PC Financial ends relationship with CIBC

[taco.vidal]

Ive had account with PCF probably since the first couple of years they were around. Ill be curious to see how the new structure is.

I also have CIBC accounts and CIBC recently changed their fee structure that forces you to have automatic deposits and/or preauthorized payments in addition to a minimum balance in order to have the monthly fee waived. I wonder if other banks are doing this as well. I may have to move all my accounts. ATB perhaps?

Over the past 19 years, President’s Choice Financial® banking products and services–provided by CIBC–have been a top choice for Canadians looking for exceptional value in everyday banking. Today, President’s Choice Bank and CIBC have mutually agreed to end our business relationship.
What does this mean for you?

Your everyday banking will continue without interruption. We’ll make sure that you experience an easy and seamless transition. CIBC will still offer you no-fee daily banking, high interest savings and other features that you’re used to under a new brand. If you have a PC Financial® Mastercard® (provided by President’s Choice Bank) your credit card is not affected by these changes.

Here’s what’s staying the same


Your bank accounts: You can continue using your bank accounts as you normally would. You do not need to change direct deposits, automated bill payments, pre-authorized debits, automatic payroll deposits or outstanding cheques written against your account.


Accessing your banking: You will continue to have free access to over 3,400 bank machines across the CIBC network, and enjoy the convenience of 24/7 banking over the phone at 1‑888‑723‑8881, online, and through the mobile app.


For mortgages with PC® points on closing: There are no changes to the terms and conditions of your mortgage, but it will be given a new name. If you applied or refinanced a fixed rate mortgage with PC Financial prior to A#ugust 16, 2017 that is eligible for PC points on closing, you will still receive the PC points on your mortgage advance date.


Creditor Insurance: If you have creditor insurance, this protection will continue uninterrupted. Your insurance premium payments will continue to be collected in the same way as they are today.


PC Financial® Mastercard®: If you are a current PC Financial Mastercard holder, there is no change to your account. Continue to earn points with every purchase and redeem for free rewards.



Here’s what’s changing


Name: As of November 1, 2017, your PC Financial banking products and services will be renamed – you’ll hear about the new brand name soon. Your registered plan documentation for TFSA or RRSP, including any locked-in RRSP if you have one, will be updated to reflect the new plan name that will incorporate the new brand.


Your debit card: Between November 1, 2017 and April 13, 2018, CIBC will send you a newly-branded debit card to replace your current PC Financial branded card. Until then, just keep using your current debit card.


Pavilions: Starting N#ovember 1, 2017, banking services will be removed from PC Financial pavilions in phases. Services previously offered in pavilions will still be available by calling 1‑888‑723‑8881 or through online and mobile banking.


Bank Machines: Between November 1, 2017 and M#arch 31, 2018, CIBC-operated bank machines in Loblaw locations will be removed in phases. As a CIBC banking customer, withdrawal fees will apply at any new in-store bank machines, and you will be notified of a fee at the machine. As always, you can continue to access the CIBC network of bank machines free of charge.


PC® points: As of November 1, 2017, you will no longer earn PC points for using your debit card or for the first payroll or pension direct deposit to your bank account as a CIBC banking customer. You will, however remain a member of the PC loyalty program. You can continue to earn and redeem your points with a PC Financial Mastercard, or by joining the PC Plus® program and registering your current PC Financial debit card at pcplus.ca/register.

[Bobblehead]

CIBC simply taking full ownership of the banking service they have been running anyways.

This is pretty much a re-branding, like ING Direct to Tangerine (aka Scotiabank)

http://www.cbc.ca/beta/news/business/cibc-1.4249139

[lazypucker]

What's up with Loblaws these days? First selling their gas stations and now their bank?

I have been with PCF since like 98, and I don't like the change.

[Slava]

Originally Posted by lazypucker

What's up with Loblaws these days? First selling their gas stations and now their bank?

I have been with PCF since like 98, and I don't like the change.

There is really no change. Same account numbers, same everything but it just won't say PC Financial anymore.

[pylon]

It always blew me away people used these non brick and mortar banks. It's all fine and dandy until you need to get a bank draft or a large amount of cash in a hurry. I've seen people have to wait 10 days just to get a bank draft to buy a car. Imagine if you needed to close a real-estate deal, fast.

All so what? You save $10-20 bucks a month, in some cases, nothing?

Plus I prefer my credit card, doesn't have the same logo art as my toilet paper.

[calculoso]

CIBC to swallow PC Financial's banking business, rebrand as Simplii
http://www.cbc.ca/news/business/cibc-1.4249139


"The two companies announced the end of their almost 20-year collaboration on Wednesday, as Loblaw says it will retain its loyalty point program and MasterCard-branded credit card program, while all daily chequing, savings, lending and other banking services will move to CIBC, which has been running the back end of the bank's operations behind the scenes since it launched.

