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PC Financial Ends Partnership With CIBC After 19 Years

Cansumer Staff

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After 19 years of CIBC providing banking products and services for PC Financial, the two companies have reportedly mutually agreed to end their business relationship.

How will PC Financial customers be affected?

Changes start effective November 1, 2017. Besides a brand name change and a newly issued debit card with the new name (your old one will continue to work until you receive the new one), the biggest changes announced are that banking services will no longer be available in PC Financial pavilions (still available through phone, online or mobile) and you will no longer earn PC Points for using your debit card or for the first payroll or pension direct deposit to your bank account as a CIBC banking customer. CIBC bank machines in Loblaw locations will also be removed.

Here is the full text of the email issued by PC Financial:

IMPORTANT: Changes to your PC Financial® banking products and services

Dear _______,

Over the past 19 years, President’s Choice Financial® banking products and services–provided by CIBC–have been a top choice for Canadians looking for exceptional value in everyday banking. Today, President’s Choice Bank and CIBC have mutually agreed to end our business relationship.

What does this mean for you?

Your everyday banking will continue without interruption. We’ll make sure that you experience an easy and seamless transition. CIBC will still offer you no-fee daily banking, high interest savings and other features that you’re used to under a new brand. If you have a PC Financial® Mastercard® (provided by President’s Choice Bank) your credit card is not affected by these changes.

Here’s what’s staying the same

Your bank accounts:
You can continue using your bank accounts as you normally would. You do not need to change direct deposits, automated bill payments, pre-authorized debits, automatic payroll deposits or outstanding cheques written against your account.

Accessing your banking:
You will continue to have free access to over 3,400 bank machines across the CIBC network, and enjoy the convenience of 24/7 banking over the phone at 1‑888‑723‑8881, online, and through the mobile app.

For mortgages with PC® points on closing:
There are no changes to the terms and conditions of your mortgage, but it will be given a new name. If you applied or refinanced a fixed rate mortgage with PC Financial prior to A‌ugust 16, 2017 that is eligible for PC points on closing, you will still receive the PC points on your mortgage advance date.

Creditor Insurance:
If you have creditor insurance, this protection will continue uninterrupted. Your insurance premium payments will continue to be collected in the same way as they are today.

PC Financial® Mastercard®:
If you are a current PC Financial Mastercard holder, there is no change to your account. Continue to earn points with every purchase and redeem for free rewards.

Here’s what’s changing

As of N‌ovember 1, 2017, your PC Financial banking products and services will be renamed – you’ll hear about the new brand name soon. Your registered plan documentation for TFSA or RRSP, including any locked-in RRSP if you have one, will be updated to reflect the new plan name that will incorporate the new brand.

Your debit card:
Between N‌ovember 1, 2017 and A‌pril 13, 2018, CIBC will send you a newly-branded debit card to replace your current PC Financial branded card. Until then, just keep using your current debit card.

Pavilions: Starting N‌ovember 1, 2017, banking services will be removed from PC Financial pavilions in phases. Services previously offered in pavilions will still be available by calling 1‑888‑723‑8881 or through online and mobile banking.

Bank Machines:
Between N‌ovember 1, 2017 and M‌arch 31, 2018, CIBC-operated bank machines in Loblaw locations will be removed in phases. As a CIBC banking customer, withdrawal fees will apply at any new in-store bank machines, and you will be notified of a fee at the machine. As always, you can continue to access the CIBC network of bank machines free of charge.

PC® points:
As of N‌ovember 1, 2017, you will no longer earn PC points for using your debit card or for the first payroll or pension direct deposit to your bank account as a CIBC banking customer. You will, however remain a member of the PC loyalty program. You can continue to earn and redeem your points with a PC Financial Mastercard, or by joining the PC Plus® program and registering your current PC Financial debit card at

Changes to Legal Stuff

Effective N‌ovember 1, 2017, your Legal Stuff brochure will be revised to reflect the changes described above and will be renamed, Products and Services Agreement. You can access the revised agreement at or by calling 1‑888‑723‑8881 starting on A‌ugust 16, 2017.

The current terms and conditions governing your use and access of President’s Choice Financial bank machines operated by CIBC will continue to apply until those bank machines are removed from Loblaw grocery locations, expected by M‌arch 31, 2018. In addition, the terms and conditions under the headings “PC Points” and “Your consent to sharing information for the purposes of the loyalty program” in your Legal Stuff brochure will continue to apply until D‌ecember 31, 2017, after which date CIBC will no longer participate in the loyalty program that earns you PC points. You can access these terms and conditions at where the current Legal Stuff brochure will remain visible for viewing until M‌arch 31, 2018.

We want to ensure that the products we offer are right for you. By continuing to use or hold your banking product or service after the changes take effect, you are accepting these changes. Of course, you can contact us at 1‑888‑723‑8881 to discuss account options or to cancel your account without cost for up to 30 days after the changes take effect on N‌ovember 1, 2017.1 If you choose to cancel, you remain responsible for repaying all amounts outstanding on your accounts on the date of cancellation and for any tax or other amounts which may become due with respect to your accounts.

Our teams are committed to ensuring a smooth transition. If you have any questions, please visit or call us at 1‑888‑723‑8881.


Barry Columb
President & CEO,
President’s Choice Bank

Michael Martin
Senior Vice President

1This right to cancel does not apply to PC Financial mortgages.
®PC, President’s Choice, PC Financial, and President’s Choice Financial are registered trademarks of Loblaw Inc. Trademarks used under licence.
The loyalty program is provided by President’s Choice Services Inc.
®Registered trademark of CIBC

Update From PC (Aug. 21, 2017):

We want to assure you that your PC Financial Mastercard will remain the same card you know and love. You’ll continue to enjoy no annual fee, while collecting 3X the regular PC points* at Loblaw stores, Shoppers Drug Mart, and earn bonus PC points when you buy gas at Esso**. We’re so happy to have provided over $1 billion in free groceries to Canadians since our start.

All PC® points you have earned on your PC Financial debit card are accessible through your PC Financial Mastercard, so you can continue to earn and redeem your PC points towards everyday rewards.

We will be taking some time to enhance our in-store and online customer experience over the coming months and deliver even more value and convenience to our customers as we refocus on payments and loyalty.

Read More

Globe and Mail article: CIBC to cut ties with President’s Choice, unveils own digital bank

Over to You

What are your thoughts on this announcement? If you’re currently with PC Financial, do you plan to stick with them? Let us know by leaving a comment below!

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Cansumer Staff

Cansumer Staff

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