Caution or Warning to President's Choice Financial banking customers

Caution or Warning to President's Choice Financial banking customers

You have May be thinking or already have opened an account with President's Choice Financial, PC bank or P.C bank thing you are going to saving money.

Warning you may end up paying lot more than regular bank fees.

Warning you may not deposit money on time and unable to do your day to day banking

Warning On average you may end up paying 10 times more than regular banking fees.

President's Choice Financial services are provided by the direct banking division of CIBC.

Do you feel that you have been fraud by President's Choice Financial Bank?

Do you feel that your financial information are sold to third party by President's Choice Financial Bank?

Do you feel that you have been scammed?

Do you feel that you can not be in touch with customer care?

Do you feel that you were blocked from depositing money so that they can continue to charge fraud money?

Do you feel that you have been charged too many fraud N.S.F fees for fraud reason?

Do you feel that your account has unreasonable hold time for fraud reason?

File the complaints online, for example here Complaints.com or file it at address below:

Ombudsman for Banking Services and Investments (OBSI)

P.O. Box 896

Station Adelaide

Toronto, ON M5C 2K3

Toll free telephone: 1-888-451-4519

Toll free fax: 1-888-422-2865

Toronto area telephone: 416-287-2877

Toronto area fax: 416-225-4722

E-mail: ombudsman AT obsi.ca

Web site: www.obsi.ca

Comment On This

Unfortunately, I was late on my payment for my PC Points LIne of Credit because I had lost my card and could not make the payment through my bank.

For some reason they do not allow you to make payments on the internet or phone through another bank nor will they accept payments with another credit card.

I closed my chequing account a few months ago as I no longer need to write cheques except for the PC Bank LOC. Now I need to arrange a money order or bank draft just to make a payment on this LOC.

In any case, they froze my account without telling me, and as a result, 3 payments have bounced. They were automatic payments linked to my Line of Credit. Had I known they froze my account, I would have arranged to make alternative arrangements.

I have been trying to resolve this situation for 2 weeks. I have talked to several people in their credit department and their customer service department, and they refuse to take the freeze off despite the fact that I cleared the late payment. I even offered to pay off the whole balance, but as mentioned above they do not accept credit card payments from another institution over the phone.

So far I have incurred over $100 in fees and will have strikes against my credit rating for the 3 cheques that have bounced on this LOC.

They have agreed to review the account now, but have advised that it could take another 3-5 business days. By this time, there will be other payments returned on my account and more damage done to my credit rating.

I am very disappointed in the policies, their lack of professionalism and understanding and very uncaring staff. I am sick and tired of the run around just to make a small payment (less than $200).

Many thanks for your help with this and for informing the public about the unfair policies and poor customer service of PC Bank.