President’s Choice Financial Services

In July my PC credit card information was stolen someone from Florida use it. Anyway, I saw the pending transactions, I called PC to inform them about it. I waited around 15 minutes for their customer service to response.
She was so rude, I told her someone is using my card, she said well isn’t your name (…), I said yes, she said then that you who used the card on Florida.
Omg I told her you can see I’m calling from my home phone in Canada, the transactions were made an hour ago. How on earth I will fly from Florida to BC within an hour.
She said ok I will close the account. An hour later I checked the whoever stole my card made 2 more transactions! & she said I closed your account. I called again waited then ask again to close my card.
Flowing month (August), someone used my card in the gas station that I never been in. Indeed I checked the postal code it’s actually a residential area and there are no gas station which means fraud again !
I dispute the transaction online. They respond after 5 days that they can’t open the case because I didn’t provide enough information!!! Oh really what addational information I should provide to you for a transaction I didn’t made!
I paid the price for transaction that I didn’t made. I’m waiting for the payment to be post on my account then I will call them to close my whole account with them.

I like PC Financial. I started banking with them sometime around 2004 when I had just finished university and starting my career. If you’re good with a computer and don’t require much of a bank, this is a great option. I’ve honestly never had any issues with them, but I don’t bank a whole lot. My pay cheque goes in, I pay my bills from it and that’s it. My banking life is rather uncomplicated, so they’re perfect for me. Having said this, I also have a savings account at a credit union. I don’t really use this account, but they charge $ 50 which is to purchase the buy-​in shares for the credit union. I think I pay about $ 5 a year to maintain this account. This is a small price to pay if I ever need to do anything beyond basic banking. I can get foreign currency if I travel at a better rate than the banks offer and I can do things like certify cheques, etc. And they offer really good rates for lines of credit. It’s important to remember that you get what you pay for.

You get what you pay for… in their case nothing. First let me start by saying I’d NEVER bank with PC again. I’d rather pay monthly service fees with a bank I will get the RIGHT customer service from and efficient processes.
This is a wire transfer issue — I called PC financial over 1 week ago to confirm the information I would need to have the transfer go through. This was my first time attempting something so important with PC, so of course there was some sense of apprehension of it happening (let me mention I also have an account with TD, RBC and ING… NEVER had any issues like this). I gathered all the information I would need to provide the sending institution, again, based on the information PC financial provided to me. At this point I think I should mention that if you’re ever receiving a wire transfer specifically from E-​Trade in the US you MUST specify when you call into PC. Unlike RBC, TD AND ING, qualifying where the transfer is coming from first BEFORE giving all the wire information is not a consistent practice of the customer service reps at PC. But as one rep in my many calls to them insinuated, it was my fault this mess happened because their site states when receiving ETrade wire transfers, this is the info needed… because that’s the case with my other banks. Oh wait, they qualify first over the phone even though disclaimers may be on their sites.
We’re now on almost 2 weeks and still no answer or resolution (outside of some assistance from a supervisor on my thousandth call to them this morning). The lack of consistency from the front-​line reps on what is policy and what is not (on 2 separate occasions, reps permitted a 3-​way call to E Trade when I called in for the 50^th time at that point, but all other calls to them after that they enforced the «cannot discuss account info with a 3^rd party on the line»…). No rep has any concept of timing with ANY of their processes — I’ve received anywhere from 2 business days to 10 business days. This mornings’ call I was told «we would need to escalate which will take 7 – 10 business days to resolve… at that point I lost it on the rep). What ticks me off the most with this entire situation is the too-​bad-​so-​sad outlook of ALL of their front-​line reps. They say they will do something, and it simply feels like I’m starting this issue all over with each call to them. All I can do is hope the supervisor’s (this is my 3^rd by the way for the week) attempts this morning were not ‘smoke-​in-​mirrors’ like all the others I’ve dealt with. I would update this review with the resolution if she is able to deliver as they all have promised to this week. Hard to put your trust and hope in someone when that’s all I’ve been doing with PC for over a week now.
