PC Financial changing to CIBC’s Simplii No Fee Banking

[Durham Couponer]

I wonder if this new focus on points vs banking will affect the Optimum program soon too somehow.

[emma008]

If you have their chequing account, may be a good idea to call or go online to get some free cheques. Who knows if they will start to charge for cheques like TangerING now does.

Wouldn't the bank transit number change when they change over to simplii? That would mean our current cheques will be useless?

[Shwa Girl]

Wouldn't the bank transit number change when they change over to simplii? That would mean our current cheques will be useless?

good thought
according to the information they e-mailed/printed in their brochures, the cheques should be good
*fingers crossed*

[Durham Couponer]

Wouldn't the bank transit number change when they change over to simplii? That would mean our current cheques will be useless?

if Simpli changes the transit # all direct deposits and pre authorized payments would be affected too- that would be a big hassle for them right out of the gate and they'd lose a lot of customers who were inconvenienced. Excellent question though- I hadn''t thought about that possibility.

[Shwa Girl]

From PC Financial website

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 any of your direct deposits, automated bill payments, pre-authorized debits, automatic payroll deposits or outstanding cheques written against your account.



How you access 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.


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.

[dyalect]

Fees are coming. CIBC owned.

[Ciel]

As a CIBC customer (everyday chequing), I know certain bank fees are going up for CIBC customers. 50 cent increase for passbook printing (no hike last year or for 8 months this year). Glad the monthly fee is not changing. I do not use online banking nor e-transfers. Be aware some CIBC branches have essentially become digital-deposits via ATM (no tellers for change) etc.

[Shwa Girl]

As a CIBC customer (everyday chequing), I know certain bank fees are going up for CIBC customers. 50 cent increase for passbook printing (no hike last year or for 8 months this year). Glad the monthly fee is not changing. I do not use online banking nor e-transfers. Be aware some CIBC branches have essentially become digital-deposits via ATM (no tellers for change) etc.

@Ciel , you are right about the number of full service CIBC machines. Have been tracking our usual outings to see if any full service banks are located where we are going. Not a lot. We visit friends in Ajax and the CIBC near Costco has machines that will dispense US dollars.

Have been getting cash back with grocery shops recently, to get used to being without a PC Financial bank in the grocery store (soon to be gone).

About online banking, the telephone banking option works as well. PC Financial will mail a monthly statement if requested. Tangerine Bank also has telephone banking and will also mail monthly bank statements if requested.

[Ciel]

@Shwa_Girl -if you ever swing by Fortinos Ancaster, the CIBC branch in the next plaza has one of the two ATMS dispensing US dollars. TD Bank has one in-branch ATM and one drive through ATM by the Sobeys near Costco Ancaster-no idea if there is US dollar dispensing.

[Ciel]

So many places and amusements require coins still-think banks would install change making machines by now...

[walkonby]

Fees are coming. CIBC owned.

@dyalect are you implying that the famous PC no fee chequing accounts will soon have a fee?

[Shwa Girl]

Fees are coming. CIBC owned.

According to their new website, there are no fees.
https://www.simplii.com/en/home.html

Their e-mail address:
[email protected]

[Ciel]

Via the Save e-newsletter, there is a Rate Supermarket incentive promotion for anyone applying for PC Mastercard through their site:

Shop smarter for back to school.

For a limited time, when you apply for a President’s Choice Financial® Mastercard®through RateSupermarket.ca, you’ll get a $100 e-gift card in addition to the PC Financial®Mastercard® welcome offer of up to 20,000 PC® points (that’s $20 worth of PC points towards your groceries!*) when you activate your card.1

Legal Copy *Minimum redemption is 20,000 PC points (worth $20 in free rewards) and in increments of 10,000 PC points thereafter, at participating grocery stores where President's Choice products are sold. Some redemption restrictions apply. See pcplus.ca for details. 1 Apply online and when you receive your PC Financial Mastercard credit card, you will also receive four welcome coupons or offers each worth 5,000 PC points. Use your PC Financial Mastercard and redeem each coupon or offer to receive 5,000 PC points with any purchase at the checkout in participating grocery stores where President's Choice® products are sold. See coupons or offers for full details. Coupons or offers have no cash value. For all offers, allow 2-3 weeks from qualifying purchase for bonus PC points to be awarded. Each offer is limited to one per new PC Financial Mastercard account and may be terminated or changed at any time without notice.

[dyalect]

@dyalect are you implying that the famous PC no fee chequing accounts will soon have a fee?

>>

YES. If they leave it like that everyone will "bolt" to simplii. Only a matter of time.

[walkonby]

>>

YES. If they leave it like that everyone will "bolt" to simplii. Only a matter of time.

ty @dyalect ....I guess what I should have posted was do you have any inside info ( proof that it IS coming ) or is it just your thoughts it will eventually happen? Either way, I will brace for it.