President's Choice Financial
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President's Choice Financial

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Last updated: Sept. 19, 2017

29 President's Choice Financial Consumer Reviews and Complaints

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Verified Reviewer Verified Buyer
Original review: Sept. 19, 2017

I'm having a major issue with PC Financial, and I'm thinking it must be because of their recent change in ownership. I've been a customer of theirs since 2000 and haven't ever had this problem. I expect my mortgage payment to be paid by them every 2 weeks always on Friday night. On Saturday it didn't get paid, so I put a bit more money in my account. On Monday night I put in some more money to pay a credit card bill, and realized I put in too much, so I selected the option on the ATM to withdraw a bit. The ATM told me that I didn't have an account to withdraw money. I figured that the computer might be in software upgrade mode due to CIBC taking over PC Financial and went home.

Today I logged online to pay my credit card bill and it said I did not have an account to pay bills, yet the account summary said I have $700 to spend. I called customer service to complain about the problems/policy changes. She said there are no policy changes, and my account is on hold. I got a bit angry and complained that I've been a customer for 16 years and have never had my account held. She said that my overdraft balance hasn't been paid in over a month and it’s on hold. OK, they have never done that to me ever in the 16 years I've been with them.

This is such a problem to me because now, I'm overdue on a mortgage payment that charges $100 for missing a payment and now I'm super late on a credit card payment that I can't make until I handle my bank account! I don't get paid til Friday, and if the payment comes at midnight, my account won't be cleared til Monday because she says it needs 24 hours. The customer service agent on the phone would not do anything to help me. I suppose to them I'm considered to be a poverty customer since I live pay cheque to pay cheque these days and have a lot of bills. Hell with these guys. I'm switching my banking back to Scotiabank where they have decent customer service and at least try to help you out.

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Verified Reviewer
Original review: Aug. 23, 2017

This card is horrible. I can't withdraw money under 1000 dollars and I paid my bill. I checked the next day and the payment went from 321.74 to 374.74. They also stated to me that I would have 349.50 for my available balance when the payment came through. I got 258 dollars and my remaining balance was 114 dollars. I don't recommend anyone for this company.

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Verified Reviewer
Original review: Aug. 2, 2017

PC Financial, I am appalled for the third time this year at how you have been handling my money. I have been trying to rebuild my house that burnt down in a wild fire and all your company has done is put up road blocks, shown constant incompetence and treated me without respect. We are about to move into our rebuild in three weeks and again I have to chase down your senior investigator to do her job and escalate it to the supervisor when she does not respond to me.

This is three times now! I am fed up! She is apparently the only employee to handle rebuilds?? BS. I will be living on the street at this rate only because I can't pay my builder as PC takes too long to act on any request. All I need is an inspector and a final draw cheque and I need this all to happen before my possession date in three weeks. I asked for this stuff 2 months ago! Today I find out she gave them the wrong contact number. I call BS again because when I called the mortgage pool yesterday the request for an inspector was never submitted. Unacceptable! Thanks for making all the stress of escaping a wild fire and rebuilding a house even worse.

I will never recommend PC to anyone. "Just good banking"??? Out of your mind! These people do not even give out last names or emails. How are we supposed to keep records to protect ourselves when you do not fulfill your end of the contract? Awful company. Do not bank with these people. After all we have been through... they have only made things worse.

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Original review: July 13, 2017

I applied to renew my mortgage In April 2017. After providing all the documents outlined President's Choice demanded that I provide them with a letter indicating that I was no longer on probation at my employment. My employer stated that current pay stub was prove of continuous employment. I have banked with PC since 2004 and have their Optimum MasterCard so they know my financial history and for them to use such a trivial reason. I am parting ways, I have nothing to fear, I will still get a mortgage elsewhere because I have a job and an excellent credit. Bye.

Verified Reviewer
Original review: June 24, 2017

I never wanted a PC MasterCard but got convinced by one of their salespeople in the store to get one. As we do quite a bit of shopping at Fortinos and were told that this would help us earn points towards groceries faster, I signed up. Had the card for a few years with no issue then one day I discovered that my credit limit had been decreased. I called the customer service and was told that something must have negatively affected my credit score which would have caused the decrease in the credit limit. I am a monthly subscriber of Equifax so knew right away that the reason they gave me was a lie and when I told them as much I was told that in any event, the terms of the credit card allow PC Financial to reduce the credit limit for no reason at all.

