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CIBC to Launch ‘Simplii Financial’, Ends PC Financial Partnership

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PC Financial banking customers waiting for more mobile banking support should look elsewhere, as today CIBC has announced it will end its partnership with the brand.

In its place will be a new direct banking brand called Simplii Financial, which will offer “no-fee daily banking and great rates,” through online, mobile and telephone banking.

Starting November 1, 2017, Simplii Financial will replace PC Financial products and services. Existing customers will be able to use their accounts as normal, with no changes to account numbers, bill payments, preauthorized debits or payroll deposits. CIBC says access to their ATMs will remain free of charge, while PC Points from banking products can be earned until October 31st.

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CIBC ran the banking end of PC Financial, a financial institution offered by Loblaws, which will see over 2 million members from the latter move to the big bank, ending a partnership of nearly 20 years.

“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 in a statement. “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. For CIBC, innovating and adapting to our clients’ needs is part of our DNA.”

CIBC says in-store PC Financial pavilions and ATMs will be phased out from November 1, 2017 to March 31, 2018. CIBC says it will incur fees and charges of nearly $100 million pre-tax in the current fiscal quarter.

The PC Financial iOS app may be updated and rebranded to Simplii, or a new app may debut altogether, but we will find out soon in the next six to twelve months.

PC Financial, known as President’s Choice Financial, launched support for Apple Pay a year ago for its MasterCard customers.

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  • Corey Beazer

    Been debating a move from PC Financial to Tangerine for months due to lack of Apple Pay on debit cards, looking like nows the time.

  • May be worth the effort…who knows how the transition will go.

  • mxmgodin

    “while PC Points from banking products can be earned until October 31st.”

    Worth noting this only applies to the debit card and banking transactions. The PC Financial Mastercard will continue to be operated by PC Bank, and will continue to offer PC Points on transaction. (from pcfinancial(dot)ca/m/english/info/)

  • Aleks Oniszczak

    “President’s Choice Financial” was always a weird branding. Kind of like “Queen Margarita Pizza Financial”

  • Sterling Archer

    Thank you. I was having a mild panic attack! I don’t use their banking service, but with a large family the MasterCard has given me a TON back with using it as a primary card. I can’t imagine not having it around, and not earning points with it.

  • xxxJDxxx

    “CIBC says it will incur fees and charges of nearly $100 million pre-tax in the current fiscal quarter.”
    For removing PC ATM’S? This statement wasn’t really explained well.

  • Kael

    For a bank that makes Billions per quarter, this cost is more of a rounding error.

  • Andrew Viarruel

    I wouldn’t close your account just yet before you try out tangerine first. I say this from painful experiences with tangerine.

  • Jesse

    I’m thinking about doing the exact same thing..

  • MleB1

    Poor diddums at Loblaws; first they’re dealing with having to pay their workers an hourly wage that might take them up to the poverty level; then they’re getting hassle for devaluing Shoppers Drug Mart ‘Optimum’ card points since buying the chain; and now CIBC has announced its bailing from PC Financial and taking the accounts with them.
    I guess one of Canada’s wealthiest families is going to have to do with one less solid gold doorstop in one of their many homes…

  • Tim

    1% back (plus change with the odd double your points offers) doesn’t really add up to much. I have this card, but never use it anymore. If you’re getting a lot back, you must be spending a lot, in which case you’d probably do better with a card that has an annual fee, but a better rewards program.

  • Sterling Archer

    I have the world card and almost all of my shopping is done at a PC location.

    There is a site that does reviews on points mastercards and even he agreed that if you shop like I do, this is actually one of the highest earning point cards out there.

  • janker

    Or just move to a big bank like TD/BMO, keep $5K (or maybe it’s now $6K) in your account and everything is free.

  • Corey Beazer

    haha said the person with 5k or 6k in their bank account

  • jabohn

    I can confirm that I get lots of free groceries. I redeemed $20 last week and I’m already over half way to my next $20. And i only purchase for myself. The more you shop there the more the rewards get tailored to your habits so bonus points will more frequently come up for stuff you buy often. Also if you buy at other stores or restaurants then you get points as well. I bought new tires and got roughly $8 in free groceries from that. The only thing gone now is points for debit purchases and bill payments etc. from my bank accounts.

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