President's Choice Financial
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Image:Pcf.gif President’s Choice Financial is a financial institution that offers banking services through a joint venture between Loblaws (a supermarket chain) and CIBC (a major Canadian bank). It has no branches; rather, most transactions are carried out over the Internet, the telephone or "pavilions" located in Loblaws' stores.
PC Financial markets four selling points to customers:
- A chequing account is offered with no fees for those who remain in credit.
- A savings account is offered with high rates of interest compared with ordinary bank savings accounts.
- Users of the PC Financial products can earn "PC Points" redeemable for free groceries or other merchandise at any Loblaws-affiliated supermarket.
- As well as ATMs found in Loblaws stores, customers can use CIBC bank machines for free.
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About President's Choice Financial
The President’s Choice Financial MasterCard is issued by President's Choice Bank in association with Credit Union Electronic Transaction Services. "PC Financial" also offers insurance products, lines of credit, loans, RRSPs, and mortgages.
A limited number of transactions, such as bank drafts, can be completed at CIBC branches, but to maintain its low-cost, "no-fee" structure, clients must be comfortable performing almost all transactions on the Internet, at the bank machine, or by telephone.
In October 2005, banking services for President's Choice Financial were transferred from Amicus Bank the wholly-owned but legal entity separate from CIBC to the direct-banking division of CIBC. Amicus is now a division of CIBC retail markets and is no longer a separate legal entity.
CIBC estimates President's Choice Financial to have 3 million clients. Template:Ref
Membership
PC Financial is a member of the Canadian Bankers Association (CBA) and registered member with the Canada Deposit Insurance Corporation (CDIC), a federal agency insuring deposits at all of Canada's chartered banks. It is also a member of:
Footnotes
See also
See also List of banks in Canada