I was upset for no other reason than not having been at least notified in advance. I've had credit cards with different financial institutions for years and none had ever done this. At the end of the day I let it go and moved on. Month later, PC Financial reduced my limit again even though I had not defaulted on my payment obligations. I did some research online and found out that this has apparently been their practice for some time and they've done this to many of their customers. I am absolutely disgusted with how PC Financial treated me and will not only be cancelling my credit card but will switch my grocery shopping to one of their competitors.

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Original review: June 18, 2017

They are not easy to deal with at all, it is the most difficult financial institution. I cancelled my Mastercard with them a while back and I am not cancelling my wife's as well. For having a credit card that does not have any annual fee, customers does not deserve the kinda treatment that they give. I thought Scotiabank was bad, but these guys are worst.

Verified Reviewer
Original review: June 8, 2017

The tactics of this bank are truly beyond words. I thought I would switch over to PC from a much larger bank which charges fees. After selling my house, I deposited a certified cheque from my lawyer on the 27th of the month. Believing a certified cheque is the same as cash I wrote a cheque for some plumbing work shortly after that, which bounced. After calling repeatedly, and trying every approach from anger, to pleading with them because my family had no furniture to sit on (we sold most of our furniture with the previous house), I was met with nothing but apathy and rudeness. I have NEVER, EVER been treated so poorly by a company in my life. They truly do not care at all about your business. They are rude and unconcerned about anything you say.

After depositing the certified cheque from the house sale for tens of thousands of dollars on the 27th, our first mortgage payment actually bounced on the 15th of the next month!! That is how long it took to deposit that certified cheque. I called and presented the scenario that it is actually illegal to hold our money for that amount of time and they should refund the fee the mortgage company charged us (almost $100). They would not budge and said they would only refund something like that if they had made a mistake. Their banking practices are atrocious and truly should be investigated. Do not trust them with your money. If you want fee free banking there are other places you should look. Would give them negative stars if possible.

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Verified Reviewer
Original review: May 29, 2017

Worst experience ever with PC Financial Master Card. I called this morning to help my dad reset his PIN. At the beginning of the call, I advised the lady that I'm the primary card holder and my dad doesn't speak English well, so I'm going to put him on speak phone and help to translate. The lady asked my dad his name, date of birth, the phone number associated with the account, and how old is he as of today, and my dad answer all of them in ENGLISH. And then she asked my dad the email address on the account and if he's working. I told her that I'm the primary account holder and that's my email address; then I said again my dad doesn't speak English very well and she has already asked him 4 security questions and he answered all of them in ENGLISH. The lady asked me to write down the email address and have my dad repeat that information. Excuse me?? That's how PC Financial authorize their client????

So I told her ask him anything that relates to HIS account, she said no. So I asked for supervisor. A gentleman named Jason came on the line and insisted that the "Additional account holder" has to know all information about the "Primary account holder", and they have to know the email address. I asked him how many security questions he has to ask in order to authenticate a cardholder; he didn't answer. I told him to ask another question instead of the email address, he said no. I asked him to ask anything about my dad's card, the 3 security number at the back of the card for example, he said no. I told him that my dad has already answered FOUR of their questions, with accurate information, and all he wants is to reset his PIN.

Jason said he has to have the email address in order to proceed. For God's sake, that's MY email address!!! And when I asked him to verify me, he said NO! So, why on earth you want an "Additional card holder" to provide the "Primary account holder's" email address but refuse to verify the primary account holder!! And guess what, as a customer, you have NOWHERE and NO WAY to reach out and NO ONE to talk to but listen to them!! Good job on de-escalating the issue generated by YOUR employee and what a great job on providing the WORST customer service ever!!!!

For people out there as an "Additional cardholder" and wants to change/reset your PIN, make sure you know the primary account holder's email address because your name, your date of birth, your phone number and your age are just NOT enough!! According to the supervisor, Jason, the additional account holder needs to know EVERYTHING on the account!! Way to go PC Financial!

