CIBC plans to launch a new direct banking brand called Simplii Financial and has reached a mutual agreement with President’s Choice Financial to end their nearly 20-year partnership.
“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,” says Mike Boluch, CIBC’s executive vice-president, direct banking, innovation and payments.
Everyday banking products—including savings, chequing, and mortgage accounts—offered under the PC Financial brand will continue to be provided by CIBC under the Simplii brand beginning Nov. 1, 2017. There will no changes to PC Financial credit cards, which are offered by President’s Choice Bank.
PC Financial clients with banking products and services won’t see any changes to their account numbers, registered bill payments, preauthorized debits, automatic payroll deposits, or the terms and conditions of mortgages. Withdrawals from CIBC ATMs across Canada will continue to be free of charge.
Clients can still earn PC points on banking accounts until Oct. 31. As of Nov. 1, they’ll only be able to redeem PC points through the points program operated by Loblaw Companies Ltd. and its affiliates.
Banking services at in-store pavilions and ATMs operated by CIBC will be phased out of Loblaws and partner grocery stores between Nov. 1, 2017 and March 31, 2018.
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