Sources
Help build the largest human-edited directory on the web.
Submit a site - Become an editor
Wikipedia. Licensed under the GNU Free Documentation License.
Are you an expert in this subject? Join the discussion and share your knowledge at Wikipedia.org.
President's Choice Financial
From Wikipedia, the free encyclopedia
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.
- Savings accounts are offered with high rates of interest compared with ordinary bank savings accounts. In particular, the Interest Plus account has one of the highest interest rates available in Canada, currently 4.00% (as of January 19, 2007).
- 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.
Contents |
PC Financial also offers insurance products, lines of credit, loans, RRSPs, and mortgages.
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.
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:
- Interac and PLUS for debit card.
- MasterCard / Cirrus Network for credit card
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 offers cash back on purchases at any official President's Choice retailer equivalent to 1% of all purchases made on the card. This portion of the service does not work through CIBC in any way, as they have an exclusive arrangement with Visa, although cash advance fees are waived at CIBC bank machines.
President's Choice offers auto insurance, home insurance, pet insurance, and travel insurance. PC points aren't offered on insurance products, unless a PC Financial MasterCard is used to pay for the premiums.
- ↑ CIBC Quick Facts
- ↑ President's Choice Financial FAQ
- ↑ CUETS - President's Choice Financial MasterCard
| Commercial banks in Canada |  |
|---|---|
| AMEX Bank of Canada | ATB Financial | Bank of Montreal | BDC | CIBC | CTFS | Canadian Western Bank | Citibank Canada | Citizens Bank of Canada | First Nations | HSBC Bank Canada | Laurentian Bank | Manulife | National Bank | President's Choice Financial | RBC | Scotiabank | TD Canada Trust | |
| George Weston Limited |
|---|
|
Corporate Directors: A. Charles Baillie | Robert Dart | Peter Eby | Phillip Farmer | Anne Fraser | R. Donald Fullerton | Anthony Graham | Mark Hoffman | Allan Leighton | John Makinson | Robert Prichard | Wendy Rebanks | Galen Weston | Galen G. Weston |
|
President's Choice brands: President's Choice | President's Choice Financial | PC Mobile | PC Points |
|
Annual Revenue: $29.4 billion CAN ( |
