President's Choice Financial

Encyclopedia : P : PR : PRE : President's Choice Financial

President’s Choice Financial is a financial institution that offers banking services through a joint venture between Loblaws (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 Loblaws/George Weston-affiliated stores.

PC Financial markets four selling points to customers:

A chequing account is offered with no fees for those who remain in credit.
A savings account is offered with high rates of interest compared with ordinary bank savings accounts.
Users of the PC Financial products can earn "PC Points" redeemable for free groceries or other merchandise at any Loblaws-affiliated supermarket.
As well as ATMs found in Loblaws/Your Independent Grocer stores, customers can use CIBC bank machines for free.

Contents

1 About President's Choice Financial

1.1 Memberships

2 MasterCard
3 Insurance
4 Footnotes
5 See also
6 External links

About President's Choice Financial

"PC Financial" also offers insurance products, lines of credit, loans, RRSPs, and mortgages.

A limited number of transactions, such as bank drafts, can be completed at CIBC branches, but 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, the wholly-owned but legal entity separate from 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. ^{[#endnote_clientcount]}

Memberships

PC Financial 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:

MasterCard

The President’s Choice Financial MasterCard is issued by President's Choice Bank in association with Credit Union Electronic Transaction Services. It's offers cash back on purchases at any of President's Choice Retailers to the equivalent of a 1% discount on purchases made on the card. [CUETS - President's Choice Financial MasterCard]

Insurance

President's Choice offers auto insurance, home insurance, pet insurance, and travel insurance. PC points aren't offered on insurance products, unless a PC Mastercard is used to pay for the premiums.

Footnotes

↑ [CIBC Quick Facts]

External links

Commercial banks in Canada
Alberta Treasury Branches \| 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

Annual Revenue: .4 billion CAN ( 10% FY 2004) | Employees: 148,000 | Stock Symbol: TSX: [WN] | Website: [www.weston.ca]

From Wikipedia, the Free Encyclopedia. Original article here. Support Wikipedia by contributing or donating.
All text is available under the terms of the GNU Free Documentation License See Wikipedia Copyrights for details.