Which is Better ING Direct or PC Financial: Part One Moving Money, Transfers and Holds

We opened an ING Direct (now Tangerine.ca) account because they paid us $25 and because it paid a good interest rate on a savings account. Then later, we opened a PC Financial chequing account because they give you unlimited free cheques, at least for now. For both accounts, we need to transfer money in and out from our “Big 5” Canadian bank accounts. We do not directly deposit our pay, for example, to Tangerine or to PCF (although we could, for free.) So the amount of time it takes to make a transfer and how long the bank has a hold on the money after a transfer matters to us. It may matter to you, too, so this is a review of whether Tangerine or PC Financial is better for transfers and holds.

The Conclusion: Which is Better Tangerine or PC Financial for Transfers?

As you can see if you continue reading, Tangerine Continue reading

How to Cancel a PC Financial Automatic Savings Transfer

When I first opened our PC Financial no fee chequing account they were offering a high “bonus” rate of interest on new deposits. Of course that only lasted a few months. Now that the promotion is over, I want to cancel our PC Financial automatic savings transfer from our chequing account at another bank to our savings account. Here’s how to stop the transfers.

Stopping an Automatic Transfer to Your PC Financial Account

  1. Sign in to your PC Financial account.
  2. From the list of links on the left side of the screen, select: transfers
  3. From the new list under transfers, select: upcoming transfers
  4. A list of your automatic transfers will be displayed.
    1. Click to select the radio button beside the automatic transfer that you wish to cancel.
    2. Click on the continue button.
  5. Review the details of the transfer you are cancelling. Read the informational messages about when a transfer will be effective. If the information is acceptable, click on the cancel selected transfer button.
    For example, PCF says

    • Cancelling one upcoming transfer of a series will cancel all of the remaining scheduled transfers. You will have to set up a new automatic transfer if you want to cancel just one transaction and then start transferring again.
    • because transfers begin at least one business day before the date the money moves to your account, you cannot cancel a transfer that is already partially in progress using this method
    • if your money is on hold or if there isn’t enough money in your account, the transfer will not proceed
  6. If desired, make a note of the Reference number for the cancellation.
  7. If you are finished banking, sign out of your account. For increased security, close your browser session.

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Do you use automatic savings transfers to simplify your investing goals? Do you find you frequently have to cancel the transfers due to changing circumstances? Please share your experiences with a comment.