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Foreign Currency Hold Is Too Long
By Keith Lock
There is a bank in Canada called Presidents Choice or PC Banking, which is a division of CIBC. It is branchless banking and it's sort of designed for the do-it-yourselfer, those that aren't afraid of using the instant tellers. There are pavilions setup in all Zehrs grocery stores where you can setup accounts and handle some minor stuff but the major stuff has to be dealt with over the phone. The key advantage of PC Banking is that you pay no fees and are allowed unlimited transactions. If you use your debit card a lot, it's great because there are no restrictions on how often it can be used. Also, when using your card to pay for groceries at Zehrs you are awarded points for future grocery purchases. There are a few disadvantages and fine print, most of which doesn't affect me. The bounced check fees are higher than typical banks, plus you have to pay for new bank cards if you lose them more than once, stuff like that. But that thing that irks me, something I found out recently. If you cash checks of foreign currency greater than $300 you have to wait 4 weeks before the funds become available. According to the service rep on the phone and several of the supervisors that I spoke to, it's irrelevant if you are a long time customer. It doesn't matter if the checks are always from the same foreign company and your credit rating is irrelevant. They very well may lose me as a customer. I was forced to cash my check at the local Money Mart costing me 3% plus $2.99 because I was unable to wait 4 weeks. |
PC Financial
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This intel was contributed by Keith
Keith
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May, 2012
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