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President's Choice NO FEE Banking has fees!

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[OP]
Member
Feb 22, 2007
272 posts
19 upvotes

President's Choice NO FEE Banking has fees!

So I see the President's Choice "No Fee Bank" account still being advertised. I opened an account because of the attractive interest rate, but the money just sat, since I already had an existing chequeing account at another Bank, and I didn't feel like ordering new cheques and changing all my pre-authorized payments, at least until I felt comfortable with PC "no fee" bankng.
Well, it didn't take long for disillusionment to set in - the attractive interest rate soon became "tiered", and then it became necessary to open a separate account to get a decent rate. Of course these folks know crowd psychology all too well, and like most folks who have to deal with these exploiters to the point of exhaustion, I just let things ride.
Well, next thing you know, I get dinged a $20 FEE for having an "inactive account"! I'm dealing with major health issues at the time, and let it ride. And I get yet another $20 FEE (on a NO FEE account!) for "inactivity".
So, they clawed back a good chunk of the interest in "FEES"! This, on a supposedly "NO FEE"account!
Beware, especially if you're a senior! Don't get sucked in by the "NO FEE" LIE! They're just lurking and waiting to collect their "inactivity fee".
Remember, "NO FEE" doesn't include "Inactivity fee". Want to learn Business Ethics 101? Go to the Kingston Pen Learning Centre. Great place to start a banking career!
31 replies
Deal Fanatic
Mar 21, 2010
6555 posts
3683 upvotes
Toronto
How long did it sit before they charged a fee? I opened one, deposited some cash in it and left it for probably over a year, and they never charged any fees... all they did was flag it as inactive and I had to call in to activate it again and perform any transactions. In the end I just emptied it out and I use my regular bank account instead.
[OP]
Member
Feb 22, 2007
272 posts
19 upvotes
Manatus wrote: How long did it sit before they charged a fee? I opened one, deposited some cash in it and left it for probably over a year, and they never charged any fees... all they did was flag it as inactive and I had to call in to activate it again and perform any transactions. In the end I just emptied it out and I use my regular bank account instead.

This was several years. I closed the account (back to my regular bank - Td CanTrust). PC people could give a sh*t, never enquired why I left. Good riddance. Just another business ethics lie.
Deal Expert
User avatar
Nov 15, 2004
20307 posts
4173 upvotes
Toronto
I've had 1 penny in an old unused savings account with them since April 2009 and they haven't said anything about it. I've been using my other accounts with them though, so who knows.

I don't really see a reason to complain though. Compared to what any of the other banks offer out there PC is by far the best option. RBC would charge you $20 a month for a comparable account.
Sr. Member
User avatar
Jun 2, 2008
504 posts
61 upvotes
Been with PC for literally years and have never once seen any sort of fee at all. Tough break for OP.
Jr. Member
Aug 29, 2010
171 posts
5 upvotes
All banks charge for inactive accounts. What did you expect after the first notice of inactive fee that it would disappear without talking to someone about it? I have some accounts with PC that are inactive but I do use my other accounts too. No monthly fees for me. :)
Sr. Member
Apr 23, 2009
901 posts
87 upvotes
jan_db wrote: So I see the President's Choice "No Fee Bank" account still being advertised. I opened an account because of the attractive interest rate, but the money just sat, since I already had an existing chequeing account at another Bank, and I didn't feel like ordering new cheques and changing all my pre-authorized payments, at least until I felt comfortable with PC "no fee" bankng.
Well, it didn't take long for disillusionment to set in - the attractive interest rate soon became "tiered", and then it became necessary to open a separate account to get a decent rate. Of course these folks know crowd psychology all too well, and like most folks who have to deal with these exploiters to the point of exhaustion, I just let things ride.
Well, next thing you know, I get dinged a $20 FEE for having an "inactive account"! I'm dealing with major health issues at the time, and let it ride. And I get yet another $20 FEE (on a NO FEE account!) for "inactivity".
So, they clawed back a good chunk of the interest in "FEES"! This, on a supposedly "NO FEE"account!
Beware, especially if you're a senior! Don't get sucked in by the "NO FEE" LIE! They're just lurking and waiting to collect their "inactivity fee".
Remember, "NO FEE" doesn't include "Inactivity fee". Want to learn Business Ethics 101? Go to the Kingston Pen Learning Centre. Great place to start a banking career!

Where is this attractive interest rate you speak of?

As for the No-Fee line, it refers to your day-to-day banking. You don't pay fees for having a checking account or using your debit card.
Deal Guru
User avatar
Aug 20, 2005
10628 posts
2341 upvotes
Nowhere
jan_db wrote: This was several years. I closed the account (back to my regular bank - Td CanTrust). PC people could give a sh*t, never enquired why I left. Good riddance. Just another business ethics lie.

