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?
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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.
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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.