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Verified Reviewer
Original review: May 2, 2017

My monthly payments from Metro Toronto social services was debited on April 28, 2017 on Friday in my checking account of PC Financial. As the office knows that my mortgage and other payments to be made on every 1st of the month and the bank released the amount on 2nd May 2017 without caring. Even after calling and spoke to one of the supervisor that my mortgage payment and some of my other payments has to be made on every 1st day of the month I went through a mental trauma after realising their insensitivity and carelessness towards customer that even after calling and pleading they did not cared and released the amount in my account only on 2nd May 2017.

If a friend of mine wouldn't help me by lending some money in time otherwise which could have jeopardized my payments including mortgage payment. Now I advise all Canadian consumers to stay cautious of PC Financial insensitive and irresponsible service until they start caring and provide an improved professional customer care.

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Verified Reviewer
Original review: March 2, 2017

We have tried to get a line of credit through this bank thinking that the no fee bank account along with free groceries would be a good idea! NOT the case! They have no idea what they are doing! Are very disorganised! And the sales people we talk to are clueless. I rather pay for a bank that knows what the hell they are doing. Worst bank experience of my life!

Verified Reviewer
Original review: Feb. 16, 2017

The company was promoting membership sales at Loblaw's and I signed up for the mastercard. They did a credit search on the spot and gave me a $10k limit. Six months later I received a letter from them stating the limit was lowered to $500. This was clearly a "con job" to get me signed up for their product as my balance on the card for 90% of the 6 month period was $0. When I called to get it changed back they would not budge so I cancelled my card on the spot and I will never use another PC Financial product again.

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Verified Reviewer
Original review: Jan. 15, 2017

If you obtain a loan from PC Financial, keep a very close eye on your credit report and score. I had a small 5-year installment loan of $5000 that I paid off early. I then confirmed that the account had zero balance and was in the clear. A few months later, they updated Equifax to say that I have missed 3 payments and had an outstanding amount of $4.00 overdue for 90 days. That took about 150 points off my Equifax credit score. I know free banking is attractive, but for your financial security's sake - stay away from this firm. They conduct business in a fraudulent manner.

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Verified Reviewer
Original review: Dec. 5, 2016

Thanks to your idiotic employee my checks are floating around God only knows where. When I opened the account, I gave your male employee at the Zehrs the correct address information. Yet he chose not to input the information in correctly. So when I ordered checks they were sent to an address in Welland that is not where I live. I live in Niagara Falls, Ontario. To make matters worse your company refuses to fix the issue or change my account information without running a credit check on me. So basically someone in Welland has my checks and banking info and there's nothing I can do about it. I am so not impressed with this bank right now!!

Verified Reviewer
Original review: Nov. 15, 2016

This has been the worst banking experience of my entire life. CIBC and President’s Choice are banks that do not care about current or previous account holders. They do not care about their customers. They only see dollars and cents not people. They claim that they scheduled to close my account on September 21. They did not close the account until November 14. During that time they did not send me a letter. They call. They did not give me any opportunity to withdraw the money. What they did was they all close the account. They took all the money. They told me they put it on the check and they told me that the check would be mailed out to me. They also told me I would have to wait 5 to 7 business days to receive the check. They did not send a check by a rush order mail delivery. They did not send the check in the secure manner to which I would have to sign for it. They did none of that.

They stole my information which I don't believe they should have anymore and the way they were able to get my information was by blackmailing me into doing so. They would not give me any information in regards to my account unless I submitted my SIN, copies of my passport, copies of my credit card and my bank card information. They were no longer privy to when our business relationship came to an end. Now I have to wait 5 to 7 days to get access to my money which was extremely inconvenient because now I have no money. I am not able to go to work. I'm not able to get to buy food. I am not able to do anything that requires money because they know I am stuck on the 15 having to order checks so that I can mail some checks out to my landlord which means it's going to be late and I'm going to be penalized for that.

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Original review: Sept. 24, 2016

My recent order of cheque books was intercepted and used by an unknown individual who was able to withdraw some thousands of dollars from my account. I contacted PC Financial, who assured me that the funds would be returned and that no more cheques would go through as they would put a "stop" on my account. A couple days later I was reviewing my account and noticed I did receive the reimbursement from the bank but that another cheque was processed by an unknown individual. When I contacted PC Financial again to ask why another cheque had gone through they weren't able to give an explanation. I then asked when would I receive another reimbursement for this blunder and I was told a few business days.

