President's Choice Financial

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logo of President's Choice Financial

President’s Choice Financial is a financial institution that offers banking services through a joint venture between Loblaw Companies (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 Loblaw-affiliated stores.

PC Financial markets four selling points to customers:

A chequing account is offered with no fees.
A savings account is offered with high rates of interest compared with ordinary bank savings accounts.
Interest Plus Savings Account beats all other savings account rates currently at 4% interest November 2006.
Users of the PC Financial products can earn "PC Points" redeemable for free groceries or other merchandise at any Loblaw-affiliated supermarket.
As well as ATMs found in Loblaw stores, customers can use CIBC bank machines for free.

1 About President's Choice Financial
- 1.1 Memberships
2 MasterCard
3 Insurance
4 Footnotes
5 See also
6 External links

[edit] About President's Choice Financial

PC Financial also offers insurance products, lines of credit, loans, RRSPs, and mortgages.

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, a separate legal entity wholly owned by 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. ^[1]

[edit] Memberships

PC Financial, through CIBC, 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:

Interac and PLUS^[2] for debit card.
MasterCard / Cirrus Network for credit card

[edit] MasterCard

The President’s Choice Financial MasterCard is issued by President's Choice Bank, a subsidiary of Loblaw, in association with Credit Union Electronic Transaction Services^[3]. It offers cash back on purchases at any official President's Choice retailer equivalent to 1% of all purchases made on the card. This portion of the service does not work through CIBC in any way, as they have an exclusive arrangement wtih Visa, although cash advance fees are waived at CIBC bank machines.

[edit] Insurance

President's Choice offers auto insurance, home insurance, pet insurance, and travel insurance. PC points aren't offered on insurance products, unless a PC Financial MasterCard is used to pay for the premiums.

[edit] Footnotes

[edit] See also

[edit] External links

Commercial banks in Canada
ATB Financial \| Bank of Montreal \| BDC \| CIBC \| CTFS \| Canadian Western Bank \| Citibank Canada \| Citizens Bank of Canada \| First Nations \| HSBC Bank Canada \| Laurentian Bank \| Manulife \| National Bank \| President's Choice Financial \| RBC \| Scotiabank \| TD Canada Trust