Pc financial turning 18 soon

[J_u_n_i_o_r_3]

I went in to precedients choise pavilon yesterday, i told the lady i will be turing 18 soon in a month. She told me how i should wait before oping a saing plus and no fee bank acount. She said it would be better beaucse for minors money is on hold for 14 days. WHen i turn 18 she said i have a better chance to get a five day hold.

My questions?
Is it better to just wait the one month?
ANy one 18 years old who has the pc financial no fee bank account? What is your hold limit? How many days?

[mcewen]

I have zero holds. If there was a hold I would not bank with them.

[J_u_n_i_o_r_3]

I have zero holds. If there was a hold I would not bank with them.

how old are u

[gq_fuzion]

i would open the account now, and when i turn 18, ask them to re-assess you

reason for the hold is that prior to 18, a credit check can't be run as you aren't legally an adult

14 day hold however is long
standard cad deposit hold time is 5 business days... clearing centres typically only require 2 days max

[dealguy2]

The problem is you probably have almost zero credit. Best thing to do is go to HBC/Zellers or Sears and apply for a credit card with them. Buy a few things and then pay off the card and destroy it. You'll then have a credit history after a couple of months. Don't cancel that account ever but make sure you notify them if you ever move.

[J_u_n_i_o_r_3]

i would open the account now, and when i turn 18, ask them to re-assess you

reason for the hold is that prior to 18, a credit check can't be run as you aren't legally an adult

14 day hold however is long
standard cad deposit hold time is 5 business days... clearing centres typically only require 2 days max

They told me how i have to wait every 6 months for a review
Right now I'm with ing going to make the move soon

[gtz_finest]

If your looking for a bank acccount and are a student you can also try Bank of Montreal. For students the account fee is waived, as well they didnt hold my deposits as long as they were deposited at a teller.

[Hellfire]

I have zero holds. If there was a hold I would not bank with them.

AhAHAHA you have a hold. It just depends on how much you deposit. ie) Your release amount.

[adamtheman]

I have a 5 day hold too with PC financial. I've been banking with them for like 5 years now, it pisses me off. But I've never called to ask them to remove it. I've got an unsecured LOC of $10,000, mastercard with 5k limit, so I dont see why they would be jackwads about it. Ill have to call them up and see :D

[83_gemini]

PC does release a certain amount (for me at least, the first $200 of every deposit, followed by a hold for anything larger). Usually this is not an issue, given the way I manage cash flows. I am not sure if it possible to wholly eliminate hold periods, but I suspect if you bothered them and had decent credit you could have the release amounts raised.

[gq_fuzion]

PC does release a certain amount (for me at least, the first $200 of every deposit, followed by a hold for anything larger). Usually this is not an issue, given the way I manage cash flows. I am not sure if it possible to wholly eliminate hold periods, but I suspect if you bothered them and had decent credit you could have the release amounts raised.

it all depends on the person's available credit
adamtheman already has 15k worth of used credit... depending on how much he has available to him, he may be close to max or no where near

if you still have quite a bit of outstanding available credit, you may qualify for a higher cashback amount

[silvermist99]

PC does release a certain amount (for me at least, the first $200 of every deposit, followed by a hold for anything larger). Usually this is not an issue, given the way I manage cash flows. I am not sure if it possible to wholly eliminate hold periods, but I suspect if you bothered them and had decent credit you could have the release amounts raised.

It depends on the person too, I was 21 a couple months ago when I signed up with them. They offered me $5k 0 day hold. I know one of my friend that is the same age as me has $10k 0 day hold.

[Hellfire]

It depends on the person too, I was 21 a couple months ago when I signed up with them. They offered me $5k 0 day hold. I know one of my friend that is the same age as me has $10k 0 day hold.

Translation: You can deposit up to $5000 a day without a hold, anything above $5000 will be held for 3 - 10 business days.

[twotterdhc6]

Translation: You can deposit up to $5000 a day without a hold, anything above $5000 will be held for 3 - 10 business days.
Cool, that's awesome.

I only get $500 daily without hold, and anything over that is held for 5 business days, but since my payroll gets deposited directly to the account anyway, it does not effect me at all ;)

[taile]

My TD account has no hold period if I deposit at the ATM machine for any amount whatever chq or cash.:cheesygri

[Hellfire]

My TD account has no hold period if I deposit at the ATM machine for any amount whatever chq or cash.:cheesygri

What's ur name? I'll pull your account next month and tell you what ur holds are ;)

[vickyvictoria]

there's another thread about holds on accounts. The HOLD is there to protect the FI and your account. If there is a chargeback, the funds would still be there to debit. If there were no hold on the account and the funds withdrawn, the chargeback would overdraw your account (high fees & interest rate for unauthorized overdrafts) Cheques written from FI's within the GTA are usually held for 3-5days, usually the time it takes to clear. Foreign cheques may be held for 30days or longer.

Consider getting overdraft protection or a Line of Credit to cover your account.
If your a student, you will probably need co-signer. If it's pay-cheques that you're depositing, see if your employer has direct deposit availble. If it's regular personal cheques and there from the same FI, you could probably do a transfer. E-mail money transfers are also convenient. Wire transfers are more convenient for foriegn funds/out of country.