A few business days later I call back as a reimbursement has not yet been received. The agent again says to wait a few more business days. A few business days later I get a call from PC Financial. I speak to a supervisor who tells me I need to sign an affidavit and have it signed by a notary public and return it to the bank before I can receive my funds.

I question him as to why this is necessary and the only answer I receive is this is the process. I then inform him that this doesn't seem right to withhold a customer's money from them for something they made an error on. In response I was told they were sorry and wished there were something they can do. I tell them I have rent and bills to pay but it goes on deaf ears. Now logically I will have to wait at least 10 business days due to this, causing me to miss my rent payment and several bills, in turn affecting my credit as well. Thank you PC. My advice. Avoid banking with PC Financial. They do not support you when it really matters.

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Verified Reviewer
Original review: Aug. 24, 2016

This is just to caution people to get full disclosure about what conditions will be placed on a PC loan. We went into a PC Pavilion as long-time customers with zero debt asking for a line of credit secured against our paid-off home. We went through five different people/departments and asked in good faith upfront at every step if we could use the loan to renovate our house and to create a rental suite. After many meetings and phone calls, the final document still contained clauses that disallowed renovations or rentals without the bank's written approval.

Sadly, it wasted a lot of man-hours because no one at PC was upfront about how we could or could not use the money. Our previous line of credit from PC Financial issued a decade ago did not contain any intrusive stipulations on how we used the money. BOTTOM LINE: It wasn't until after dealing with 5 levels of bureaucracy that we found out we couldn't use the PC Secured Line of Credit for the purpose we wanted it.

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Verified Reviewer
Original review: May 6, 2016

Getting a mortgage with PC bank was worse than pulling teeth! Our mortgage specials never answered his phone or replied to my emails. He never cc-ed my girlfriend (who was also on the mortgage), on any correspondence. They did not send paperwork to my lawyer until THE DAY OF OUR CLOSING despite the fact that I reminded my mortgage specialist every day for a week leading up to the closing day that the closing was coming up. As a result we were not able to close that day and incurred penalties. Finally the mortgage rate they ended up giving us was higher than the one we originally agreed on. I brought this to the attention of my mortgage specialist. It has now been over 2 weeks and our rate is still wrong (we will be making our first payment today). Absolutely terrible experience, will never use them again.

Verified Reviewer
Original review: April 12, 2016

Worst customer service. Had issue with my auto insurance, the way they dealt with it was horrible. Called back a couple days ago and how they communicate with me was as bad as before. The lady on the phone even lied: stating I had multiple conflicting address on file but I only had one address. When asked for the reason of my cancellation (I called in twice), both agents refused to tell me, just stating it was cancelled (I'm not sure if this is a company policy). Finally received my cancellation letter and it says I gave false information, and breach of contract (someone else drive my car). Which did not make sense at all. I have been living alone for years. Feeling extremely helpless now, it's going to be on my record for 5 years. I wish I could find a way to resolve this but it takes at least 30 min wait everything I try to call them. Very disappointed.

Verified Reviewer
Original review: Feb. 20, 2016

There's a TONNE of fine print, but read it ALL folks!!! After accidentally ordering the incorrect model of an item, and immediately correcting the order, a hold was nevertheless put on a large sum on my PC MasterCard by the vendor for the original order. Vendor issued a number to prove first transaction was cancelled, but PC would not accept this from me as it apparently needed to come from Vendor. Vendor tried, but could not get through to PC to provide this number. Pended transaction caused account to go over limit when valid transaction was processed, then guess what??? PC raised my annual rate of interest to 25.95% on the full balance! (Held account for three years, with no missed or late payments).

PC MasterCard assures me their right to do this is buried somewhere in something I signed when applying for the card. They MAY review the interest rate, if requested to do so, six months after said transaction date. I will be LONG gone by then, and they can save their terms of service for the next unsuspecting idiot who comes along. READ folks, READ!!!