Next time read the terms and conditions of your account. There are no day to day banking charges but there are fees for certain services and for inactive accounts. They are not to blame for your ignorance. Leave an account at another bank for several years untouched and see what is left in it. You are lucky they are only charged $20. Other banks charge monthly until your whole balance is gone. With an explanation, you probably could have had them waive the fee.
Deal Addict
User avatar
Aug 9, 2003
2358 posts
100 upvotes
Toronto
Cheap Cat wrote: Next time read the terms and conditions of your account. There are no day to day banking charges but there are fees for certain services and for inactive accounts. They are not to blame for your ignorance. Leave an account at another bank for several years untouched and see what is left in it. You are lucky they are only charged $20. Other banks charge monthly until your whole balance is gone. With an explanation, you probably could have had them waive the fee.

Come on. You're expecting people to actually bother to read things like the terms and conditions of something they sign up for? :lol:

Seriously, there _are_ no fees for day to day banking. Things like writing cheques and on-line bill payments and Using a CIBC ABM. Once in a while I dip into my overdraft on my chequing account. When that happens, I pay for it. It's above and beyond normal day-to-day activity. (well, at least, one would hope)

I've been with PC financial for something like 12 years now and although they're not perfect, I've found that overall, it works for me and I'm not getting dinged for every little thing.

--Pete
Remember: We elect the government we deserve.
Deal Guru
User avatar
Aug 20, 2005
10628 posts
2341 upvotes
Nowhere
Tomy wrote: 2 years of each account or what? i haven't touched one of my savings for a while.. but i still use the other savings + checking account.

Just transfer a penny to the account every 6 months to keep it active. I have an account that I only use once a year for an event that I run and that is what I was told to do. After 6 months of inactivity, the account will show on your account summary as dormant and then you will have to call in to have it reactivated and do a transaction within 24 hours. They will usually do the penny transfer for you.
Deal Guru
User avatar
Nov 5, 2001
11219 posts
1829 upvotes
Edmonton
Op just has an axe to grind. He should read the terms and conditions before he signed up. That's his fault.

Most banks will charge an inactivity fee. Happened to me at Alberta Treasury Branch before, and my wife at Bank Of Montreal and Royal Bank.

Point is, you will never pay for withdrawls, deposits, transfers between accounts, get unlimited interact purchases, and unlimited atm transactions at cibc and pc financial machines, unlimited free checks, etc, etc.

I have been with them for over 10 years and never paid a fee, and get intrest rates better than any brick and mortar bank offers on the same type of accounts. (and those banks charge fees to boot)

If dormant account service charges are the worst thing about them, PCF is pretty saintly compared to most of the main banks in canada...
Member
User avatar
Jun 4, 2005
389 posts
15 upvotes
jan_db wrote: So I see the President's Choice "No Fee Bank" account still being advertised. I opened an account because of the attractive interest rate, but the money just sat, since I already had an existing chequeing account at another Bank, and I didn't feel like ordering new cheques and changing all my pre-authorized payments, at least until I felt comfortable with PC "no fee" bankng.
Well, it didn't take long for disillusionment to set in - the attractive interest rate soon became "tiered", and then it became necessary to open a separate account to get a decent rate. Of course these folks know crowd psychology all too well, and like most folks who have to deal with these exploiters to the point of exhaustion, I just let things ride.
Well, next thing you know, I get dinged a $20 FEE for having an "inactive account"! I'm dealing with major health issues at the time, and let it ride. And I get yet another $20 FEE (on a NO FEE account!) for "inactivity".
So, they clawed back a good chunk of the interest in "FEES"! This, on a supposedly "NO FEE"account!
Beware, especially if you're a senior! Don't get sucked in by the "NO FEE" LIE! They're just lurking and waiting to collect their "inactivity fee".
Remember, "NO FEE" doesn't include "Inactivity fee". Want to learn Business Ethics 101? Go to the Kingston Pen Learning Centre. Great place to start a banking career!


How long does it take one to feel "comfortable" with a bank..... I love my no fee, unlimited debit transactions... sounds like you ASSumed...
Sr. Member
Sep 7, 2010
596 posts
20 upvotes
Scarborough
I got charged fees a few times from PC. Got it waived (or reduced) about half the time.. call in, ask, complain, and escalate, escalate, escalate as necessary. I guess it helps that I have more money in my savings account there than I probably should (need to invest better.. lol) and I threatened to close all of my accounts (to the manager, not the lowly CSR) if they didn't waive the fee.
Deal Fanatic
Mar 12, 2010
6092 posts
639 upvotes
SW Ontario
Wait till you try to transfer your RSP from PCF to another bank. After jumping through hoops, and doing forms three times, they still charge you $50 bucks! But that's on their fee list.
Deal Addict
Apr 8, 2010
1307 posts
63 upvotes
Burlington
You must lead an exciting life OP, it seems that you have no problem turning the most mundane tasks into a frustrating misadventure.
Deal Fanatic
Oct 18, 2004
5135 posts
1629 upvotes
Wat
I <3 PC no fee account...especially the no fee cheques.

TD wanted $25 for 50 cheques..?? That's crazy talk.
[OP]
Member
Feb 22, 2007
272 posts
19 upvotes
redgrandam wrote: Wait till you try to transfer your RSP from PCF to another bank. After jumping through hoops, and doing forms three times, they still charge you $50 bucks! But that's on their fee list.

A "NO FEE" bank has a FEE LIST! :lol: :lol: :lol: :lol:

And the PC bank suckers think it's great! :facepalm:

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