Loblaw Co. is quitting the banking business in a deal that will see two million PC Financial mortgage and banking accounts automatically move to a new low-fee banking brand operated by CIBC, called Simplii Financial.
The deal is effective November 1 and ends a 19-year partnership between Loblaw and CIBC that ran PC Financial. Loblaw will maintain its PC Points program and continue to offer a MasterCard credit card aligned with PC Points. Here is what this news means for you.
PC Financial MasterCard products remain unchanged. President’s Choice Financial said it will continue to focus on payments and loyalty through its MasterCard and PC Plus Products.
If you move to Simplii, you will no longer automatically accumulate PC Points by using your banking services after October 31. But anyone can still sign up for a PC Points account or use the app to gather points. Additional points can be collected with the PC Financial MasterCard. The points are redeemable for free groceries.
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. The PC Financial brand of consumer banking services will disappear.
Whether you have a savings or chequing account, an RRSP, a loan, or are a mortgage holder, you will be transferred to CIBC’s new digital…