Personal Finance

PC Money - Launched 09/14/2020

  • Last Updated:
  • Mar 26th, 2024 11:37 am
Sr. Member
Jan 24, 2004
559 posts
133 upvotes
Doomdrou wrote: I mean, it is LIKE a prepaid credit card, but the account is not a prepaid account but a real bank account, because you can use direct deposit and pay bills, all while being insured by the CDIC.

As I said, it is a bank account that uses the MasterCard network instead of the Interac debit network.
That's where the lines skew between a bank card and pre-paid credit card.

It works like a pre-paid credit card where you "load funds" by depositing into a bank account and used on the credit card network. However, with a pre-paid credit card, if I buy something that is greater than what I have loaded, I simply get a rejected transaction and I use another card or cash.. With the PC Money Mastercard, if I try to buy something greater than my account balance, I'll get an NSF charge. I tried seeking clarification through the PCFinancial chat and that's what they said..

Edit: a RFDer tested this and apparently it doesn’t incur the NSF fee when you make a purchase with your MasterCard and don’t have enough in your account. My answer from PCF still holds.
Last edited by zeroace on Oct 25th, 2020 1:43 am, edited 2 times in total.
Deal Addict
Dec 25, 2017
3320 posts
2372 upvotes
zeroace wrote: That's where the lines skew between a bank card and pre-paid credit card.

However, with a pre-paid credit card, if I buy something that is greater than what I have loaded, I simply get a rejected transaction and I use another card or cash.. With the PC Money Mastercard, if I try to buy something greater than my account balance, I'll get an NSF charge. I tried seeking clarification through the PCFinancial chat and that's what they said..
They charge NSF fees on a declined transaction with the card? Really? I've accidentally used a debit card that was connected to a chequing account that I no longer use (active but no balance) and, while it'll be declined, I'm never assessed a NSF fee. It's only cheques and/or PADs that generate NSF fees so that's strange that PC Financial is charging one on transactions with their card...
Sr. Member
Jan 24, 2004
559 posts
133 upvotes
IEpicDestroyer wrote: They charge NSF fees on a declined transaction with the card? Really? I've accidentally used a debit card that was connected to a chequing account that I no longer use (active but no balance) and, while it'll be declined, I'm never assessed a NSF fee. It's only cheques and/or PADs that generate NSF fees so that's strange that PC Financial is charging one on transactions with their card...
Here's a screencap of my question and their answer through the Messaging Support.. Using that response from them, I'll assume there is an NSF fee.
Images
  • askpcf.png
Deal Guru
User avatar
Apr 10, 2011
12749 posts
25737 upvotes
Montreal
I would be careful with the risk of NSF fee with the PC Money account.
There's a reason why they push so much with the overdraft protection option and they are very upfront about the $40 NSF fee if you opt out.
Deal Guru
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Aug 24, 2016
11669 posts
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Win-ter-peg
zeroace wrote: With the PC Money Mastercard, if I try to buy something greater than my account balance, I'll get an NSF charge. I tried seeking clarification through the PCFinancial chat and that's what they said..
Not true.
Someone has already tested this pages back.
The NSF fee will only be charged if you have a preauthorized transaction come out of your account, and you don’t have the funds to cover it.
Preauthorized payments that you have set up with your landlord for rent, hydro for your bill, Rogers for your cell bill etc...
Attempted purchases made with the card, when there aren’t enough funds to cover the purchase, will not result in an NSF.
Sr. Member
Jan 24, 2004
559 posts
133 upvotes
coolintheshade wrote: Not true.
Someone has already tested this pages back.
The NSF fee will only be charged if you have a preauthorized transaction come out of your account, and you don’t have the funds to cover it.
Preauthorized payments that you have set up with your landlord for rent, hydro for your bill, Rogers for your cell bill etc...
Attempted purchases made with the card, when there aren’t enough funds to cover the purchase, will not result in an NSF.
Thanks. I edited my reply in this thread but with the response I received from PCF, it made me wary
Deal Addict
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Jul 16, 2019
1577 posts
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Doomdrou wrote: It is not a prepaid card. It is a real CDIC-insured bank account.
It's both. A prepaid credit card with a bank account underneath it.
Newbie
Nov 17, 2018
93 posts
59 upvotes
Toronto
angel_wing0 wrote: Is the site down atm? Cant even get into the site, pure white screen.
Maybe it was last night?

Seems to working fine this Sun morning.
Deal Guru
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Aug 24, 2016
11669 posts
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zeroace wrote: Thanks. I edited my reply in this thread but with the response I received from PCF, it made me wary
Understandably.
Though you'll learn as you go, PCF employees are among the worse CSR’s of any company that I can think of.
They’re not knowledgeable of any part of their job, and constantly pass on bad information.
I think they just pull answers out of this hat at their side, and you get what you get.
Deal Addict
Jun 13, 2019
1048 posts
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Toronto
zeroace wrote:
Here's a screencap of my question and their answer through the Messaging Support.. Using that response from them, I'll assume there is an NSF fee.
coolintheshade wrote: Not true.
Someone has already tested this pages back.
The NSF fee will only be charged if you have a preauthorized transaction come out of your account, and you don’t have the funds to cover it.
Preauthorized payments that you have set up with your landlord for rent, hydro for your bill, Rogers for your cell bill etc...
Attempted purchases made with the card, when there aren’t enough funds to cover the purchase, will not result in an NSF.
Yeah, I unknowingly tested it and got slapped with $40 NSF. It was charged for (failed?) PAD from Tang and then Tang also charged $7.50 for "Returned Item Fee". More detailed story here

pc-money-launched-09-14-2020-2273440/92/#p33196075
Deal Guru
Jan 19, 2017
10058 posts
6151 upvotes
I tried to pay bill online right now(it is 1:22AM, Mon, Oct. 26). It says something is wrong and try later. Do they shut down after midnight?
Banned
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May 7, 2007
13912 posts
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First of the next month is rapidly approaching .... :D
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Dec 22, 2007
1657 posts
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Mississauga
coolintheshade wrote: Understandably.
Though you'll learn as you go, PCF employees are among the worse CSR’s of any company that I can think of.
They’re not knowledgeable of any part of their job, and constantly pass on bad information.
I think they just pull answers out of this hat at their side, and you get what you get.
i could use a 2nd job :) wondering if i can work from home in between my other job.
Sr. Member
User avatar
May 18, 2019
933 posts
513 upvotes
ml88888888 wrote: I tried to pay bill online right now(it is 1:22AM, Mon, Oct. 26). It says something is wrong and try later. Do they shut down after midnight?
Man their website sucks. I get more error messages than successful logins.
Deal Guru
Jan 19, 2017
10058 posts
6151 upvotes
Has anyone tried to pay to the prepaid MC linked to the PCF money acct? If you don’t have 5 payees to pay, that is another one to pay if it works.

Updated: the prepaid MC is a PCF MC. So if you have a real PCFMC, then it won't work to get the 1000 points/month for paying a bill.
Last edited by ml88888888 on Oct 29th, 2020 11:14 am, edited 1 time in total.
Deal Addict
May 21, 2004
3000 posts
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GTA
DeletedMemories wrote: i could use a 2nd job :) wondering if i can work from home in between my other job.
Do you know anything about PC Money? You do? Sorry, you're over qualified.

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