Big Changes Coming to a Major Bank
If you bank with one of Canada's major financial institutions, some big changes—albeit ones that shouldn't be terribly disruptive—are coming your way.
CIBC recently announced that it has reached an agreement with President's Choice Bank to "wind down" their PC Financial consumer banking offer. In layman's terms, President's Choice appears to be bowing out of the banking world, meaning current PC Financial customers will be moving to CIBC, which will be rebranding as Simplii.
CIBC says Simplii Financial is a new direct banking brand for clients who want no-fee daily banking through online, mobile and telephone channels.
“This is an exciting step as we continue to build a leading client-focused direct banking offer,” said Mike Boluch, executive vice-president, direct banking, innovation & payments, CIBC. “Simplii will deliver straightforward, no-fee everyday banking and great rates for the growing number of Canadians who prefer to do their banking by telephone, online, or through mobile and other digital channels."
Now, clients with President’s Choice Financial products provided by CIBC will transition to Simplii Financial. As the bank behind the President’s Choice Financial consumer banking offer for close to two decades, CIBC already provides banking products and services to these clients, as well as mobile, online and telephone banking support.
CIBC also says there will be no changes to PC Financial MasterCard products as they are offered by President’s Choice Bank.
“First and foremost, we are committed to ensuring a smooth transition for our clients. We will continue to offer attractive rates, no-fee products, personalized advice and support clients’ needs to help them achieve their financial goals," says Boluch. "We look forward to a seamless transition as we continue providing great service to our clients through Simplii.”
The Simplii Financial brand will replace the President’s Choice Financial brand on November 1.
The bank says clients can continue to use their bank accounts without interruption and expect the same no-fee daily banking. Customers should note that their bank accounts will continue to function as they normally would and that there will be no changes to account numbers, registered bill payment, preauthorized debits or automatic payroll deposits. There will also be no changes to terms and conditions on mortgages.
As far as points go, clients can continue to earn PC points on banking accounts until October 31. After that date, clients can continue to redeem PC points through the points program operated by Loblaw Companies Limited and its affiliates.
Banking services at in-store pavilions and ATMs operated by CIBC will be phased out of Loblaws and partner grocery stores between November 1, 2017 and March 31, 2018. Clients can continue to access CIBC bank machines free of charge.