After 19 years of business together, CIBC and Loblaws are parting ways. The grocery chain has decided to get out of the banking business, with CIBC announcing the end of PC Financial, which will be a replaced by a new banking organization called Simplii Financial.
The deal will come into place starting November 1. After that, Loblaws will be phasing out their in-store PC Financial ATMs and banking pavilions between November and March 31, 2018.
Understandably, this move is leaving many PC Financial customers with questions. Here’s what we know so far:
As of October 31, all current PC Financial customers will automatically have their accounts switched over to Simplii Financial.
Account numbers will remain the same, which is good news if your payroll is deposited into your PC Financial account or if you have automatic billing set up. CIBC will also be sending PC Financial customers new Simplii debit cards, which will no longer be affiliated with PC points.
Under the new Simplii brand, customers will be able to do all of their banking through the Simplii website as well as over the phone and through mobile devices. Customers will continue to benefit from no-fee daily banking, and any current RRSP’s or loans taken will remain the same.
The Simplii Financial brand has been created to target customers who prefer low-fee accounts and are comfortable with online banking. And so far, there appears to be no indication that CIBC will be building in-person Simplii Financial branches or ATMs. As for PC Financial debit card users, Simplii Financial customers will be able to use their debit cards at CIBC ATMs, free of charge.
And for any customers who have been accumulating PC points, no need to panic. Your points aren’t going anywhere, but you’ll no longer be earning points through the bank starting October 31. Instead, you’ll need to obtain a PC points card or an account number to continue earning points. MasterCards, on the other hand, will remain unchanged, and can still be used to gain points towards groceries.
Well, it was nice while it lasted.