13 cents that ticked me off

I bank with PC Financial, and normally I think they’re a bargain. I pay no fees, I do all the banking I want, and the interest rates for their saving accounts are decent. Compare this to the big banks, which charge you exorbitant fees or require that you keep huge amounts of cash in your chequing account where it earns no interest so that the monthly charge can be waived.

Today, I was not so happy with PC. I noticed a 13 cent interest charge on my chequing account, and I had no idea why this fee was incurred. I don’t have overdraft. Everything looked normal. I actually had this happen in October 2010, and the representative I spoke with couldn’t explain the charge so she reversed it. I called tonight expecting the same thing to happen.

No luck. The girl I spoke with explained that the $362 that was debited from my account on Monday April 4 (my condo fees) actually came out of my account Friday April 1, as in the bank gave my condo the money. But I still technically had access to that $362 until April 4, when PC processed the transaction. Or something like that. Because I had access to that money when I shouldn’t have, they charged me 19% interest the amount. And to top it off, this happened again with my mortgage payment, on Easter weekend.

Then I spoke with a supervisor, who advised me that the charge was actually incurred because my mortgage payment was supposed to come out April 27, but my pay wasn’t deposited until April 28 and I didn’t have enough funds to cover the payment. Which is odd, because I swear my mortgage payment was supposed to come out April 28 (otherwise I would have made sure enough funds were in my account).

I don’t understand why the first rep said one thing while the supervisor said another. Clearly the first rep didn’t fully understand the service charge. In that case, she shouldn’t have advised me at all – she should have passed me onto the supervisor right away.

The weird thing is I don’t have overdraft protection. And if you sign up for it, they charge you $4.97 in the month it occurs plus the 19% interest charge. So it’s odd that they covered the amount when I didn’t have the protection (and I didn’t have a $4.97 charge on my account, either).

Additionally, when I look at when the TD mortgage payments have been debited thus far in 2011, it’s always a Thursday. Maybe it’s a processing thing, because I checked my latest mortgage statement and the next payment date there is a Wednesday.

The PC supervisor reversed the charge and made me aware of this TD thing, so in the end it worked out.  I tried calling TD but of course they are closed, so I’ll call them tomorrow and figure out when the official payment date is so I can make sure this doesn’t happen again. Really, I should keep a bit more money in my chequing account so this wouldn’t be an issue. But I like moving my money to my savings where it can actually earn a bit of interest.

Have you ever had a similar situation with your bank? Were you able to resolve the issue?

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3 Responses to 13 cents that ticked me off

  1. PC is rehauling their systems.. I saw a lot of problems with my chequing accounts and started keeping obsessive records of when I did things (not that I didn’t do that before :P)…. now it seems to have been worked out, somewhat…

    • Good to know. I did get a hold of TD and it turns out my mortgage payment is scheduled for Wednesday, but it doesn’t actually come out until midnight. Or something.

      After thinking about it some more, PC really did me a favour by making sure the payment cleared, but all the inconsistencies on the reps’ end doesn’t look good for sure.

  2. Dee says:

    Good for you for following-up on the mystery even though it was just $0.13!

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