Personal Finance

PCF offers 5 Interac e-transfers for June and July

  • Last Updated:
  • Jun 7th, 2017 2:02 am
[OP]
Deal Addict
Jan 2, 2015
1549 posts
538 upvotes
Toronto, ON

PCF offers 5 Interac e-transfers for June and July

This is the email I just got
Hi X

Need to split a bill, pay your share of the rent, or settle a debt with friends?

As a PC Financial® customer, we’ve† got you covered with Interac e-Transfer® – the fast, easy and secure way to send money through online or mobile banking to anyone with an email address and bank account in Canada.

Instead of cash or cheques, next time try it for yourself with 5 free* Interac e-Transfer transactions during June and July.

Go to online banking or use
your mobile app to send an
Interac e-Transfer® for free.
25 replies
Banned
User avatar
Jul 17, 2008
11042 posts
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They might as well make it free every month. I think they are the latest ones not to offer free interac e-transfers
Deal Addict
Dec 13, 2010
1979 posts
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ON
Well Tangerine does NOT have free Interac e-transfers.
Deal Guru
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Aug 8, 2012
10198 posts
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Good news if they continue the trend past July. If they are instant like CIBC ones are sometimes that would be better than EQ which are always 30-minute delayed.

Between 5 free at EQ and 5 at PCF I would be set for sure every month. I've only hit 5 at EQ once or twice since Feb 2016 that I opened the account.
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Deal Addict
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Dec 17, 2008
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The email stated that the offer was "non-transferable" so I am not sure if everyone got the email but I did receive it as well
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Dec 17, 2008
2674 posts
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Here are the terms and conditions from the email. It appears you will still pay the $1.50 at the time of the transaction and then they will reimburse you by August 31, 2017. It also appears it will only work if you send the e-transfer from the no-fee chequing account, it will not work if you send money from your borrowing account.
*How it works:

1. The President’s Choice Financial® free Interac e-Transfer offer (the “Offer”) begins on June 1, 2017 and continues until July 31, 2017 (the “Offer Period”).

2. Eligible Customers may send up to a total of up to 5 free Interac e-Transfer transactions from ALL Eligible Accounts held by the Eligible Customer, during the Offer Period.

3. An “Eligible Customer” is defined as the Primary Account Holder of an Eligible Account. An “Eligible Account” is defined as the no fee chequing account.

4. The Offer is applicable only to outgoing Interac e-Transfer transactions from an Eligible Account to another account with President’s Choice Financial or another financial institution.

5. Transaction fees of up to a total maximum of $7.50 ($1.50 per transaction to a maximum of 5 transactions) will be automatically reimbursed by August 31, 2017 to the same account the fee was deducted from.

6. Offer is subject to the Legal Stuff and the Interac e-Transfer terms and conditions available here

7. Offer is non-transferable and cannot be combined with other promotional offers. The provider of President’s Choice Financial personal banking services the direct banking division of CIBC, reserves the right to cancel or change the terms of the Offer at any time, and revoke the Offer for any customer who appears to be manipulating or abusing the Offer, or is engaged in any suspicious/fraudulent activity.

®PC, PC Financial, President’s Choice, and President’s Choice Financial are registered trademarks of Loblaws Inc. Trademarks used under licence.

®Interac e-Transfer is a registered trade-mark of Interac Inc. Used under licence.

†President’s Choice Financial personal banking services are provided by the direct banking division of CIBC. Personal banking services are not available in Quebec.
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Jr. Member
Mar 12, 2017
147 posts
74 upvotes
I opened my CIBC Smart Account specifically to send free Interac e-transfers. I sent like 2-3 per day for months (I'm a bitcoin day trader). And CIBC ended up disabling my debit card twice after I sent e-transfers recently and interrogated me about who I was sending the e-transfers to and what for. Ugh. lol. They re-enabled my debit card but if they are going to keep disabling my card and asking me questions, I might as well just close my CIBC account since the e-transfers was the whole point of getting the Smart Account. My PC and Tangerine accounts do everything else for free anyways. **** CIBC. CIBC also removed my instant Interac e-transfer privileges for the most part. My CIBC e-transfers take 30 minutes most of the time due to fraud prevention measures I guess.

My PC Financial account and e-mail address is also banned from Interac e-transfer because a scammer sent an e-transfer from a hacked bank account to my email last year (this is why I don't sell bitcoin for e-transfers anymore). I had to open an account with another bank and use a new e-mail address for e-transfers. So I can't take advantage of PC's promo.

