PC Financial Holds?

[DR.NT]

Hi All

I have a PC Bank Chequeing Savings and RRSP

I have had the account for well over a year and have been making deposits and never had any kind of NSF etc.

My Current Hold is I can take the first $500 but the rest is on hold for 5 days.

I have called and asked for this to be changed, and they said to call back Tuesday night for an answer... What should I expect or am I going to be out of luck



-NT

[cadave]

Depends on your credit history/rating and the amount of times you've deposited over your hold limit :)

So... hard to say.

[vickyvictoria]

When I called, I was told that cheques have a hold, but if money is transferred electronically from another bank, they won't put a hold.

There usally is a hold even with electronic transfers, your account will be credited the day you have requested the transfer form but it may no clear the other account right away, depending on where the funds are transferred from, it may take 3-5days. I think ING has 7day holds.

increasing your cashback amount will depend on your account history and credit history

[ptxpress]

When I called, I was told that cheques have a hold, but if money is transferred electronically from another bank, they won't put a hold.

True.
They won't hold EFT's.

[sunnybono]

Hi All

I have a PC Bank Chequeing Savings and RRSP

I have had the account for well over a year and have been making deposits and never had any kind of NSF etc.

My Current Hold is I can take the first $500 but the rest is on hold for 5 days.

I have called and asked for this to be changed, and they said to call back Tuesday night for an answer... What should I expect or am I going to be out of luck


-NT

THis is the very reason why I hated PC and ING. At least I knew if I went to my Local TD branch they would make the effort to contact the issuing bank to ensure funds were available. Once TD received confirmation, they would release the hold immediately as they knew that most likely the cheque would clear the issuing bank in 24 hours and not 5 days!!!!

sk

[lesnar]

does anyone know if telling the CSR that 'you are going to cancel your account if they don't remove the hold' work?

[Hellfire]

does anyone know if telling the CSR that 'you are going to cancel your account if they don't remove the hold' work?

Nope sorry it won't. Please remember that hold periods are for the banks protection, and with PCF who has no branches its even more important. If your a new customer and have no history with them you are not going to get a high release amount unless you have excellent credit. It takes around 6 months min to build up enough currency with PCF before they will increase your release amounts.

Don't like it.... go find another bank that offers you free banking.

[majesus]

Nope sorry it won't. Please remember that hold periods are for the banks protection, and with PCF who has no branches its even more important. If your a new customer and have no history with them you are not going to get a high release amount unless you have excellent credit. It takes around 6 months min to build up enough currency with PCF before they will increase your release amounts.

Don't like it.... go find another bank that offers you free banking.

Yeah true. You need to build up some credit/reputation with them. I does take a while, but that is the way they work.

I use my PC account a lot, but I also do have a CIBC account as a backup in case I need someone infront of me to talk to.

[sunnybono]

does anyone know if telling the CSR that 'you are going to cancel your account if they don't remove the hold' work?

That won't work, because if the teller doesn't follow policy just to make you happy and the bank looses money, the CSR could loose his/her job!!!!

Threatening the bank won't do the customer any good either as most banks follow the same hold criteria and that criteria is all based on the customers credit worthiness. So if you think by going to the next bank you will get better treatment, forget it!!!!

sk