Personal Finance

What are the downsides of PC Financial's 'no fee bank account?'

  • Last Updated:
  • Dec 31st, 2016 5:37 pm
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Mar 23, 2004
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Markham
airmail wrote: +1

it's funny seriously, one sec one person said this account needs 5k to get free cheques, and the other sec someone said their money is being held for free before posting thing, i mean, just :facepalm:
Member
Jan 26, 2011
233 posts
14 upvotes
Coquitlam
angel_wing0 wrote: ...then i can def tell u, a bank that "holds money for free" DOES NOT EXIST, and your point between the two holds does not make sense.
I knew a bank that holds money for free does exist, though not exactly as duckdown mentioned in his/her post.

I initiated a transfer from Ally.ca to my other bank account. Ally debited my acct right away. After one week ( no holiday that week), I contacted them to ask about what's going on. They said sorry about that and "We are working on this regrettable matter and hope to have your transfer completed by day's end. "

I don't think they give interest for that week. I did not check though.
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Mar 23, 2004
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hoveran wrote: I knew a bank that holds money for free does exist, though not exactly as duckdown mentioned in his/her post.

I initiated a transfer from Ally.ca to my other bank account. Ally debited my acct right away. After one week ( no holiday that week), I contacted them to ask about what's going on. They said sorry about that and "We are working on this regrettable matter and hope to have your transfer completed by day's end. "

I don't think they give interest for that week. I did not check though.

i think it is more like ally having trouble processing your transfer (which they are known for at the beginning), then actually holding your money for free or whatever.
Banned
Jul 23, 2010
204 posts
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angel_wing0 wrote: ummm, no u dont.

umm i tried getting free cheques and it didn't work, called the hotline and they said i would need a couple of thousands in there for them to send the money, so yeah

this was in british columbia
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Mar 23, 2004
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yayfreebies wrote: umm i tried getting free cheques and it didn't work, called the hotline and they said i would need a couple of thousands in there for them to send the money, so yeah

this was in british columbia

donno if u really bank with the right pc then:

http://www.banking.pcfinancial.ca/a/pro ... count.page

unlimited cheques and free chequing
Deal Addict
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Sep 10, 2007
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CALGARY
I've been PCF for long now and they dont hold my cheques. I do my day-to-day banking with them. BUT I'd recommend to keep an account with one of 5-big banks as well. I have one with TD that doens't cost me anything if I keep it over $1000 and get 10 transactions with no fees it works great as my paycheque goes to this account then I can write cheque to myself if I need some money out to my PCF account.

IMO big-5 are necessary evil, but there are ways to keep it all free!
  • To overcome evil with good is good, to resist evil by evil is evil.
  • A sign of a person’s evil is his need to constantly argue.
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Jun 17, 2009
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Vancouver
yayfreebies wrote: umm i tried getting free cheques and it didn't work, called the hotline and they said i would need a couple of thousands in there for them to send the money, so yeah

this was in british columbia
I always leave less than $100 in my chequing account, I placed an order for free checks online a couple weeks or so ago. I received 2 check books in the mail recently. I live in BC as well. So you got your facts wrong buddy.

Just a minor annoyance... I have two credit cards with MBNA. My mistake, I paid the wrong credit card. The account summary doesn't show which specified card I paid to. It just shows: INTERNET BILL PAYMENT MASTERCARD, MBNA CANADA B. $1,644.67. Now I am late in payment GRRRRR!!
Deal Addict
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Dec 18, 2007
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No problems at all.
Are no downsides I can think of.

And whoever said you get "huge" fees when making withdraws overseas is wrong. Or used those "private" ABM's that hose you $5/time.

I've used mine Mexico (not as resorts), Bahamas, England, France, Spain and Germany and have NEVER had any issues. The fees were SUPER low (under $5 each time).
Just had to look for machines w/ the "Plus" logo.
I do wish Interac was available overseas though, but alas, it is not. But that's not a PCF thing...
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Jul 23, 2010
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Holy ****, alright well that still leaves the fact that you had $100 in your account doesn't it?
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Jun 14, 2003
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duckdown wrote: What's the risks depositing into the ATM you guys are talking about though? I routinely deposit like 3000 dollars cash into their machines, I'd like to hear more on this?

Search. There are quiet a few threads regarding this. Not a PCF specific issue though.
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Banned
Jul 23, 2010
204 posts
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lol if you guys are right that means the guy on the pcfinancial hotline was lying.

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