One-day delay for transfers between PC Financial Interest Plus account and No-Fee chequing account

First published on August 18, 2007

I’ve discovered that, somewhat surprisingly, you must wait one business day to make a transfer from a PC Financial Interest Plus account to a No-Fee account, even though they are “internal transfers” between two accounts for the same customer.

You must select tomorrow's date for transfers from the PC Financial Savings account

I find it really handy to pair a high interest savings account with a no-fee chequing account from the same institution. That way, if you need cash fast, you can quickly transfer money from the savings account so that it’s accessible from the chequing account. But you need to plan a bit more ahead if you do this at PC Financial :(

I’ve been used to Citizens Bank, where all transfers within the bank are instant. You set up the transfer online and poof — it happens.

You can find my full reviews of PC Financial and Citizens Bank on my Canadian high interest savings accounts site.


7 Responses to “One-day delay for transfers between PC Financial Interest Plus account and No-Fee chequing account”

  1. Brandon says:

    You know, this is sort of old news… They do this deliberately so that you are less prone to pull money out of your savings. This one policy in particular has really deterred me from throwing a lot of my hard-earned money at so many useless things.

    Of course I’m sure they want to keep your money locked into their savings account so that they can use those lovely fractional reserve banking rates to earn 3 to 4 times more interest on 30 times more money than they actually have… but it still helps you keep your money deposited in a savings account.

    Though I personally will not be saving my money with PC Financial anymore and will put the bulk of it into an ING account for better interest rates while I figure out how to invest it…

  2. Classifieds says:

    Do you know if you can do E Transfers from PC? I have never done one and need to.

  3. Peter says:

    I don’t know the answer to that question. Try asking it on

    Do you mean a transfer to another Canadian bank account? And do you mean from a PC Financial No-Fee Chequing account or a PC Financial Interest Plus account?

  4. Frugal Canadian Living says:

    There is a one day delay for transfers from Savings to Cheqing, but there is no delay for transfers from Chequing to Savings. I have also always taken it to be a one business day delay.

  5. Sylvia says:

    Yes, PC is so screw up about the policy of having one day to transfer from Saving to Chequing. I have the same problem. When I need to pay my bill from my Chequing account and I was only few hours late in transferring, I was charge $40 for NSF fees. When I called and try to talk to the lady manager that it was a human error and I never have that NSF $$ on my account, this lady manager was so rude and did not even want to compromise.

    What I did was, I order another 200 cheques. After I got my 200 cheques, I closed both my saving and chequing account at PC. I just want to let PC know that the 200 cheques that I ordered is equivalent to the $40 that I paid as a result of 2 hrs in transferring $$ from my saving a/c to the chequing a/c. Hope you guys learn to keep customer happy in order to avoid any further damages. Thank you. – Sylvia.

  6. flea says:

    Same experience with me. PC automatically withdraw money from my account without notifiying me at all. They couldn’t reconcile their account and they do not admit to anything they have done wrong. They started an investigation but obviously, as expected, do not think that they are wrong again. And there goes my money to who-knows-where. The supervisor claims that they will not call anyone even if they take money away from your account and it is our responsibility to keep track of the money in our account. I feel like I have been robbed and there is nothing I can do about it. The only thing I can do is to cancel the account now.

  7. Anton says:

    Guys, PC is a thrifty bank if you can call it that…
    What do you expect when doing your banking in the groceries store?
    They have a bit better interest rates and free cheques and that’s about it.
    You still need one account with the banksters with tellers.
    Unfortunately banking in canada has became PITA…
    All this chip and pin scam by shifting a liability on to a consumer as well as minuscule cash withdrawal limits either at the teller or atm and on top the rudeness of the tellers and all these fees, rules and regulation seem to be designed to cater to the fat cats banksters and not the hard working masses.
    At the end of the day it doesn’t really matter where you go with your hard earned money, (some small credit unions may still be an exception) you will get screwed one way or another.
    Sheeple have to wake up and change this growing trend of corporate greed and corruption!

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