Category Archives: Financial Tools

Review – President’s Choice Financial no fee bank account for Canadians

Greetings everyone. Today’s post is mainly geared towards my fellow Canucks (slang for Canadians). I am going to do a brief review of President’s Choice Financial no fee checking account. As far as I know this is the only completely free checking account offered by a Canadian financial institution, but feel free to correct me if I’m wrong. When I come to think of it, it is really sad that PC Financial is the only bank offering this level of service. The major Canadian banks don’t even come close to providing the same “bang for the buck.” Simply put, everything with this checking account is free. This makes complete sense to me, as why should I be paying them to keep MY money when in fact the use that money to make a whole lot more money than they ever will offer me in the form of interest – this applies to all banks which operate on the fractional reserve banking principle.

Before I talk about the benefits offered by this bank, let me give you a bit of a background so you know who you’ll be potentially banking with.

President’s Choice Financial is a financial institution that offers banking services through a joint venture between Loblaw Companies (a supermarket chain) and CIBC (a major Canadian bank). There are a number of distinct organisations under the President’s Choice Financial umbrella.

Most standard bank products are provided by CIBC (a major Canadian bank). MasterCard services are provided by President’s Choice Bank, a wholly owned subsidiary of Loblaw Companies. Insurance is provided by PC Financial Insurance Agency Inc., a wholly owned subsidiary of Loblaw Companies.

PC Financial has no branches; rather, customer interactions are carried out over the Internet, the telephone, at ABM’s or at sales “pavilions” located in Loblaw-affiliated stores.

President’s Choice Financial was rated as the best mid-size bank by J.D. Power.

PC Financial, through CIBC, is a member of the Canadian Bankers Association (CBA) and registered member with the Canada Deposit Insurance Corporation (CDIC), a federal agency insuring deposits at all of Canada’s chartered banks. It is also an Interac member for its debit card.

Ok, now that you understand a bit more about President’s Choice Financial (from here on called PC Financial) I can start to discuss what it has to offer.

1: You pay no monthly service fee

2: You pay no transaction fees

3: Free checks (try to find a bank that will give you free checks without paying a monthly fee and come and talk to me then) When you run out of checks you just give them a call and they’ll mail you some more.

4: Free debits/deposits at President’s Choice Financial bank machines and CIBC bank machines across the country.

5: You can link your no fee checking account to their “Interest Plus” account and ear 4.25% on your money (I will review PC Financial’s Interest Plus account in another post)

6: Simple and easy to use online banking platform.

You should know that unlike your typical “big bank,” PC Financial has no branches. But it has “pavilions” where you can go and sign up in person.

For the nitty-gritty you’re going to have to check out PC Financial’s FAQ section over here. I simply do not have the time, space, or inclination to go over every possible question you may have.

Ok, that does it for this review. My next review will include another President’s Choice Financial product – their “Interest Plus” savings account. So stay tuned to this blog for more info.

To get more info or to open a PC Financial no fee checking account visit this link (opens in a new window):

http://www.pcfinancial.ca/

e-Pay: obtain a Mastercard debit card, virtual credit card, reloadable virtual card

Here is aother useful financial tool called e-Pay. e-Pay offers you a MasterCard Debit Card, Virtual Credit Card, and a Reloadable Virtual Card – as part of their e-currency
service.

This would likely suit all comers, including those
in the USA.

The card can be loaded via bank transfer, e-gold,
pecunix and 1mdc.

They also offer a number of innovative services to
make your online financial life easier. One such example
is that you get a merchant account which allows you to receive payments
from anybody in the world.

I have an account with them, but have not obtained
the debit card at this stage. Also, if you’re wondering, yes this program DOES have an affiliate program.

Click HERE For more info

Eternitybanking VISA debit card & US bank account: perfect for non US residents

Sometimes I find something of potential value that I
know many readers of my updates will find useful.

The first of these I want to mention has to do with
obtaining a Visa or MasterCard branded DEBIT card.

Let me clarify: I’m not talking about a plain ATM
debit card (which are a dime a dozen) – but a debit
card with the Visa or MasterCard logo/hologram.