[ptxpress]

I went in to precedients choise pavilon yesterday, i told the lady i will be turing 18 soon in a month. She told me how i should wait before oping a saing plus and no fee bank acount. She said it would be better beaucse for minors money is on hold for 14 days. WHen i turn 18 she said i have a better chance to get a five day hold.

My questions?
Is it better to just wait the one month?
ANy one 18 years old who has the pc financial no fee bank account? What is your hold limit? How many days?

Having worked at PCF (albeit a few years ago), listen to the rep...he/she is right.

I can go on and on about the reasons, but I'm lazy, and they don't matter. Hold off till you turn 18.

[ullyeus]

My TD account has no hold period if I deposit at the ATM machine for any amount whatever chq or cash.:cheesygri

Try withdrawing $1,000,000 cash from your accounts, should be able to do that at a few machines, then tell me if you have no holds.

[Hellfire]

Try withdrawing $1,000,000 cash from your accounts, should be able to do that at a few machines, then tell me if you have no holds.

Hold periods apply to deposits, not withdrawals. Those are subject to different limits.

Better test is try depositing a $50,000 cheque into your account via an ATM and then trying to access all $50,000.

[gq_fuzion]

Hold periods apply to deposits, not withdrawals. Those are subject to different limits.

Better test is try depositing a $50,000 cheque into your account via an ATM and then trying to access all $50,000.

i've got that on my account
no hold code

not the smartest thing for TD tho... even if you bring that cheque to a teller, it will be held despite your hold code...

even certified chq's or drafts will be held until verified by the institution and branch

[forreal]

I have no hold on my account at TDCT, too (you can check how I found this out by reading posts #10 & #13 in the thread ASK ME ANYTHING about crazy retail bank policies and procedures!! (http://www.redflagdeals.com/forums/showthread.php?t=369117)).

To tell you the truth, I have no idea what "no hold" really means, if it's more theoretical than actual. I mean, despite having no hold on my account, I somehow doubt that I can deposit a $50,000 cheque and be able to access all of it right away. Or maybe I can. Does anybody want to write me a $50,000 cheque so I can test it out in practice? :)

I'm not sure if I would want immediate, full access to a $50,000 cheque, anyways, just in case something goes wrong. According to TDCT hold funds policy (I'm sure this is true for all banks):

Cheque cashing is essentially a credit decision - if we credit your account right away with the full amount of the cheque or other instrument, we are "granting you credit" for that amount until we can verify that the "promise to pay" can be carried out. If the "promise to pay" is broken, we will need to recover the funds from you, as we would for any other loan given to you.

BTW, I got the above quote from this handy PDF document at the Canadian Bankers Association website (http://cba.ca/en/ViewDocument.asp?fl=4&sl=337&tl=362&docid=721): Appendix D - Hold Funds Policies of Canada's Major Banks (http://cba.ca/en/content/general/Appendix%20D.pdf).

[Hellfire]

Yup you are still responsible for the cheque if it bounces, even if they didn't hold it.

I'm going to start bouncing $25,000 cheques around next month, so I can really test TD's no hold thing.

[taile]

I know there is a max amount you can deposite on the TD ATM, maybe $100,000? But anyway, the max amount I deposit is about $20,000, and I use them right away at the counter. Based on what I got from the TD CRS, there is no max amount applied to this no-hold policy, the only limit will be the daily deposit limit on an ATM machine.

[majesus]

I'm going to start bouncing $25,000 cheques around next month, so I can really test TD's no hold thing.
You guys are hilarious, like the Myth Busters... but for Finance.

[Azxster]

I am 19 and have 21 months of credit. The best PC Financial can do is 5 day hold of anything >$500... which is pathetic since I have bi-weekly deposits since 2004.

[Hellfire]

I am 19 and have 21 months of credit. The best PC Financial can do is 5 day hold of anything >$500... which is pathetic since I have bi-weekly deposits since 2004.

Do you often deposit cheques of more than $500 though?

[PhoeniX Skye]

I don't know why holds matter so much to you, especially if you are under 18...

Where the hell are you guys getting all this cash and cheques to deposit anyways? If you have a part/full time job, just do an auto-deposit.

The only cheques I've ever deposited were scholarship cheques, and the way I use my money, it doesn't really matter how long they hold it for.

[J_u_n_i_o_r_3]

I don't know why holds matter so much to you, especially if you are under 18...

Where the hell are you guys getting all this cash and cheques to deposit anyways? If you have a part/full time job, just do an auto-deposit.

The only cheques I've ever deposited were scholarship cheques, and the way I use my money, it doesn't really matter how long they hold it for.

But even if you get automatic pay roll to your pc financial
You still have a $100 limit at bank machines and $200 limit at stores for a week, what if one week you really need to take out $ 500.00
MY td Canada trust i have a $1000 daily limit
Do you guys think this will help me get a credit card
Since i never did any thing stupid like deposte $20 and say it is $25.00

[PhoeniX Skye]

What do hold times have to do with your withdrawl amounts? I'm confused now.

[J_u_n_i_o_r_3]

What do hold times have to do with your withdrawl amounts? I'm confused now.

Banks have this limit on how much money you can take out per a week.
So even if there is no hold time, you still cant take a large sum of money out when the time requires you to