partnership. There's a lot more competitors, from banks and credit unions alike. Back then, it was pretty much just them and Citizens Bank of Canada. (ING DIRECT Canada had yet to launch a no fee chequing account.)
  • They're starting from scratch
  • It's been several years since they closed all PC Financial pavilions; some stores have completed their renovations and sublet the space to other businesses
But, perhaps the biggest impediment to "going it alone" and offering this in-house is that developing a fulsome banking system and online banking platform takes time. They currently outsource their credit card billing operations to CUETS Financial, so they only have an online banking interface and it currently only has limited functionality in credit cards and the PC Plus loyalty program.

Moreover, part of the success was the fact not only did you have access to PC Financial pavilions and ABMs (a plus, yes), but you had access to a branch network in CIBC. They could do this with The Exchange, but then they'd be required to make their grocery store ABMs on The Exchange network, which sort of takes away the benefit of exclusivity. :)

Also, 0.5% is not compelling.

Cheers,
Doug
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Gtaphotog wrote: It seems like it's a direct competition with Koho especially now that Koho allows you to pay credit card bills.

Koho posted this today as if they're reassuring everyone on what you can do with their services.
Actually, Koho might just be their partner for this offering, essentially offering a PC Financial-branded version of the Koho prepaid credit card, which they're calling a "no fee bank account." :)

Cheers,
Doug
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Here2day2 wrote: I have a friend who works at PCF and they are creating a new bank account offering that will run on the MasterCard network (similar to KOHO). I think it’s launching later this year.
Yeah, I called it before I read this comment, and I think they're calling a prepaid credit card a "no fee bank account." Effectively, that's right, though direct deposits are handled a bit differently. It'll be interesting. They might even be getting Koho to build their platform and essentially having this "account" be a PC Financial-branded version of Koho. As part of the arrangement, we could see Koho customers get no fee access to future PC Financial ABMs.

Still, they'll have a lot of competition in (a) Koho itself, (b) Stack, (c) MogoCard, and (d) a myriad of real no fee bank account competitors.

Cheers,
Doug
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dmehus wrote: Actually, Koho might just be their partner for this offering, essentially offering a PC Financial-branded version of the Koho prepaid credit card, which they're calling a "no fee bank account." :)

Cheers,
Doug
dmehus wrote: Yeah, I called it before I read this comment, and I think they're calling a prepaid credit card a "no fee bank account." Effectively, that's right, though direct deposits are handled a bit differently. It'll be interesting. They might even be getting Koho to build their platform and essentially having this "account" be a PC Financial-branded version of Koho. As part of the arrangement, we could see Koho customers get no fee access to future PC Financial ABMs.

Still, they'll have a lot of competition in (a) Koho itself, (b) Stack, (c) MogoCard, and (d) a myriad of real no fee bank account competitors.

Cheers,
Doug
I think that's a little far fetched to think Koho will build PCs platform.


It'll have to be crazy good deal that you simplii (Eyes) can't turn down for Koho to want to partner with the exact kind of company they try and get their customers away from. Not to mention how much they have built already with mobile wallet support coming real soon too.
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dmehus wrote: But, perhaps the biggest impediment to "going it alone" and offering this in-house is that developing a fulsome banking system and online banking platform takes time. They currently outsource their credit card billing operations to CUETS Financial, so they only have an online banking interface and it currently only has limited functionality in credit cards and the PC Plus loyalty program.
Is that still the case? My understanding was that in 2015 they moved away from CUETs. Is this listed somewhere on the web? Just curious.

Thanks
shawguy
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