Be careful out there. Don't accept Interac e-transfers from people you don't know well (especially not from strangers on the internet). It's ok for me to send out e-transfers to people I don't know because I trade with escrow protection. Or ask the person to give me the bitcoin first. But since saying "bitcoin" to a bank is like saying "bomb", CIBC doesn't know that. I never mentioned bitcoin to them because I know how that ends (Tangerine threatened to shut down my account for trading bitcoin). So they consider me high-risk for fraud probably for sending too many Interac e-transfers.

It's funny how CIBC markets the unlimited aspect of their Interac e-transfers. Yet God forbid you actually use e-transfers 2-3 times per day consistently. So much for "unlimited". I hear that RBC is even worse for this. RBC, CIBC, TD, BMO, Bank of Nova Scotia, HSBC, they are all crooks. Bankers want to control your money. Bankers control the world basically. They don't want you to spend your money however you see fit. And since most people don't do high transaction volume, most people are complicit in this.

Either the banks are hyper paranoid about fraud now to the point where they won't even let you spend your own **** money. Or they are openly discriminating against bitcoin traders because they see bitcoin as direct competition for their investment products. Banks like CIBC want you to invest with Investors Edge and their other bullshit investment products. They don't want you to invest in bitcoin.
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Aug 8, 2012
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NEETtrader wrote: They don't want you to invest in bitcoin.
I was okay with most of your post til the last sentence when you said "invest in Bitcoin".

Bitcoin is a currency. You don't "invest" in currency. You can use it to pay for things. You can TRADE it... but you can't "invest" in it.
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Jr. Member
Mar 12, 2017
147 posts
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ace604 wrote: I was okay with most of your post til the last sentence when you said "invest in Bitcoin".

Bitcoin is a currency. You don't "invest" in currency. You can use it to pay for things. You can TRADE it... but you can't "invest" in it.
The Canadian and US government (as well as most world governments) classify bitcoin as a commodity/asset. Not a currency. The price is too volatile for it to be a currency. And with the transaction fees being so high now, bitcoin is rarely used as a medium of exchange for goods and services outside of the black market (ie. drugs, stolen credit cards, fake ID, ransomware) and grey market (escort advertising, because VISA/Mastercard/AMEX won't allow backpage to use their services for escort ads). Most of the bitcoin transaction activity is driven by speculation. I buy bitcoins because the price keeps going up (with corrections now and then). And I sell bitcoins to take profit once in awhile.

I don't want to use my bitcoins to buy things because
1) the transaction fees are too high
2) if I think bitcoin is going to go up, why on earth would I use them?
3) Bitcoin payment gateways like BitPay offer considerably less for my bitcoins than bidders on Canadian bitcoin exchanges (even after trade and withdrawal fees).
4) I don't buy illegal drugs or any of that black/grey market stuff. And if I wanted to buy soft drugs like weed, I can just take the TTC into downtown Toronto to any dispensary, don't have to pay shipping fees, don't have to buy in bulk to waive the shipping fee and pay cash. If you are going to buy drugs online, it makes more sense to use bitcoin compared to Interac e-transfer because the banks are monitoring our activity and are very nosey. Bitcoin has that going for it. Otherwise cash is king baby for offline black/grey market. Some marijuana dealers online only take Interac e-transfer or cash in mail (which can easily be stolen/seized by a Canada Post employee). Not comfortable using my bank account to buy marijuana. The banks hate the marijuana shops.
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Aug 8, 2012
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NEETtrader wrote: The Canadian and US government (as well as most world governments) classify bitcoin as a commodity/asset. Not a currency. The price is too volatile for it to be a currency. And with the transaction fees being so high now, bitcoin is rarely used as a medium of exchange for goods and services outside of the black market (ie. drugs, stolen credit cards, fake ID, ransomware) and grey market (escort advertising, because VISA/Mastercard/AMEX won't allow backpage to use their services for escort ads). Most of the bitcoin transaction activity is driven by speculation. I buy bitcoins because the price keeps going up (with corrections now and then). And I sell bitcoins to take profit once in awhile.

I don't want to use my bitcoins to buy things because
1) the transaction fees are too high
2) if I think bitcoin is going to go up, why on earth would I use them?
3) Bitcoin payment gateways like BitPay offer considerably less for my bitcoins than bidders on Canadian bitcoin exchanges (even after trade and withdrawal fees).
4) I don't buy illegal drugs or any of that black/grey market stuff. And if I wanted to buy soft drugs like weed, I can just take the TTC into downtown Toronto to any dispensary, don't have to pay shipping fees, don't have to buy in bulk to waive the shipping fee and pay cash. If you are going to buy drugs online, it makes more sense to use bitcoin compared to Interac e-transfer because the banks are monitoring our activity and are very nosey. Bitcoin has that going for it. Otherwise cash is king baby for offline black/grey market. Some marijuana dealers online only take Interac e-transfer or cash in mail (which can easily be stolen/seized by a Canada Post employee). Not comfortable using my bank account to buy marijuana. The banks hate the marijuana shops.
Commodity is even worse because you don't invest in a commodity, you just trade commodities. I'm not going to invest in pork bellies or coffee beans to hold for the next 20 years ;-)

