If you’re a Canadian resident seeking a simple bank account for your day-to-day banking needs and want to enjoy unlimited free transactions, no monthly or annual fees, and the added perk of earning points, then the PC Money Account could be ideal for you.
The PC Money Account is a popular choice among Canadians seeking simplicity and convenience in managing their finances. It provides a prepaid Mastercard for both in-person and online purchases, rewarding users with PC Optimum points that can be redeemed for monetary value.
In this comprehensive PC Money Account review, we’ll explore its features and benefits, fees, interest rates, mobile app functionality, and pros and cons, helping you determine whether it aligns with your banking needs.
Our Take on PC Money Account Review
- Zero monthly fees and service charges
- Unlimited transactions
- Free Interac e-Transfers
- Earn PC Optimum points on every $1 you spend
- Overdraft protection
- Enjoy an advanced Mastercard for a seamless transaction experience and top-notch security features.
- Ease of use
- No Interest
- No cheques
- There are fees for withdrawal at non-PC ATMs, inactivity, etc.
What is a PC Money Account?
The PC Money Account is offered by PC Financial, a prominent Canadian financial company serving over 3 million customers. Introduced in September 2020, this account serves your everyday banking needs, allowing you to pay bills and transfer funds.
With the PC Financial Money Account, you enjoy several appealing benefits. There are no annual or monthly fees, and you have unlimited transactions. Additionally, you earn PC Optimum points for every dollar spent on purchases anywhere in Canada.
Moreover, the account provides a prepaid Mastercard accepted online and in-store wherever Mastercard is recognized. It’s crucial to understand that this prepaid card isn’t a credit card. Instead, the funds you spend are from the balance you’ve deposited into your account.
While the PC Money Account caters to today’s tech-savvy individuals, it’s important to note that you cannot deposit cheques and cash into your account via ATM.
How Does PC Money Account Work?
The PC Money Account works like a chequing account with a few key differences. To open a PC Money Account, you must be a Canadian resident, and at least 18 years old.
The account is simple to use. All you need is to create an account, add money, and start making purchases. You can sign up for an account through the PC Money website or mobile app, and the process typically takes only a few minutes. Once your account is set up, you can start using it to manage your money.
The more you make purchases with your PC Money account, the more PC Optimum points you accumulate so you can exchange the points for goods, services or cash. Additionally, you can pay bills and make transfers on PC Money without charges.
Key Features of PC Money
Here are the key features of this digital money management account:
- Early Payday: By setting up a direct payroll deposit on PC Money, you will receive your paycheque as early as two days ahead.
- Unlimited Free Transactions: With this account, you can make unlimited free Interac e-Transfers daily in any part of the world.
- PC Optimum points: You are rewarded for every dollar you spend. For each $1 purchase, 10 PC Optimum points are awarded. And for each $1 purchase at Shoppers Drug Mart, you will be rewarded with 25 PC Optimum points.
- Digital Integration: The PC Money Account has an intuitive interface for Android and iOS users.
- Budget & Track Spending: This account has a budget and money tracking feature in one dashboard that helps you customise your spending and get on top of your finances.
Benefits of PC Money Account
Here are the benefits you will enjoy when you open a PC Money Account:
1. No Monthly Fees: Unlike many other bank accounts, the PC Money Account doesn’t burden you with monthly fees, saving you from the typical $4 to $15 charges seen elsewhere.
2. No Minimum Deposit Requirement: Enjoy the flexibility of managing your account without worrying about maintaining a minimum balance.
3. Earn Reward Points: Every purchase made with your prepaid Mastercard linked to the PC Money Account earns you valuable PC Optimum points. Additionally, enjoy up to 50,000 welcome bonus points upon signup, redeemable at popular retailers like Shopper’s Drug Mart, Loblaws, and more.
4. Free ATM Withdrawals: Access cash for free at any PC Financial ATM, eliminating withdrawal fees.
5. Optional Overdraft Protection: Gain peace of mind with optional overdraft protection, ensuring you’re covered in case of overdrafts. You only incur charges when you utilize this feature.
6. Unlimited Transactions: There are no limits on the number of transactions you can conduct each month. Say goodbye to extra charges for exceeding transaction limits, including free Interac e-Transfers.
7. Convenient Bill Payments: Seamlessly manage your bills using the PC Money Account, just like a traditional chequing account, but without the usual associated fees.
Drawbacks of PC Money Account
PC Optimum Points
You can get up to 50,000 PC Optimum points worth $50 through the accumulation of the following points:
- First Purchase: You will get up to 20,000 PC Optimum points when you buy something from $50 and above for the first time with PC Money.
