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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 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 Loblaw-affiliated supermarket.
- As well as ATMs found in Loblaw stores, customers can use CIBC bank machines for free.
About President's Choice Financial
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, 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]
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:
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. It's offers cash back on purchases at any of President's Choice Retailers to the equivalent of a 1% discount on purchases made on the card. [1]
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 Mastercard is used to pay for the premiums.
Footnotes
- ↑ CIBC Quick Facts
See also
External links
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