Switching to PC Financial Questions

TigerLilly wrote: ↑ I'm pretty sure I'm going to switch over my main bank account from CIBC to PC Financial. I don't like how CIBC is forcing me to switch to the Smart Account when I have that grandfathered MenuPlus plan. I just have some questions for people who are already with PCF if you'd be nice enough to answer them for me:

1) Is the main difference between the chequing and savings the free daily banking vs. interest rate? I don't use my debit card much but I will use this account to link up other accounts to pay bills and it will receive my work direct deposits to this account. The Savings Account has the higher interest rate so I'd like to keep my money in there but I want to be not be charged for moving money around. So if that's the case then I'd sign up for the chequing account.

2) I see there are the PC Points sign-up bonuses for opening an account - are there any other promotions going on? Like are there any referral bonuses for existing PC Financial customers.

3) I know there are PC Pavillions at places like Loblaws. Do they actually help with banking stuff if I need to see someone in person or are they there to just sign-up and close accounts?

4) Can I actually make cash deposits and withdrawals from ANY CIBC ATM and not be charged?


Thanks to anyone who can help me. . .

Shawguy wrote: ↑ Transfers from Savings to Chequing take 1 business day. Chequing to Savings is instant.

All bill payments, etc have to be done on Chequing account

TigerLilly wrote: ↑ Ah ok. That is a big difference. So I'll definitely need the chequing account. My HISA is with EQ Bank so I don't think I need the PCF Savings account, do I? That'd just be yet another account. I got the Hubert and Zag Savings too when they had better interest rates but I haven't used them in a bit so I think I should close them.

TigerLilly wrote: ↑ Ah ok. That is a big difference. So I'll definitely need the chequing account. My HISA is with EQ Bank so I don't think I need the PCF Savings account, do I? That'd just be yet another account. I got the Hubert and Zag Savings too when they had better interest rates but I haven't used them in a bit so I think I should close them.

TigerLilly wrote: ↑ 1) Is the main difference between the chequing and savings the free daily banking vs. interest rate? I don't use my debit card much [0] but I will use this account to link up other accounts [1] to pay bills [2] and it will receive my work direct deposits [3] to this account. The Savings Account has the higher interest rate so I'd like to keep my money in there [4] but I want to be not be charged for moving money around. So if that's the case then I'd sign up for the chequing account.

1. EQ can link to 10 external accounts EASILY via microdeposits (vs PCF with a paper form!)
2. You can pay bills directly from a 2.3% savings account at EQ instead of a near 0% chequing account at PCF that takes a day(!) to transfer to from their own 0.8% savings account (meanwhile you could Interac e-Transfer form EQ in 30 minutes )
3. You can direct deposit to EQ
4. EQ has higher interest so you should want to keep your money there. Not at PCF.

• My pay is direct deposits to EQ.
• PADs like mortgage come direct from EQ.
• Bill payments are made from EQ.
• Cheques can be deposited to EQ via app.
• EQ has links to all my other accounts (10! Much better than just 3 at Tangerine).

ace604 wrote: ↑ Why not deposit paycheque directly to EQ and pay all bills and PADs from EQ?

TigerLilly wrote: ↑ I need it to link to a bank where I can deposit or withdraw cash if I need to. But I do have a LOC with CIBC so I can link those up, use that to deposit/withdraw cash and do the rest from EQ. I normally just leave the LOC for emergencies but I could use it just as a physical link.

I guess the only issue now would be cheques because I have to pay my rent with those. Can I link cheques back to my EQ Account?

ace604 wrote: ↑ The CIBC LOC has free Interac e-Transfers and free cheques.
EQ has 2.3% and 5 free Interac e-Transfers.

You already have the perfect setup IMO.

I have in the back of my mind to switch to that setup from my current one actually.

All you need to do is close the chequing account or convert it to a free savings account. Then ask for some free cheques on the LOC and switch your LOC into the "chequing" slot on your debt card.

Done. No fees. No interest as long as you replenish your LOC "overdraft" from EQ same day.

Ducky wrote: ↑ I'm in the same situation as you... i ended up closing my cibc and using tangerine chequeing and savings...

transfers between savings and chequeing is instant for tangerine... no 1 business day...

you can use tangerine debit card at any scotia atm if you need cash...

TigerLilly wrote: ↑ Is there a reason why you picked Tangerine over PC Financial?