The bank promises a seamless transition with no changes to account numbers or pre-existing automatic payment and savings plans while it absorbs more than 2 million PC customers between now and November."

""Our focus in the near term is to make this a seamless transition over for our clients. Over time, we're going to invest in the offer. We at CIBC have a long history of being known for innovation."
The new division will provide more options for the full range of client needs, from no-fee online banking to more advice-oriented customer service, Boluch said."

How long until the no-fee banking stops? Not a fan of this...

[I-Hate-Hulse]

Originally Posted by Slava

There is really no change. Same account numbers, same everything but it just won't say PC Financial anymore.

Yeah... till CIBC hikes the service fees...

[calculoso]

Originally Posted by pylon

It always blew me away people used these non brick and mortar banks. It's all fine and dandy until you need to get a bank draft or a large amount of cash in a hurry. I've seen people have to wait 10 days just to get a bank draft to buy a car. Imagine if you needed to close a real-estate deal, fast.

All so what? You save $10-20 bucks a month, in some cases, nothing?

You'll pay $10-20/month just in case you might need to get a bank draft, something that you may do once or twice in your life?

You obviously have a lot more money than I do.

[Fuzz]

You people pay monthly banking fees with big banks? Amateurs. You need to up your game.

[mrkajz44]

I'll say it once and I'll say it again: why do people think bank accounts should have no service fee? The bank is performing many services for you: giving you cash when you need it, taking cash when you don't want it, paying bills, accepting paycheques, etc.

Just don't understand why people think this should come free?

[REDVAN]

Originally Posted by Fuzz

You people pay monthly banking fees with big banks? Amateurs. You need to up your game.

You mean some people can't afford the $5000 you have to leave sitting in your account? What a lousy bunch of 99%ers, get off my forum!!!

[Fuzz]

Originally Posted by REDVAN

You mean some people can't afford the $5000 you have to leave sitting in your account? What a lousy bunch of 99%ers, get off my forum!!!

Not $5000.

http://www.rbcroyalbank.com/products...ct-rebate.html

The cheapest way is a bank account, credit card and investment account. The only condition is the investment account must have at least $500, which shouldn't be hard. You can put it in an actual investment to make money, plus you save your monthly fee. It's win win.

[REDVAN]

Originally Posted by Fuzz

Not $5000.

http://www.rbcroyalbank.com/products...ct-rebate.html

The cheapest way is a bank account, credit card and investment account. The only condition is the investment account must have at least $500, which shouldn't be hard. You can put it in an actual investment to make money, plus you save your monthly fee. It's win win.

Thanks, will look into it.

Our main reason for using PCF was because it was free and gave us grocery points. Once those points are gone and I Can get a free (or almost) somewhere else, I would gladly go back to a major.

[Northendzone]

People still use banks?

[Looch City]

Why even use hard currency anymore? Cryptocurrency is the future.

[Ryan Coke]

I've been with PC for 15 years now, and I've bought several cars and foreign properties no problem. I've gotten bank drafts within hours. And I've saved several thousand in service fees.

Of course money was much tighter when I first started using them, but I have found no reason to switch. It's been great for what it is.

It'll be interesting to see what changes occur with CIBC taking over the branding.

[calculoso]

Originally Posted by mrkajz44

I'll say it once and I'll say it again: why do people think bank accounts should have no service fee? The bank is performing many services for you: giving you cash when you need it, taking cash when you don't want it, paying bills, accepting paycheques, etc.

Just don't understand why people think this should come free?

Back when there was manual effort involved in banking, I understood this viewpoint.

Now? Everything is computerized and done within milliseconds. In addition, they reinvest the money that I have deposited, making them loads of money and paying me back virtually nothing.

I don't owe them anything.

[Komskies]

Originally Posted by pylon

It always blew me away people used these non brick and mortar banks. It's all fine and dandy until you need to get a bank draft or a large amount of cash in a hurry. I've seen people have to wait 10 days just to get a bank draft to buy a car. Imagine if you needed to close a real-estate deal, fast.

All so what? You save $10-20 bucks a month, in some cases, nothing?

Plus I prefer my credit card, doesn't have the same logo art as my toilet paper.

$20 a month is huge. If you invested that $20 per month at an average 5% annual return you'd have over $16,000 in 30 years.

[pylon]

Originally Posted by Komskies

$20 a month is huge. If you invested that $20 per month at an average 5% annual return you'd have $200,000 in 30 years.

LOL, no you wouldn't.

I think you're off by about $185,000 +/-.
And secondly, I don't have bank fees because I maintain a balance that waives them. So the whole thing is a moot point.

[flamesfan1297]

This doesn't affect me at all, I don't use banks. Cash only, and everything is buried in the backyard