... btw, do you file capital gains on those bitcoin trades? .... I'm guessing most people do not, even if you do ... and the bank being a party to that kind of tax-avoidance could be reason enough for them not to want to deal with transactions related to it. Like you said they hate the shops, maybe they hate bitcoin traders too. Or at least they aren't comfortable with you using their bank accounts for it.

ps. There are a lot of ways to spend bitcoin these days that are legit. Like say, Gyft to buy gift cards for dozens of places... or Expedia:
http://www.expedia.com/Checkout/Bitcoin ... Conditions
POLL: How frequent is your RRSP-matching?
Plastiq: Pay any bill with credit card for 0-2.5% fee (help meet min spending and keep old cards active!)
Rewards program transfer times (e.g. SPG->Aeroplan, Marriott->SPG, Amex MR->SPG...)
Jr. Member
Mar 12, 2017
147 posts
74 upvotes
ace604 wrote: Commodity is even worse because you don't invest in a commodity, you just trade commodities. I'm not going to invest in pork bellies or coffee beans to hold for the next 20 years ;-)
Bitcoin went from 670.60CAD to 3809.06CAD within a year though. How many other commodities can say that? lol. It's definitely an investment. But you have to be careful and know what you are doing. Because I've seen bitcoin lose 25% or more value overnight multiple times now. With bitcoin at a new all-time high right now and having rose so high so fast, I would strongly advise that no one invest their life savings into bitcoin right now. It sounds cliche but whatever you invest into bitcoin, you have to be willing to lose. Personally I think I take profit way too often. I could have made far more money if I held onto my coins more. And I probably would attract less attention from the banks if I took profit less often (because this involves making a deposit into your bank account).
... btw, do you file capital gains on those bitcoin trades? .... I'm guessing most people do not, even if you do ... and the bank being a party to that kind of tax-avoidance could be reason enough for them not to want to deal with transactions related to it. Like you said they hate the shops, maybe they hate bitcoin traders too. Or at least they aren't comfortable with you using their bank accounts for it.
Yea I report capital gains. Because my transaction activity is so high that I probably have no other choice. It bugs me because this Canadian government doesn't help you out when you are down on your luck as a guy. You have to get knocked up by someone to get welfare it seems like. But the minute you are a successful "middle-class" self-employed entrepreneur, the government has their hand out. Unless you are part of the super rich and can afford to buy off the politicians (ie. Panama Papers, the rich people from China, Saudi Arabia, Dubai, etc. who launder criminally-obtained money into the Canadian real estate market), then the government turns a blind eye. Because the Canadian government is in the pockets of rich people. Whenever there is an economic crash, the government bails out the bankers and the major corporations. And who pays for it? The tax payer.
ps. There are a lot of ways to spend bitcoin these days that are legit. Like say, Gyft to buy gift cards for dozens of places... or Expedia:
http://www.expedia.com/Checkout/Bitcoin ... Conditions
The problem with most of these sites that accept bitcoin is that they usually use a third-party payment processor like BitPay to accept bitcoin. BitPay pays these companies in dollars while the customer pays BitPay in bitcoin. BitPay gives you less for your bitcoins than the Canadian bitcoin exchanges do. This is why I prefer to just sell on exchanges than use services like BitPay. Problem is, the banks are monitoring bitcoin activity. If you buy goods and services with BitPay, you pay a "tax" to BitPay but you also stay under the radar from the banks more this way.

I haven't personally used Gfyt. I'm guessing it's the same issue with BitPay. You would probably get more money selling the bitcoin on an exchange than you would get in gift card denominations from them. This is a primary issue with third-party services. The middle-man always wants a cut. Bitcoin was designed to cut out the middle-man. Problem is most merchants don't want to manage bitcoin. They want to pay someone else to manage it for them. This is why almost every bitcoin payment gateway goes through a middle-man.
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Aug 8, 2012
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NEETtrader wrote: Bitcoin went from 670.60CAD to 3809.06CAD within a year though. How many other commodities can say that? lol. It's definitely an investment. But you have to be careful and know what you are doing. Because I've seen bitcoin lose 25% or more value overnight multiple times now. With bitcoin at a new all-time high right now and having rose so high so fast, I would strongly advise that no one invest their life savings into bitcoin right now. It sounds cliche but whatever you invest into bitcoin, you have to be willing to lose. Personally I think I take profit way too often. I could have made far more money if I held onto my coins more. And I probably would attract less attention from the banks if I took profit less often (because this involves making a deposit into your bank account).
How about uranium, oil, gold, copper to name a few:
https://en.wikipedia.org/wiki/2000s_com ... umSpot.png
https://en.wikipedia.org/wiki/2000s_com ... onthly.svg
https://en.wikipedia.org/wiki/2000s_com ... in_USD.png
https://en.wikipedia.org/wiki/2000s_com ... ry_USD.png

Buying something that increases rapidly is not an investment. It's speculation.