The headache of a resolution is not worth the no-​fees banking they offer. I switched over because everyone raves about their «no frills» banking and etc. All banks offer headaches, yes, but never in my life has accessing MY OWN MONEY been such a headache and pain.
Reading reviews from 4years ago on PC — there’s a consistent «theme» with the lack of customer service and overall empathy… so why is it 4 years later the negative reviews are still the same. I should have really done my homework before going with this ‘mickey-​mouse’ bank. Stick with the big 5… or maybe with CIBC’s ownership things will finally turn around. Though CIBC is the only bank I’ve never had any dealings with so…

Its funny how i was going to review this due to some displeasure with the service as i find the service below par, and as i see the other people here are either saying these guys are at the very top or very bottom of the scale and i have to agree with the people who put them on the bottom. Its odd how they can have no middle ground so either you love them or hate them. All i know is that the convenience level is low and the customer service is close to down right difficult when you have to pursue them to get anything done. I have moved on. But i wont forget the trouble that i had with this discount provider of banking servces. After all of this i came to the conclusion that the main stream banks had a better service but you have to pay for it, and i came here for the free services offered, so i learned something.
You know what you get for nothing?
You get nothing.
With a bonus order of frustration on the side.
Also may i say, for some of us this service does not work but if it works for you then so be it, because they are a cheap alternative but you better be willing to put up with some degree of sloppy service or self inflicted punishment to save a buck.

I think this bank is great for the most part. I pay many of my bills, send and receive e-​transfers, and earn interest on my money. It is so easy and there seem to be CIBC ATMS and Loblaws stores everywhere I turn. I have never waited more than 5 minutes to speak to a representative and when my daughter made a TSFA error, withdrawing and then depositing again in the same year (actually the same or next day), costing a bundle in tax penalties, they were very helpful in sorting it out with the CRA. And were very courteous.
I did have one horrible experience with an extraordinarily rude young woman concerning a PC MC billing error many years ago. However, when I told her that I had cut my card into little pieces and would never use it again, she offered to send me a new one as I had 350.00 worth of points to spend. I accepted the new card, spent 350.00 on groceries and cancelled the card. Since my BMO MC and Amex usually run to 3,000 — 5,000 per month, they have lost a lot of business over the years. Perhaps all these negative reviews are from people who have encountered this young woman who was not only arrogant and rude beyond belief but also remarkably stupid.

I’ve used various PC Financial services (debit card, credit card, TFSA, RRSP) for about 10 years, and I’m very satisfied. The PC points aren’t as generous as they used to be, but I still appreciate the free groceries that I earn with them as well as the no-​fee banking. My debit card was compromised at a 3^rd party ATM a couple of years ago, and PC Financial detected and dealt with the problem very quickly. If you’re a fan of Loblaws products (which I am) then PC Financial is a no-​brainer because of the built-​in ATMs at every Loblaws, and the points you earn by shopping there towards more groceries.

Alright. I’m leaving the 5-​star review as-​is but want to share a couple of experiences from the past two days.
Yesterday I had to call PCF for the first time and the representative I dealt with was so arrogant and rude. I did not get everything I needed sorted because I didn’t have the patience or interest to continue being talked down at. If I would base my experience overall with PCF on this one employee I would say it’s a 1-​star bank and move my business elsewhere.
Luckily, it’s been good for me outside of this one incident.
Today I went to a kiosk and dealt with an absolutely fantastic employee! She was friendly, personable, helpful, efficient, and took care of everything I needed her to. If basing my overall experience with PCF on this interaction, I would rate it 5-​stars.
So… the 5-​star review sticks and I’m happy to report that even though there are some crappy people out there, there are enough good ones that compensate for them.

i’ve been w/​PCF for a LONG time. I do recommend them, personally. I do basic banking, I find them to be professional and efficient.
They certainly promote a no-​fee banking system, and competitive interest rates.