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Verified Reviewer
Original review: July 24, 2015

Some money was debited from my account in error. I spotted the error and immediately paid cash in to correct the mistake as my mortgage was coming out in two days. Unfortunately cash takes three days to clear, yes CASH. My mortgage bounced and now I have a lovely $80 penalty to pay. The service in the bank was poor, they basically just shrugged their shoulders. I have banked in both the UK and Canada and have never experienced such a shabby service. Don't be fooled when you sign up for so-called "free" banking, you will pay more fees and penalties than you would with a $15 a month account. This however would be a good account for a child to have until reach an age where they are slightly more serious about banking.

Verified Reviewer
Original review: June 1, 2015

I have never had a worse experience with a bank in all of Canada and USA until this: I sent my NEW landlord rent by Interact E - Transfer thru PC Financial online banking days ago! My receiver correctly answered the security question / password and it was accepted, but the money did not go into her account. She just kept getting an error. She called PC Bank and spent 2 hours back and forth, with the reps blaming me, blaming her (Saying she isn't doing it correctly) and then making up other ridiculous excuses. I called several times and got different excuses and that they were going to escalate the issue to their security department. I tried reclaiming the transfer and it wouldn't work. They told me it won't until the department lifts the block. I did everything correctly with the transaction and so did the receiver, but PC bank screwed everything up.

I'm extremely angry. They are holding my $1,000 hostage and not giving me any details at all as to why this happened. I don't have other money to pay my rent. They are telling me that it could take another 4 business days for me to get my money back. This has got to be the worst bank in North America. Don't even think of signing up with them. I will be moving all my accounts away from them. This is completely unacceptable. I will see what legal actions I can take against PC Financial and CIBC after this. I need to pay my rent, and for this to happen when I have a new landlord, this could cause me to lose my place. They need to be sued. This is 100% unacceptable. I wonder if it is even legal for them to hold my money like this. Money that was in my own account. Not on hold, but money that is supposed to be available to me.

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Verified Reviewer
Original review: Feb. 23, 2015

My sister passed away in May 2014 and as the executor of her will I contacted all the appropriate financial banks/institutions that she was involved with. PC Financial was the first. They sent me a letter of instructions listing the required documentation (original copies of death certificate, will, Letter of Direction, signed copy of Declaration of and indicating that I could bring it to one of their in-store pavilions), which I did in a matter of a few weeks. The agent took the documentation and said all would be fine. Not hearing anything from them I called their Customer Service in July who did not have the documentation. I spoke to a Supervisor who indicated they were reviewing the matter.

In August I spoke to another Supervisor only to find that I was stalled time and time again, spent hours on the phone, numerous calls to find out that they were not satisfied with the documentation. Meanwhile, I had no problem settling the estate with Scotia Bank, Tangerine and Investia with the same documentation. I spoke to my lawyer who assured me that the documentation is all in order. So I waited and waited.

On January 26, 2015, I called to see what the update was, and after a long phone call was assured the documentation was in order but to send a letter advising where the estate funds should be sent. I sent the letter the next day, and mid-February, received a letter back asking for all the documentation again! It was the same letter I received in June 2014! I called them again on Feb 23 and yet another Customer Care Supervisor, is now saying they don't have the required documentation. What is wrong with the supervisors at PC Financial!? I will never open a PC Financial account for myself and recommend anyone to avoid doing so, or to close all accounts with them. Tangerine has much better service.

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Verified Reviewer
Original review: Feb. 10, 2015

I switched banking to PC Financial a few years ago because of the no fee banking. If you want to transfer money from one account to the other it takes 24 hours. When you call them, you're on hold for a long time. They would not let me wire money to my family in another country. They are stingy with credit card increases. They have far too much control over my money. Not the best way to bank. I've gone back to a regular bank where I can do what I want, when I want.

Verified Reviewer
Original review: Dec. 10, 2014

I mistakenly sent $7800 to my wife's private PC MasterCard. After noticing the mistake a few days later, I called her PCMC account and asked them to transfer the money back. They said they couldn't, and I would have to call my PC Bank for a charge reversal. I called my PC Bank and was told they would do it and it would take 3-4 weeks. (This was borrowed money I would pay interest on!) After 4 weeks and no reversal, I called my bank and they told me they hadn't heard from PC MasterCard. They sent another reversal to PCMC and said to call back in a week.

