Personal Finance

PC Money - Launched 09/14/2020

  • Last Updated:
  • Sep 30th, 2020 1:42 pm
[OP]
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May 7, 2007
11310 posts
4554 upvotes

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
  • wp_ss_20190322_0002.png
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:
* This is a pre-paid 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 it may drop to a 0.5% return (5 Optimum points/$1 spent)
* Free unlimited transactions
* Free Interac e-transfers
* Automatic payroll or pension direct deposits
* Bill payments
* Free cash withdrawals at PCF ATMs
* Optional overdraft (several data points indicate this does not necessarily result in a hard credit check, but don't count on this)

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
* The payees have to be unique, so if you make 2 payments of $50 each to the same payee in the same calendar month, you'll get 1000 points rather than 2000
* A good strategy is to e-transfer $250 into your account each month and pay 5 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 the CRA, property taxes, and credit card bills themselves
* Used optimally, you get 5000 points (equivalent to $5) each month

One-Time Bonuses
* 10 000 points when you make a purchase of at least $50 within three months of account approval
* 10 000 points when you link a bank account from another financial institution
* 25 000 points when you set up an automatic payroll or pension direct deposit and maintain it for at least 3 deposits
1390 replies
Member
Feb 9, 2018
377 posts
276 upvotes
That will be awesome. More competition in no fee banking is always good.
Deal Addict
Dec 16, 2017
2541 posts
1034 upvotes
CND Brain & Hear…
Motus is coming up too :D
awesome sauce
Give me a J. I'm a maniac and an African expert.
[OP]
Deal Guru
User avatar
May 7, 2007
11310 posts
4554 upvotes
I wonder if they'll have High Interest Savings account as well ... and not just Chequing account.
Deal Addict
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Nov 10, 2005
2015 posts
307 upvotes
Ottawa
Points for purchases and paying bills. :O
RFD 15 73H 1337
[OP]
Deal Guru
User avatar
May 7, 2007
11310 posts
4554 upvotes
matradley wrote: Points for purchases and paying bills. :O
PayTM points competition :D
Deal Addict
Apr 6, 2008
1807 posts
1149 upvotes
PC Financial used to have a no fee account lol...then changed to Simplii
Deal Fanatic
Nov 22, 2015
5657 posts
5049 upvotes
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.
Deal Addict
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Sep 6, 2018
1408 posts
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Halifax, Nova Scotia
Nice find!
Deal Addict
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Jul 31, 2007
2013 posts
158 upvotes
York Region
That will be great.
Deal Fanatic
Nov 6, 2018
5866 posts
5042 upvotes
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
Deal Addict
User avatar
Jan 2, 2012
3855 posts
1699 upvotes
Toronto
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.
Member
Dec 12, 2016
309 posts
277 upvotes
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.
Deal Fanatic
Nov 6, 2018
5866 posts
5042 upvotes
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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