PC Financial ends relationship with CIBC

[Swayze11]

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.

NSFW!

Lady: Do you smoke?
Guy: Yes I do.
Lady: How many packs a day?
Guy: 3 packs.
Lady: How much per pack?
Guy: $10.00 per pack.
Lady: And how long have you been smoking?
Guy: 15 years
Lady: So 1 pack is $10.00 and you have been smoking 3 packs a day which puts your spending per month at $900. In 1 year, it would have been $10,800. Correct?
Guy: Correct.
Lady: If 1 year you spend $10,800, not accounting for inflation, the past 15 years puts your spending total at $162,000. Correct?
Guy: Correct.
Lady: Do you know if you hadn't smoke, that money could have been put in a step-up interest savings account and after accounting for compound interest for the past 15 years, you could have by now bought a Ferrari?
Guy: Oh. Do you smoke?
Lady: No.
Guy: Then where's your ####ing Ferrari?

[Komskies]

Originally Posted by pylon

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.

Haha, oh man, where did that calculation go so off course. Either way, it isn't an insignificant amount.

[ericschand]

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.

In the past, talking and working with PC Financial, they are able to get your bank draft same day or in 24 hours. You have to ask, I was specifically told to tell them it's for a downpayment/purchase of a car, house, or any other big ticket item. As it was put, they don't want you to lose the car because their terms say 5 days.

On the next purchase, I was able to get it the same day to the nearest CIBC.

ers

[Ryan Coke]

Originally Posted by pylon

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.

So you're the one that made the post about it only being $20 a month, and all the things you don't like about it....then when people point out that the money adds up and the problems aren't really accurate, you say you don't pay fees so who cares, no point it getting into it?

Haha, awesome

[Locke]

Originally Posted by flamesfan1297

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

I've got a delivery for you....whats your address again?

[taco.vidal]

Originally Posted by Fuzz

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

With the big banks youre paying one way or another.

[pylon]

Originally Posted by Ryan Coke

So you're the one that made the post about it only being $20 a month, and all the things you don't like about it....then when people point out that the money adds up and the problems aren't really accurate, you say you don't pay fees so who cares, no point it getting into it?

Haha, awesome

Actually, this is what I said:

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

And I have no issues with the bank fees even if I had to pay them. I do my day to day stuff with a local credit union, and my big ticket banking with one of the big guys. Both accounts I've had for 20+ years. And those relationships have basically led to being handed the keys to the vault, especially with RBC. For example, 3 years ago, I was looking for a 7 figure business loan with RBC, and I was approved in 5 days, with an admittedly rushed and loose business plan, and the banker I was dealing with even boiled it down to my relationship/payment history with them. NDP/Oil price crash gave me cold feet, and I chose to slam on the brakes, but it was almost easier than getting a mortgage.

You cannot build those types of relationships with nameless, faceless call centres, as much as modern society does everything in its power to avoid any and all human contact. Does PC even offer business loans?

[Fuzz]

Originally Posted by taco.vidal

With the big banks youre paying one way or another.

Exactly. Which is why I don't see why I should pay them a monthly amount just for the privilege of them making money off of me.

[bizaro86]

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.

Personally, I'd rather use the store brand bank and the name brand toilet paper. YMMV.

I have a HELOC with a big bank that I use if I ever need a draft same day, approx twice per year, which I suspect is way over the average.

[lazypucker]

No one wants to discuss that Loblaws is getting out of non-core businesses? Getting rid of the bank and gas stations? I use the bank/credit card and fill up at their gas stations because the PC points do add up fast, unlike other cash back or air miles cards where I don't see a lot of "instant" rewards.

[I-Hate-Hulse]

Originally Posted by lazypucker

No one wants to discuss that Loblaws is getting out of non-core businesses? Getting rid of the bank and gas stations? I use the bank/credit card and fill up at their gas stations because the PC points do add up fast, unlike other cash back or air miles cards where I don't see a lot of "instant" rewards.

Their contract had an out clause, which CIBC exercised from the looks of it. It wasn't Loblaw's call:

After 19 years working in concert to build the PC name in financial services, the two firms appear to be splitting amicably. But the divorce comes at a cost for CIBC, which expects to absorb a pretax charge of about $100-million in its fiscal fourth quarter related to the switch to Simplii. A spokesperson for PC Financial confirmed it will "receive certain compensation" from CIBC through the transition.