PC Money Account Review 2023

PC Money Account at a glance:

• Monthly Fees: None
• Transaction Limits: None
• Bill Payments: Unlimited
• Interac e-Transfers: Unlimited
• Direct Deposit: Yes
• Rewards: PC Points/Optimum Points
• Insurance: CDIC, Mastercard Secure Network
• ATM Network: PC Financial ATMs
• Overdraft Protection: Yes
• Cheques: None
• Branches: None

The PC Money Account is a no-fee bank account that combines the functions of a chequing account and prepaid Mastercard.

The account comes with no monthly fees, no minimum balance requirements, unlimited bill payments, and unlimited Interac e-Transfers.

Free transactions also come with this account, which means an unlimited amount of transactions, whether they’re point of sale transactions, online transactions, account transfers, or bill payments.

PC Money customers can use the card anywhere around the world that Mastercard is accepted.

Since it operates as a reloadable account, the PC Money Account also offers three methods of placing money on the card, either by Interac e-Transfer, third party bank account transfer, or direct deposit.

All deposited money is protected with the Canada Deposit Insurance Corporation (CDIC), making all eligible deposits insured up to $100,000.

As mentioned above, the PC Money Account is a hybrid account, meaning that it’s part debit card, part credit card, part rewards card. However, it does not truly function like either. Let’s take a look at what this means.

PC Money Account: Debit Card / Chequing Account Features

The PC Money Account functions like a debit card at its core, meaning you can use it as a physical card in-store for everyday transactions. You can also use this account to pay bills online and send Interact e-Transfers to yourself and others.

If you are a PC Money cardholder, you can leave your Optimum card at home. Every purchase made with the PC Money card automatically earns 10 PC Optimum points for every $1. It should be noted that this is comparable with regular PC Optimum earning rates).

It’s important to note that the PC Money Account is not a chequing account by its very definition. You cannot use it to write cheques, nor is it possible to order a chequebook.

PC Money Account: Mastercard Account / Credit Card Functionality

The PC Money Account also functions like a credit card. After all, it carries the Mastercard logo and is accepted anywhere that accepts Mastercard.

However, unlike a credit card, the PC Money card does not provide you access to borrowed capital from the bank. You must manually preload the card to use it. In other words, you can’t spend money that you don’t have.

Despite being a bank that operates entirely online, the PC Money Account has a small but efficient ATM network.

Customers can withdraw cash from PC Financial ATMs that are typically available at Loblaws affiliated stores.

Ideally, customers who find themselves using cash often should consider if there are Loblaws affiliated stores in the vicinity of places that they frequent to withdraw cash with no service fees.

The PC Money Account is still relatively new. While this comes with a sense of excitement, there is also the query of whether or not the safety and security features are on par with what you can expect from a traditional bank. The quick answer to “Is the PC Money Account Safe?” is “Yes,” but allow us to elaborate for your peace of mind.

Two-Factor Authentication: Two-factor authentication is a common security measure used among major banks, and it’s an option available with the PC Money Account. This security measure helps verify that you are who you say you are every time you log in.

Biometric Recognition: You can enable biometric recognition on certain phones when using the PC Financial mobile app. This includes both touch fingerprint and facial recognition. Biometrics are not only convenient but a very safe way to ensure that your sensitive information is kept out of the view of others.

Password: For your protection, PC Money requires all customers to create strong passwords for their accounts.

Fraud Detection and Account Notifications: PC Money offers world-class fraud monitoring by a team of fraud specialists. In the case of a security breach, PC Money will notify you immediately with various types of alerts and notifications. If you are interested in even more security, you can also opt to pay for more features and security.

SSL Certificate: The Secure Sockets Layer (SSL) refers to a special security standard that signifies that a website enjoys an encrypted connection with its server. You may have noticed it before in a website URL, as an SSL can be spotted by the use of “https” instead of “http”.

This encrypted connection comes with online access to the SSL Certificate, which means that all inputted information cannot be intercepted by a third party, a must-have for banks that handle sensitive information.

Firewalls: PC Money uses firewall technology to monitor against suspicious activity and ensure that webpage access is limited to only those authorized.

Encryption: PC Money employs encryption, the gold standard of internet confidentiality. This means that your transactions are kept secret and safe from possible threats.

MasterCard Zero Liability Protection Policy: PC Money card holders also benefit from MasterCard’s liability protection, protecting the customer against unauthorized card use. They maintain some qualifying requirements such as an account in good standing and cooperation with an investigation.

Mastercard also requires cardholders to have taken “reasonable” measures to protect their card. This means that you can’t expose yourself to threats on purpose and in turn benefit from the liability protection policy.

The PC Money Account is a digital bank account that combines the features of a credit and debit card.

It additionally operates as a prepaid Mastercard, allowing Canadians to use the account in the same fashion as a traditional credit card, without the monthly bill or credit card interest.

It also allows cardholders to earn points on every purchase, redeemable at any Loblaws Corporation store, including Loblaws, No Frills, Shoppers Drug Mart, Joe Fresh, Zehrs, and Provigo, among many others.

Despite being a non-traditional bank, the PC Money Account is considered a Schedule 1 bank and insured by the Canada Deposit Insurance Corporation (CDIC).

The PC Money Account offers users access to an online-only money management system by using a hybrid PC Financial/Mastercard-branded card. This card is accepted anywhere that Mastercard is, although it does not function as a traditional credit card.

This PC Money card allows users to earn 10 PC Optimum points for every $1 they spend. There is no monthly account fee and no minimum monthly balance that must be maintained. Cardholders have access to an online platform that allows them to manage their money in real-time and set up personalized savings goals.

This online-only prepaid card is becoming more popular in recent years. While it doesn’t make a great choice for a primary bank account option, it can act as a wonderful supplemental account for anyone who is looking to reap the benefits of one of Canada’s most generous and widespread points collection programs. Think of the PC Money Account as being similar to a prepaid credit card, except geared towards PC Points/Optimum Points collectors.

First launched in collaboration with CIBC in 1996, President’s Choice Financial offered a digital bank account, along with other banking products, such as personal loans, mortgages, and a credit card, among other financial products.

In 2017, CIBC and President’s Choice ended their relationship. CIBC then launched Simplii Financial while President’s Choice reintroduced their bank account as the PC Money Account.