- Direct Payroll Deposit: By setting up a direct payroll deposit and receiving up to three deposits, you will get 25,000 PC Optimum points as a one‑time bonus.
- Bill Payments: Get up to five $50 and above bill payments to receive 1,000 PC Optimum points per payment.
However, introductory PC Points are not static. They can be modified, cancelled or extended at any time without notice.
PC Account Fees
Here’s the range of PC Money fees:
Unlimited In-Store Purchases | Free |
Unlimited Online Purchases | Free |
Unlimited ATM Withdrawals at PC Financial ATMs | Free |
Unlimited Bill Payments | Free |
Non-Sufficient Funds (NSF) | $40.00 |
Domestic ATM withdrawal (not PC Financial ATM) | $1.50 |
International ATM withdrawal (Mastercard Network) | $3.00 |
Foreign Exchange Transaction Fee | 2.5 % |
Send Interac® e-Transfer | Free |
Receive Interac® e-Transfer | Free |
Cancel Interac® e-Transfer | $3.50 |
Optional Overdraft Protection Fee | $5.00 |
Optional Overdraft Protection Interest (Per annum) | 19 % |
Bill Payment Trace | $15.00 |
Bill Payment Recall | $24.00 |
Rush Card Replacement | $5.00 |
Card Replacement (1st Free per year) | $5.00 |
Printed Copy of Previous Account Statement | $5.00 |
Inactivity Fee (yearly) | $20.00 |
Assisted Transaction via Customer Service Representative (per transaction) | $1.00 |
Is PC Money Account Safe?
Yes. PC Money Account is safe because President’s Choice Financial is a member of the Canadian Deposit Insurance Corporation (CDIC). Your deposit of up to $100,000 is covered by the CDIC.
Additionally, the PC Account is protected by 2-factor authentication and encryption, an advanced digital security feature.
As a result, your funds on PC Money are super safe, so you have nothing to worry about.
How to Open a PC Money Account?
Once you’re convinced that PC Money is right for you, you should open an account. You can create an account online or through the PC Financial app, which is available on the App Store and Google Play Store.
However, regardless of your method, the requirements are the same. You must reach the age of majority in your province or territory, be a Canadian resident and have a valid Social Insurance Number (SIN).
Before starting, you will be asked whether you already have another PC Account or PC Financial Mastercard with the President’s Choice Bank. The option you choose will determine your registration process.
You will need the following information to successfully complete your application:
- Full name
- Contact information
- Date of birth
- Residential status
- Social Insurance Number (SIN)
How To Close My PC Money Account
To close your PC account, you need first to withdraw all your funds from the account.
Subsequently, call the PC Financial customer representative using the telephone number behind your debit card and ask them to close your account.
Is PC Money Account Worth It?
Deciding if the PC Money Account is worth it hinges on your banking preferences. This PC Financial offering boasts perks like no monthly fees and unlimited transactions, making it budget-friendly and convenient for day-to-day banking. Plus, you earn PC Optimum points for Canadian purchases, enhancing its value.
However, there are drawbacks to consider. The account doesn’t accrue interest on deposits and lacks cheque-writing capabilities. Also, while withdrawals from PC Financial ATMs are free, their limited availability might pose challenges. Foreign currency transactions incur a 2.5% fee, and the prepaid Mastercard doesn’t offer credit or help build credit scores.
Ultimately, the PC Money Account offers cost-effective banking with rewards, but its limitations may not suit everyone’s needs. Assess your priorities and banking habits to determine if it aligns with your financial goals.
Final Thoughts on PC Money Account Review
The PC Money Account is an excellent digital banking option offering Canadians several benefits. The account has no monthly fees or unlimited transactions and provides PC Optimum points on every dollar spent.
Although the account doesn’t offer interest or provide cheques, it’s a great option for individuals looking for a simple and convenient way to manage their money.
With PC Money, you can access your funds from anywhere and enjoy the benefits of a top-notch digital banking platform. Overall, my PC Money review is positive.
FAQs on PC Money Review
Is PC Money a Debit Card?
Yes. PC Money is like a debit card because you can use it to make transactions online and in-store and still get rewards.
Does PC Money Account Pay Interest?
No, this is not a savings account; hence you can’t earn interest. However, you will get Optimum points in place of interests that have a monetary value.
How Many PC Optimum Points Will I Earn When I Make Purchases?
For every $1 purchase, you earn 10 PC Optimum points. But whenever you spend $1 and above at Shoppers Drug Mart, you earn 25 PC Optimum points.
If you have more questions about the PC Money Account, let me know in the comment section.
I never received my card or the points. What number do I call to cancel. I deposited $25 and they took $20 for inactivity. I had no idea they would do that. I thought as long as I keep some money in there all would be okay. That is what I thought I read anyways.