Comments on: No-Fee Bank Accounts

By: Hamidur Rahman

Hamidur Rahman — Fri, 28 Oct 2011 22:42:18 +0000

I was afraid at the beginning about a hidden banking fees ,but after opening the PC bank account at Loblows near Scarborough Town Centre I got 2 check books free of cost, I paid many bills online free of cost. Wonderful feeling and unbelievable. Finally I enrolled my monthly paycheck to PC Bank. I deposited and withdrown money through CIBC Bank Machine very easily and modern way ( Bank Machine interface is excellent and very fast ). I am now greatfull to PC / CIBC Bank and wish them a very successfull and profitable Bussiness .

Hamidur Rahman

By: Stephane

Stephane — Fri, 30 Sep 2011 20:54:48 +0000

Hello savers,

My wife and I switched from a so called “cooperative” here in Quebec to ING Direct. No fees anymore, plus we are given a 0.25% interest rate on our checking account. Not huge but at least we are the one to collect the fees, not the bank ! It also comes with 20 free cheques.

Also, for small business owners, HSBC offers a merchant account with no fees.

I am usually not the one who would give good words about banks but I think those two do their job by not stealing our money with fees.

Thank you,
Stephane (QC).

By: Abraham

Abraham — Sat, 02 Jul 2011 18:34:44 +0000

I have been banking with BMO for many years, then I switched to Coast Capital Savings, no fees and no hassle I have thought of switching to PC, as Coast Capital does not exist in Regina, too bad for me
however, PC sounds great, but no branch if we ever needed to see someone in person.

ING Direct is great that way too.

Thanks

By: MoMsie

MoMsie — Mon, 06 Jun 2011 02:45:15 +0000

Well now, Royal is charging me a small fortune. After reading so many positive posts, I think I will pay PC a visit tomorrow to talk about switching banks!

By: B

Thu, 02 Jun 2011 04:24:54 +0000

I have been with PCF for a few years now, including having a PC Mastercard. I went into CIBC to see if they had found my debit card that I’d lost, and they tried to get me to switch over to banking with them. A quick look at their terms of service showed me that they just could not compete with PC in terms of fees.

The people complaining about PC on here seem to have similar issues.

My comments on these complaints:

1) don’t go into overdraft with any bank, unless you have overdraft protection. Might be tough if you are living paycheque to paycheque.

2) if you are making a huge purchase like a house or car, maybe do some advance planning and find out how long it’s going to take you to get a bank draft or whatever you need.

3) every bank charges you for NSF cheques. The difference with PC is that you can afford to have 3 NSF cheques per year and still be saving money over paying $12/month in fees. Or, try not writing cheques if you don’t have enough money.

For me, it is not worth paying hundreds in fees per year to have teller access. I don’t know how often any of you are actually stepping into a bank, but I do that less than once a year. I’d rather have the extra money and the free groceries. CIBC and the other big banks can keep falling all over themselves trying to figure out how to get my business, it’s kinda funny.

By: banksRuntrustable

banksRuntrustable — Sun, 08 May 2011 22:51:40 +0000

Every bank has its ups and downs. Im currenlty with Scotia – and its no fees until Im 19.
They are about 10$ a month for basic banking if your over 19. But its worth it.
Great customer service and always willing to help with any confussion.

I was with TD – and had a fraud situation for concert tickets in the amount of $250.00. I called and told the bank, and they said they would stop the transaction and give me the money back.. They stopped the trasaction and handed all the money to the ‘company’.. Then told me ‘oh well your loss’ and refused to help me at all…. I closed my account with them 5 min later.

By: Calgarian

Calgarian — Sun, 24 Apr 2011 01:30:58 +0000

I’ve been with PCF since 1997, and it’s been fabulous. I used to have a bank account with a big Canadian bank, and I was annoyed with the monthly fees. PCF was exactly the answer I was looking for. In those 14 years, the only real penalty I’ve had is the $5 overdraft fee once, which is completely reasonable if you are dipping into money that you don’t actually have.

With free debit transactions and access to your money through every CIBC machine, it’s great. How often do you really need to see a teller? Never. You can pay bills online, at a bank machine, on the phone, you can make deposits at a machine, and even the bank draft situation is fine – they mail it to you within a couple of days.

By: David

David — Mon, 11 Apr 2011 19:30:11 +0000

After being dinged 3 NSF fees for $40 I was tempted to shut down PCF… However:

1) Every other bank has NSF fees and actually most are 42.5 or 45 so that doesn’t help
2) The “no fee” bank accounts with minimums aren’t no fee… I have a second account with a big 5 and they charge me as soon as I have more than 5 bank machine transactions per month
3) I’ve had my caps increased consecutively up to $3000 which is now reasonable.

By: Shawn

Shawn — Mon, 11 Apr 2011 18:11:00 +0000

I am also on my way out…. I have minimum balances enough to keep me from paying fees with other banks. Besides, it’s not like you can earn decent interest in any savings account.

PC has bilked me out of $180, one was an unauthorized paypal transaction that was NSF, and then another NSF charge because the first $40 put me into overdraft. I had $5000 in my interest plus account at the time. I will also be cancelling my PC credit card, and taking my mortgage elsewhere.

Enjoy your $180 PC….. Too bad you will be losing thousands in mortgage interest, and money to gamble with.

By: Tiffany

Tiffany — Wed, 23 Feb 2011 16:04:59 +0000

I have figured out that by swithching to PC financial, I have saved over $1700 inm banking fees for the course of it and if you are having limit problems then you can call and have the capas increased after 6 months of good activity! I recommend it to everyone!