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.
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.