For US residents getting such a card is a breeze.
But for most others, such a card is a prize to
seek – as it has all the advantages of a credit
card, except you are not incurring debt – rather
simply using your own money.

Sometimes such a card is referred to as a pre-paid
credit card.

One of the problems in obtaining one arises from
the fact that such cards are usually only available
to those who live in certain areas – in the region
served by a particular bank. And banks in various
countries are not usually allowed to distribute such
cards outside their own country.

The only exception is what is termed “affinity”
groups – which could be a company, a private club,
a group of employees etc.

There have been many attempts to provide such cards,
but these have often failed, precisely because the
issuer did not adhere to the policies of either
Visa or MasterCard.

EternityBanking info:

This is an e-payments system which provides for
a number of useful financial services – including
the provision of a US bank account and Visa Debit
Card.

Now, a US bank account is no big news to those already
in the USA, but for those in other countries, this
is potentially very useful (and offshore). One obvious
advantage is that such an account can be used to verify
PayPal accounts – and more importantly, receive PayPal
withdrawals.

I’ve opened an account with Eternity myself – and
am in the process of validating it with my ID so I can
get this Visa debit card. I can see a lot of use in
it for me personally.

There are a lot of options with this service – including
being able to load by wire transfer, various e-currencies
MoneyBookers, Western Union, PayPal and ACH – and I
think it’s well worth a closer look, if you are a non-US
resident. However, even US residents may find the loading
options very attractive – even though the card would
certainly not be “offshore” to them.

I should also mention that they DO have an affiliate program where you can earn a modest fee
for referring others to their service. However, the real value is in the service provided not so much in the referral program.

Click HERE For more info!


	

Alertpay: A possible major competitor to PayPal

In one of my previous blog posts I wrote about e-gold and espoused it many virtues. Now I do realize that some of you are not or will never be big fans of electronic currencies and would rather prefer to use traditional “Payment Processors”. The biggest and of course the most popular payment processor is PayPal. However, lately PayPal’s top-dog position is attracting hungry underdogs who are eager to chew a piece of PayPal’s market share. One such competitor goes by the name of Alertpay.

According to their website Alertpay is ” ..a privately owned and managed company founded in 2004, offers an internet payment system enabling any business or consumer with email to send and receive internet payments securely, quickly and cost-effectively. With its office headquarters in Montreal, Canada, AlertPay is available to users all around world.”

I’ve been a user of PayPal for a long time, and while PayPal has decreased their fees be aware that more economical alternatives do exist. Alertpay is one such alternative payment processor. What I like most is their slightly lower fee structure.

Take a look at this

The following details the fees that AlertPay charges you for processing your transaction.

Type of account: Personal Premium Secured

  Personal Account Premium Account Secured Account

Withdraw Funds

e-gold 4.00 % 4.00 % 4.00 %

Add Funds

e-gold 2.50 % 2.50 % 2.50 %

As you can clearly see, their fees ARE lower than PayPal’s, but can you trust them? So far I’ve heard nothing but good things about them, and my personal experience has been positive.

So which account should you open. Well, I would recommend starting off with a Personal Account, and later on if you need to accept credit card payments (for example if you sell on ebay or other auctions sites) then you can upgrade to a Premium Account. The secured account has absolutely no business restrictions on it. But the main selling point of the secured account is the “chargeback prevention” feature. I haven’t really tested their secured account, so I can’t really say how effective their chargeback prevention scheme is. By the way, I have a premium account.

You may have noticed that Alertpay will allow you to convert the money in your Alertpay account into e-gold and vice versa. I think this an absolutely spectacular feature! As far as their fees for doing this are concerned, well, they are competitive to say the least. You could get better fees somewhere else, but don’t forget that you are paying a bit extra for the convenience.

So, in conclusion, the payment processing market is heating up, which in the end will be of great benefit to us consumers.

Look forward to me reviewing other payment processors/electronic currencies in the future.

Oh, and before I forget, if you want to open up an account with Alertpay, just follow this link:

http://www.alertpay.com/