I’ve had a mortgage w/​them, but would still recommend comparing rates before committing to them.
PCF is versatile, they offer: Savings accounts, Chequing accounts, Interest-​free accounts, GIC accounts, Mortgages, GICs and I’m sure more.
~~~
whoa. I just glanced at a few other Unilocalers comments. I’ve no doubt that their experiences w/​PCF differ with mine. :(
I guess to you, the reader, take each review w/​a grain of salt including mine.
Btw, the daily maximum that I can withdraw from any ATM is $ 800 in one shot and I think $ 1000 in TOTAL, daily (so in two transactions?)
Also, I do my banking mostly online and the site seems secure.

I would liken PC Financial (Mastercard) to dating a guy that you thought was amazing but years later you realize he’s turned into a huge douchebag.
It all started innocently enough. I decided to get another credit card, and there were amazing rewards with free groceries, all sorts of gift certificates to different companies, etc.
Their online website was a bit late 1990s, but hey, it was fine! it did what I needed it to do! Besides, I was always someone who pays my bills on time, so I didn’t care about fees or interest.
Then, all of a sudden, as I was redeeming my PC points, I realized that you could only do it for Loblaw groceries. That was OK since we all need groceries, but why wasn’t I told?
Then, they started giving you less points for the amount you spent. What incentive was there to stay really? I was using $ 30 a month on it.
So, I decided to log into my account to see what was going on… only to find that they had changed the entire interface and I no longer remembered my password. So, I tried a couple, then it locked me out. So I tried calling PC Mastercard to reset it… I was on hold for a half hour before I frustratingly gave up. I tried the next day. On hold for half an hour. AGAIN.
I called again the next day, and I finally got through after 20 minutes. I decided at that point that they had wasted enough of my time and there was no point in having this card any more. I cancelled it, but before I did that I asked them to tell me if I had any remaining balance on the account so I could pay it off. They told me I did not.
So, two months pass and I no longer have this card. In the mail, I get a notice saying that I owe PC Mastercard some money.
WTF! They told me I paid everything off!
I angrily called them demanding why suddenly there was outstanding payments on it. I cancelled my card months earlier. They told me that there were a couple charges from a couple weeks before the card was cancelled, and they said it probably wasn’t posted at the time. Now… it would make sense if it was 2 or 3 days after, but 3 weeks? And for that matter, charges for Loblaw, who runs this bank with CIBC? Now that is just plain ridiculous.
The person on the other line was condescending and rude. He said that since I had closed my account, there was nothing he could do about the charges. His manager apparently also could not help. The whole operation is a complete sham!
Since this incident I have also spoken to other people who have had similarly frustrating experiences. Don’t be fooled — go to a legitimate bank to get things done. This bank is not worth your time or money.

Absolutely awful customer service. Arrogant, rude and incredibly insensitive. I have been a customer since they began in the late 90’s and when I called today I couldn’t believe how rude the person and then the manager were.
They are also lacking current technology. My other bank sends me email alerts for debit card withdrawals and when my account falls below a specific balance. The supervisor told me this was impossible.
Don’t expect anything but a place to hold your money, especially with their new $ 200 rule for new members. As an original member I am deeply disappointed.

I’ve been banking with this bank since I was 14 when I got one of my first jobs and Loblaws. I can say that I’ve never had a problem with this bank. I personally would recommend this bank, but please read the rest of my review.
I’d like to say that I know the banking systems a little more thoroughly than the average person considering I’ve worked in the industry for nearly 2 years now. I’m familiar with the different types of customers as well and I can say that this bank may not be suitable for you if the following applies to you:
— you’ve never done online banking and you don’t intend to
— you don’t trust depositing and/​or withdrawing money from the ABM
— you like to come into the branch to ask about your own finances (versus just coming to inquire about products)
— you lose your bank card often (they charge you if you get more than 1 replaced per year)
— you like to go into the bank to deposit your cheques to ensure that they won’t be on hold
— you don’t know how to handle your own finances or don’t know when you should be going in and inquiring about products that might benefit you
This is really a self-​serve bank, and if you’re a customer that is completely dependent on your branch to walk you through everything from deposits to transfers, to when you should be investing your money to how your fees and hold period works on your own account — stay at a bank with branches.
