New Checks

[Beechnut]

I am not sure if everyone knows, but the 'big banks' will not be accepting old personal checks too much longer.

I am talking about Personal Checks with your Name address etc. if the place where you put the date is a straight line. If you checks have the little boxes for the date. You are oK.

Now I don't use many checks, but I do need them, so guess what. I have to pay to buy new checks. I have enough checks here to last probably 2 years (lol, I dont use too many!) and they will be shredded and I have to buy more.

I know in this age of electronic everything, most of my banking is done on line, but in my case there are times I do need checks.

OK so I understand that they are enhanced security features, yadda yadda yadda, but why can't I 'trade' mine in for new ones. I paid for the old ones, and now I have to pay for the new ones.

Makes me mad.

[The_Dave]

PC (president's choice) banking offers free cheques and no service fees last I heard.

[s4q19]

That's not very proper, they should still honor the old checks for a period of time after stopping to issue them (even subway did this when they phased out their stamps) or at minimum provide some sort of purchase plan where if you have so many old checks you get atleast something back.

It's kind of funny, because the only thing new security features gives you is a new way to get around those security features.. I suppose it does make printing fake ones a whole lot harder, but still. It would be interesting to know how much fraud is still conducted the old fashion way (IE with paper checks) as opposed to electronic fraud with computers and whatnot...

[Beechnut]

dave
can you do email money transfers with pc banking? Someone told me that they couldn't do it with that bank?
thanks

[Chinna Dah]

I belong to PC banking, and I pay no fees at all.

You need to switch banks.

[Tara]

As far as I know there are no email money transfers with PC

[The_Dave]

Beechnut sorry, I have no idea, I just heard that cheques were free and no service charges. It may be a way to get your business and then they ding you with fees elsewhere.

Here is some info.
the average Canadian pays $147 a year in daily banking fees
as a President's Choice Financial® customer, you pay no daily
banking fees, free chequing, bill payments, Interac® Direct Payment, online and telephone banking, and transactions at President's Choice Financial and CIBC bank machines no annual fee for your President's Choice Financial® MasterCard®

Here is their link.


http://www.pcfinancial.ca/

[babydollbrat]

This was supposed to take effect June 1 of this year but they have moved it til September 2, 2008.

The changes are:
1. The date will be in blocks instead of a line
2. There is to be no color border on the bottom of the cheque

[Beechnut]

Are you sure? That's great. Mind you I'll just have to buy checks then, since I prob will still have them. :)

The only problem with switching banks, is the paperwork. Mortage fees, Automatic payments that are set up. Loan payments.......blah

I'll stop complaining. now.
thanks for the info

[melissaanne]

Another thing with PC is you can't actually talk to anyone face to face. No teller work..which I thought would be ok, until I was getting no where with phone agents. It's ALL virtual. But I guess the no fees and free cheques make up for it.

[Chinna Dah]

Another thing with PC is you can't actually talk to anyone face to face. No teller work..which I thought would be ok, until I was getting no where with phone agents. It's ALL virtual. But I guess the no fees and free cheques make up for it.

It is not as bad as you may think. The people on the phones are great, and the ONLY time I have had to contact them, was when one of my old bosses bounced my pay check 5 or 6 years ago. they kinda put a freeze on your account so you have to call them, they take it right off, but it is more of a "hey you, there is something wrong with your account, call us" kind of thing.

I have not paid a banking fee in 7 years. Also at the end of the month if you have cash in your account, they pay you interest.

Also if you wants a loan/mortgage, you can do it on line, over the phone, or in person at the PC kiosk in the the Superstore.