App | Financial Crooks

This week I dropped off some Christmas presents for the grandchildren to my parents and they paid me back the cost by writing me a cheque. This gave me the perfect opportunity to test the relatively new ability to deposit a cheque using a photo and the PC Financial Mobile Banking App.

The first thing I had to do was get the App for my husband’s iPad and install it. Then I cruised through all the deposit-specific legal conditions. Then I took a photo of my cheque and tried to deposit it. Here’s how it went.

What Kinds of Cheques Can I Deposit Using the PCF App?

According to their legal stuff, you can deposit

cheques
bank money orders
bank drafts
convenience cheques, and
certified cheques

They all have to be written based on a financial institution that’s in Canada. So if you get a cheque from a US bank or company you will still have to go to the bank to deposit it.

You can only deposit a cheque made payable to more than one person into an account held jointly by all of those people.

Can I Deposit a Post-Dated Cheque Using the PC Financial App?

No.

How Is It Different from Depositing a Cheque to Tangerine?

Well, according to the Legal info, you have to write on the back of the cheque: “For deposit only, account # ______” and signing your name. I’m not thrilled about this because if the cheque gets rejected by PC Financial’s photo deposit team I now have extra stuff written on my cheque and I’d have to take it to a CIBC machine or a PC Financial machine.

You also, theoretically, are supposed to *immediately* write “paid” or “void” or draw parallel lines across the front of the cheque immediately after transmission of an image of the cheque. That one I doubt anyone will comply with. What if the image transmission fails? How are you supposed to deposit a cheque marked Void or Paid or scratched out?! I want some kind of confirmation that the cheque has been properly accepted before I deface my cheque.

This is particularly important given their own terms go on to say:

“…the paying financial institution [may] determine[s] the item …. is illegible, or is otherwise unacceptable. We are not responsible for images that are corrupted or not fully received during transmission.” And “You are responsible for any and all costs associated with obtaining a replacement negotiable item in the event that we request you re-transmit an image, and the original item was destroyed or lost.”

How Secure is Sending a Photo of a Cheque to PC Financial?

Well it’s a bit disquieting to read in their Legal section

“You accept the risk that an item may be intercepted or misdirected during transmission. We have no liability to you or others for any such intercepted or misdirected item or information disclosed through such errors.”

Call me “Danger-Seeking” but I’m still going to try it…..

How to Get the PC Financial Mobile Banking App for iPads and iPhones

Go to the Apps Store.
Look for the PC Financial Mobile Banking app.
Tap on the Get button.
Tap on the Install button.
Type in your iTunes password and tap on OK.
Tap on the Open button.

The seriously ugly PC Financial Mobile Banking App sign in screen will open. If you’re like me, it will open sideways instead of properly oriented on my screen. Not sure what’s up with that.

Next I wanted to try to deposit the cheque into our joint PC Financial no fee chequing account.

How to Deposit a Cheque Using the PC Financial Banking App

Find your actual bank account number, not your bank card number, for the account into which you want to deposit the money.
Tap on the PCF Banking icon.
In the Card number field, type your PC Financial banking card number.
In the Password field, type the password you use for online banking.
On the next screen, look for the tab “Deposit” across the top of the page.
Tap on Deposit.
Tap on the Info link at the top right side of the Step 1 Deposit Details section. Read through the info.
And there it is again:
“Prior to deposit, you should endorse the back of the item by writing or stamping ‘For deposit only, account # _______’ and signing your name.”
So I wrote the required information and endorsed the cheque.

After going back to the Step 1 Deposit Details page

Front of Cheque

Under the heading Front of Cheque, tap on the Take Photo button.
Tap OK.
Tap on the Camera icon.
If it’s ok, tap on Use.

Back of Cheque

Under the heading Back of Cheque, tap on the Take Photo button.
Tap OK.
Tap on the Camera icon.
If it’s ok, tap on Use.
If not, tape on Retake until you get an image for which you can tap on Use.
In the Amount: $ field, type the amount for the cheque.
In the To: field, select the account to deposit the cheque into from the drop-down list.
Tap on Continue.
Tap on Deposit.