If you are somewhat more self-​serving with your finances then you can save so much money by ditching the monthly banking fee and earn more interest!

I would give this place 6-​stars if I could. I’ve been with PC for probably five years now. There’s things they are good at (i.e. actually paying you interest and limiting bank fees) and some things they’re not great at (i.e. dealing in foreign currencies, not having real physical banking locations, etc.).
+++GOOD+++
1. I like that my savings account actually grows.
2. I like that I can use CIBC machines without service charges.
3. I like the online banking.
4. When I needed a certified cheque for the down payment on my condo, they facilitated that with an easy phone call and a nominal fee.
5. My daily withdraw allowance is $ 1000, not to mention additional (I think $ 5000) for debit transactions.
6. PC can do 95% of the things your regular bank can do, and for all it’s advantages, I think it’s a fantastic service.
7. Now have email money transfers… FTW!
—NOT RECOMMENDED FOR—
1. People who want to see a teller
2. People who don’t understand how to online bank
3. Those with bad credit (as this may limit your cash withdraw limit)
4. People who can’t read contracts properly, don’t understand PC’s limitations, or sign a contract with them before knowing all of the details
That is all.

All banks are awful. Mine happens to be a little less awful than the rest (if I had to rank banks I’d put ING at the top for savings and TD at the top for convenience and in person transactions, BMO & RBC at the bottom for customer service). There’s a bank for everyone and I really wish there was some sort of «which bank is best for you?» quiz you could take when you move to Toronto to help you decide.
PROS:
— excellent if you do a large number of monthly transactions (bill payments, debit, PayPal, withdrawals)
— no monthly fee
— PC points (though I haven’t yet found a use for this)
— unlimited free cheques. They ship them out at record speed, unlike some of the other banks.
CONS:
— limited number of tellers for in-​person transactions, but if there’s a Loblaws nearby you’re set
— no email money transfers (the only bank that doesn’t offer them)
— you won’t get paid at midnight the way you do at other banks
— no Plus system. While you can withdraw money from American ATMs, you can’t use debit the way you can with other bank cards. So if you do a lot of shopping in the U.S., you have to withdraw cash or use a credit card instead.
BOTTOM LINE:
This is a no frills bank. If you’re willing to put up with its limitations, you will love it. Personally I chose to not raise my initial daily withdrawal and debit limits — with so many instances of debit cards being compromised in Toronto it’s a godsend for these thieves to only have access to $ 200 at a time on my card before I notice it’s compromised, and it also helps curb impulse spending.

Since moving to Toronto a little over a year ago I had been flirting with the idea of switching to PC Financial. In Calgary it didn’t make sense since there is only Superstore to shop at. But here in Toronto there are so many Loblaw options that it seemed like the right move. I have a No Frills across the street from my house and for those items I need that No Frills doesn’t carry I have a Loblaws not to far either.
Switching to PC Financial seemed like the logical choice since I was formerly with TD and did all of my banking online or at an ATM anyways. Because I only ever go to a teller maybe twice a year I figured that small loss of services would easily be outweighed by the fact that I would no longer be paying $ 12.50 per month in bank fees by going with PC. The lure of the PC points seemed to be the cherry on top with the fact that I could get 10,000 points just for getting my pay cheque direct deposited into my account.
So a few weeks before making the switch I started doing my research and due diligence to make sure that this was the right choice for me, after-​all this was a big step switching from TD who I have banked with all my life, so I wasn’t just going to dive in head first. I read through PC’s website, grabbed a brochure from the grocery store, and talked to a couple of people that I knew had PC Financial accounts. The information seemed to be in line and the people I talked to said they loved PC Financial. So I took the dive and switched my banking over to PC and had my paycheque changed over also.