When no reversal appeared after the week, I called my wife's PC MasterCard and was told there would be no reversal, and all future purchases on her card would immediately come off the balance until it reached $0.00. This, of course, I said was unacceptable, and all of a sudden they said they could do the reversal. They would do a charge back to my bank for the now $4700 balance on her account. It would take approximately 2-3 business days. It is now a week later, and still no money in my account, although her PC MasterCard balance is now $0.00 rather than -$7800! After many calls, and even 1 call to a supervisor, I am completely frustrated as they had my money for over a month, while I'm paying interest on it.

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Verified Reviewer
Original review: Oct. 26, 2014

Beware! I recently booked some airline tickets with a company and charged it on President's Choice master card but had a transaction declined through no fault of my own. The transaction showed approved on my end. The PC Master card security dept systems, not a human, saw the purchase as fraud and declined it later but not when the purchase was made. This travel purchase was tied into another and when we found out about the problem we requested to cancel all the purchases but were told we would have to speak to a supervisor. Someone would call in 15-30 minutes but no more than an hour for sure.

We waited, no one called. We tried back and waited on hold for 2 hours that day. We called three times the next day and had to go through 2 different service people in 2 different depts all three times and were promised a supervisor would return our calls. None ever did. Everyday the same routine until day 4 when we spoke to a Supervisor who was as everyone was sympathetic and agreed this was a terrible mistake and said he would help then disconnected. Never heard back at all.

We escalated to the executive level but as we have found out now they agree with you and then blamed us for the problems. This has been a nightmare. We have lost our vacation and are on the hook for $1400 on tickets we can't use. Had we got any calls back from our numerous call to PCMC customer service maybe we could have cancelled or changed flights but after 48 hours we are ripped off.

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Original review: March 12, 2013

I want my husband to show active on our mortgage. I already made the change with land titles. I find it unbelievable that they will not change it. I am not paying or doing out paperwork to make changes that are already made. I have faxed in a copy of the new land title. I don't know why something so simple has to be complicated. Why should I pay $150 more in fees or do more paperwork? They have caused me nothing but stress and frustration. I wish I never switched my mortgage with them. It has been a nightmare experience!

Original review: March 18, 2011

I recently refinanced my property and left PC Financial to go with FirstLine Mortgages. My early closure fee was stated to be $3,775.29 and I acted on that, being that the numbers stacked up to bring me to a favorable outcome. So I called them on the 9th December 2010, obtained the above information and closed on the 15th December 2010. The figure above was given to be effective until 1st January 2011. So all was fine, just that everything was subject to change.

And I understand that federal changes came in to play in between the 9th to the 1st of January 2011, correct? Not quite, they proceed to slip in a penalty of an extra $5000 because I dropped below 18 months to maturity, which was never mentioned. So within 6 days, they encroached a penalty, but no one sees it on the screen, especially the professional mortgage adviser. Surely they know their policies and should ethically advise accordingly, instead of saying, "You should have read your contract and term and conditions! It’s not an ethical behavior to slip a fee in and hope no one notices!

Can you point me in the right direction as how to take legal action? Where do I stand? Your help and advice is appreciated. I'm approximately $5000 down.

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Original review: May 19, 2010

I had home and auto insurance with PC. My auto insurance increased (March 16th 2010) and I was told that in May 2010 when my home Insurance is due for renewal my auto will reduce by 15%. In April 2010, I received a letter from PC indicating an increase of my home insurance as well. Upon inquiring, I was told that PC couldn't get a better price. So I decided to cancel both my auto and home insurance with PC effective on May 16th and was told I will be refunded $61.00 (I paid PC $259/month auto insurance). Instead, I cancelled the insurance on April 21st 2010 and was assured that I will be given a refund in excess of $200 but this didn't happen, PC instead give me the $61.00 only. After complaining, the agent said he will speak to his manager and get back to me. He didn't so I called and was told that I was charged for 4 days insurance and cancellation fee amounting to $198.00 in total. This is blatant robbery. Can something be done about this? $198.00 out of $259 is too much for a cancellation fee. Thank you so much.

Original review: May 8, 2009

President's Choice Financial Company Information

Company Name:
President's Choice Financial