If It Works

You will receive a message similar to this one:
You’re Finished!
Your cheque for $999 999.99 will be deposited to your no fee bank account (12345678910) on Dec 1, 2014.
Reference # ABC123
Make some kind of secure note of the Reference # in case the process fails!
Tap on Deposit More or View Accounts.
Tap on Sign Out.
Tap on OK.
Turn off your iPad.

When Can I Get Rid of the Original Paper Cheque?

You must hold on to the paper cheque for at least 5 business days according to PC Financial’s Legal page.

What Did I Think of the PC Financial Online Banking App Photo Cheque Deposit?

Like with the Tangerine App, I found it a bit slow to compose a photo with no shadows, no distortion, no anything using a heavy iPad camera.

I was very annoyed when the PCF App suddenly signed me out for “inactivity” while I was trying to retake the photo of the back of the cheque! I had to sign in and start all over again.

Overall, it seems fine, but let’s wait and see if the cheque gets properly deposited and clears my parents’ bank ok. I’ll add an update when it does.

Related Reading

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Have you deposited a cheque this way yet at Tangerine, CIBC or PC Financial? Did it work for you? Please share your experiences with a comment.

As I mentioned, I recently decided to re-invest the dividends and distributions that have accumulated in my TFSA and I decided to take advantage of the free trades InvestorLine is offering for using their new App. I downloaded the InvestorLine App and now I have to set it up and then execute a trade to buy some stock or an ETF: here’s how it works and a few quirks including a couple of insecurity things that irritate me.

How to Get In to Your BMO Banking and InvestorLine App to Use InvestorLine on an iPad

Tap on the BMO icon.
Tap on the InvestorLine button.
In the User ID or account # field, type your InvestorLine userid or the account number for the account in which you want to execute ALL of your free trades.
(NOTE: You cannot use the trades in multiple accounts, unfortunately.)
In the Password field, type your InvestorLine password.
Tap on the SIGN IN button.

What’s on the Home Page for the BMO InvestorLine App?

If you choose to login with your userid and if you have multiple accounts at InvestorLine, you will see the accounts listed on the left side of the screen. It will list the current value of the account in Canadian dollars and it will list how many open orders are waiting to fill.

On the right side of the screen you will see your

total securities
total cash
total account value
unrealized gain (or loss) for the total account
order status info, if any
and some details including, if applicable, the amount and percentage of your portfolio invested in cash, equities, cash equivalents, etc.

Geez, I wish I’d put everything into CNR back in 2012. Who knew it would double in value before the end of 2014? Still it’s nice to see some green glowing numbers. (PS Don’t consider this a recommendation to buy CNR now: a lot has changed including the price has run-up dramatically!)

Anyway I can see the cash waiting for me to re-balance my TFSA holdings.

The bottom line of the screen is flickering: Turns out it is streaming the Market indices. Bad day to buy, the TSX and NYSE are both up.

Now to find where I can enter a Buy!

Can I Be Signed In to InvestorLine via the App and via a Computer at the Same Time?

OK first I’m going to try another trick: can I simultaneously login to InvestorLine on the computer?

Interesting: Yes, I can. That’s a bit of a security gap in my mind.

Anyway, let’s try to find the Trade screen on the iPad.

Executing a Trade to Buy More or Sell a Current Holding of a Stock or ETF Using the InvestorLine App

I can see how I can tap on the Trade button beside any of my current holdings. So I’ll start by using that to sell some units in AAT770.

Beside the listing for AAT770, tap on the Trade button.
From the Action: drop-down list, tap on the downwards facing arrow to select Sell.
From the Amount: drop-down list, tap on the downwards facing arrow to select Dollars.
In the C field, type the amount in Canadian dollars and tap on Return.
On the right side of the screen, check all the details. If they look good, tap on Submit order.
A window pops open
* In the Primary # field, type your phone number.
* In the Extension field, if necessary type your phone extension.
* In the Trading password field, type your InvestorLine password for this account.
NOTE: This is typical of what I hate about iPads: it shows each character in your password briefly as you type it. Be wary about where you type your passwords! Know if anyone can see you.
(My husband is always trying to sneak a peek at mine so he can go in and dump all my holdings and put all my money into Venezuelan Beaver Cheese.)
* Tap on Place Order.
Review the Order Confirmation for mistakes.