Now before I get any further here let me state that everything after this point was a customer service issue. It has nothing to do with the fact that PC Financial is not a full service bank. I believe that PC Financial is a very smart business and has a well executed strategy. The only service offering I think they fall short on is not offering e-​mail money transfers as this seems like a common sense offering for a virtual bank.
About a month after changing everything over to PC I had an emergency and needed to access more money than what my daily limits would allow ($ 200 ATM/​$ 500 Direct Payment). After trying to find a solution through the online banking website (like e-​mail money transfers) I called customer service to have my debit card limit temporarily increased so that I could get the $ 1000 in cash that I needed. The customer service agent I spoke with wasn’t rude but very un-​empathizing with my situation and would not even attempt to help me find a solution. The only thing she would say over and over was «Increasing withdrawal limits is not something we offer to new customers who have been with us for less than six months». I was never rude to her nor yelled and screamed at her so there was no reason for her not to try and provide some level of customer service, which after all, is her job. At this point I asked for her to escalate me to a supervisor.
The supervisor was much more helpful, but not in the least bit empathetic, in trying to come up with solutions. She suggested a range of options which ultimately would still only let me get at $ 700 not the $ 1000 I needed. At this point I am thoroughly annoyed (still not yelling or being abusive to the supervisor) that I am being held hostage to my own paycheque. This wasn’t a random cheque that I had deposited and was trying to access right away; this was my paycheque that had been direct deposited from my company.
Now, I’ve worked in customer service for many years and I know that though the customer may not always be right they should at least always be happy with the situation when the customer/​business interaction completes. I was nowhere near happy. I probably would have been happy even without being able to access my money if they had given me any other reason other than «I’m sorry sir, but increasing withdrawal limits is not something we offer to new customers who have been with us for less than six months».
They could have said «This is a security feature to protect your money in case of fraud or if your debit card gets scammed» or any number of other reasons to which I would have been understanding to. Isn’t it the customer service person’s job to try to keep new business? Generally new customers are unfamiliar with the processes of a business and the front line people are there to help them work through this process. They would not disclose why my debit limits were set as they were and would just repeat the «This is not a service we offer new customers» line over and over.
So basically the issue here is that there wasn’t really any customer service provided by PC Financial. There was no empathy and no understanding. I realize that banking is a very serious thing but customer service shouldn’t be provided like they’re reading from a script.
An upper level of PC Financial customer service is supposed to be contacting me again to clear up this issue so we’ll see what happens.

This is a copy pasted letter I just wrote to PC financial, and as my letter states I am doing my very best to ensure that they are not frequented by any Unilocalers.
To Whom it May Concern,
I am sending this letter regarding the absolutely atrocious service my husband received from your bank today.
Recently my husband transferred his longtime account from TD Canada Trust in order to take advantage of your no fees and PC Points programs. Little did he know that his pay cheque and other deposited monies would be held hostage by your financial institution due to your ridiculous new member policies.
Not only is there no access to send money through email transfers or personal payees, his limit for all daily transactions is $ 200.00. When asked to increase this obviously inadequate amount he was told that increases were not available for new account holders. It is not as though he was looking for money that not was his, the funds were available from his pay cheque which was direct deposited.
When he requested to speak to a supervisor he was held on hold for an inordinate amount of time, and there was no resolution. Beyond that when he asked to close the account, he was told that papers would be filed and his money would be sent out by money order available in one to two weeks. There would therefore be no cash available for the foreseeable future.
Due to the nature of our interaction today, I would like you to know that not only will I not be frequenting any other PC affiliated facilities he will be closing his account. And while I realize that I am only one person, please be assured that I tell anyone who will listen to ensure that you have no further customers.
Sincerely,
Danielle Parkin
I will update further if they respond. Bottom line… PC Financial likes to give it up the a$$, so unless you want to take it choose any other financial institution.