Don't get me wrong, I own bitcoin since below $500 CAD. I'm not trading it, and I don't look at it as an investment.
POLL: How frequent is your RRSP-matching?
Plastiq: Pay any bill with credit card for 0-2.5% fee (help meet min spending and keep old cards active!)
Rewards program transfer times (e.g. SPG->Aeroplan, Marriott->SPG, Amex MR->SPG...)
Jr. Member
Mar 12, 2017
147 posts
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I would consider oil, gold, copper, etc. to be investments too. You can actively trade these commodities to try to take advantage of price swings just like you can bitcoin. Or you can hold onto them (investment).
Jr. Member
Mar 12, 2017
147 posts
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Interac e-transfer is so buggy. I sent an e-transfer to someone whose credit union savings account isn't working with Interac e-transfer for some reason (he never used that email or bank account before with Interac so he wasn't banned from the service. Which is an issue I've encountered before). His credit union is compatible with the service. Maybe it's just because he doesn't have a chequing account. So he declined the transaction. When I tried to reclaim the money, it wouldn't let me. I called into my bank. And they said that Interac has a hold on my money (it was nearly $1,800) and their security department is going to have to call into Interac to remove the hold and then I'll get my funds back in 48 hours. ****. lol. The CSR forwarded me to the security department's voicemail box since they aren't working this late. Hopefully they take care of it without me having to do anything else. I work late and will probably be sleeping if the security department gives me a call. I don't operate on a 9-5 schedule like they do.

For me, $1,800 isn't a big deal. It's just a minor annoyance so as long as I get the money back. But for a lot of people, being without that much money for a few days is a big deal.

If Interac e-transer is supposed to replace cheques, fix your shit Interac. Seriously. Canadian banks, Canadian telecoms, etc. provide mediocre service. Every time. Interac e-transfer is the cheapest email money transfer service (PayPal is expensive outside of Family & Friends). And you're able to deposit into your bank account within 0-30 minutes (PayPal is next business day into your bank account I think). So it's not all bad. But can be very frustrating.
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Aug 3, 2014
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ace604 wrote: How about uranium, oil, gold, copper to name a few:
....

Buying something that increases rapidly is not an investment. It's speculation.

Don't get me wrong, I own bitcoin since below $500 CAD. I'm not trading it, and I don't look at it as an investment.
I am pretty sure the person you are talking to is the Fake News who claimed that Interac e-Transfers' 30 min email delay is based on the recipient's bank, not the sender's. :lol:
Jr. Member
Mar 12, 2017
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hvwozq wrote: I am pretty sure the person you are talking to is the Fake News who claimed that Interac e-Transfers' 30 min email delay is based on the recipient's bank, not the sender's. :lol:
When I send with CIBC, it's always either 0 or 30 minutes. I figured the variance had to do with the recipient. Weren't you the person who said that CIBC is always instant? Which is clearly not the case.
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NEETtrader wrote: When I send with CIBC, it's always either 0 or 30 minutes. I figured the variance had to do with the recipient. Weren't you the person who said that CIBC is always instant? Which is clearly not the case.
I don't know the history of this debate but an Interac e-Transfer can be deposited to any bank the recipient choose to, so it shouldn't matter what bank they use.

The sending bank has fraud checks. If they want to send it instant they can. Some always send after 30. Some always instant (seems RBC?).

CIBC I've seen both ... it could have to do with if you are sending to the same person again whether CIBC factors that into the equation, but which bank they used (LAST time they accepted a transfer) I can't see factoring in since the recipient can choose a different bank each time.
POLL: How frequent is your RRSP-matching?
Plastiq: Pay any bill with credit card for 0-2.5% fee (help meet min spending and keep old cards active!)
Rewards program transfer times (e.g. SPG->Aeroplan, Marriott->SPG, Amex MR->SPG...)
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Jan 21, 2016
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Kind of off topic, but can you do an Interac e-Transfer between banks with the same email?
First rule of RFD is you don't mention RFD.

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