Ah, here’s something I don’t like much. I’m used to copying and pasting the confirmations into a Word document and saving them to a stick. Not so easy on an iPad. Ah well, such is the cost of “convenience.”

Where is the Trade Screen on the InvestorLine App? Or: What Are These Weird Icons on the Left Side of the InvestorLine App?

Now on to try to find the way to get to the Trade screen from the home page. Or for that matter how to get back to the Home page!

Let’s try some small icons arranged down the left side of the screen.

Ah.

The weird
off-centre Omega symbol with 3 horizontal lines beside it icon
is actually the icon that leads you to the Home or My Portfolio page if you tap on it.
The
almost-colliding arrows icon
is the link to the Trade screen.
The
magnifying glass icon
is actually the link to the Quotes screen.
The
climbing zigzag line graph icon
links to the Markets and Research screen.
The
envelope icon
links to the Message Centre. (Note MyLink doesn’t work yet in the App.)

The funny thing is the last thing currently showing in my Message Centre is a link to an “Orientation video.” By the time I found it, I was already oriented!

Ah, but then I realized that there are two choices for the Message Centre, so I selected the second one: “Offers.”

Nothing about the free trades. Huh.

Ok, let’s tap on the colliding arrows and make a trade.

How to Buy Shares of a Stock or Units of an ETF Using the BMO InvestorLine App

Sign in to the App for the account in which you wish to make the trade.
To open the Trade screen, tap on the Almost Colliding Arrows icon.
In the Search field, type the ticker symbol for the investment you wish to purchase.
In the Symbol search popup, either type the ticker symbol or search for it.

Take a look at the info on the right side of the screen which includes

the real time price
the Bid
the Ask
the Volume
the day’s price movement up or down as a dollar value and a percentage

You can tap on the blue Refresh Quote link at any time.

If you’re ready to trade, on the left side of the screen

From the Action: field drop-down list, tap on the downwards-facing arrow and select Buy.
In the Quantity field, type how many shares or units you wish to purchase.
From the Order type: drop-down field, tap on the downwards-facing arrow and select the type.
For example, I selected a limit order by selecting Price Limit.
If applicable, in the Price Limit field, type your price.
From the Settlement funds: drop-down list, tap to select Canadian or US as appropriate.
From the Good until: drop-down list, tap to select a different choice than Today only, if preferred.
Review your order details on the right side of the screen. If they look correct, tap on Submit order.
A window pops open
* In the Primary # field, type your phone number.
* In the Extension field, if necessary type your phone extension.
* In the Trading password field, type your InvestorLine password for this account.
* Tap on the Place Order button.
Review your Order confirmation to make sure it’s accurate.

Wait for your trade to fill!

In my case I could be waiting all day (I always bid low) so I’ll try to figure out how to sign out. (Note it will time out if you leave it alone too long.)

Where Do You Sign Out of the BMO InvestorLine App?

I returned to the Home page by tapping on Omega 3 Lines. It now shows I have 2 orders and it shows the details of the Buy. If I tap the square with two arrows inside implying they are stretching the box icon, it opens a window to show me the details of the two trades.

Well the Scales icon just opens the Legal stuff, so that’s not how to sign out.

Tapping on my name does nothing.

Tapping on the account number just shows me my other accounts.

OK,
To sign out, tap on the 3 horizontal lines on the upper left of the screen. Then tap on the Sign out button.

Phew. So that’s done. And hey, I don’t have a cache to empty or a browser session to close!

To be honest, I think I prefer my computer-based InvestorLine interface. But then I don’t own or regularly use an iPad so it’s probably just lack of skill on my part. To save $9.95 it was worth a bit of effort.