PCFINANCIAL .CA

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).

There are a number of distinct organisations under the President's Choice Financial umbrella. Most standard bank products are provided by CIBC (a major Canadian bank).

MasterCard services are provided by President's Choice Bank, a wholly owned subsidiary of Loblaw Companies. Insurance is provided by PC Financial Insurance Agency Inc., a wholly owned subsidiary of Loblaw Companies.

PCFinancial .ca has no branches; rather, customer interactions are carried out over the Internet, the telephone, at ABM's or at sales "pavilions" located in Loblaw-affiliated stores.

President's Choice Financial was rated as the best mid-size bank by J.D. Power.

President's Choice Financial
PC Financial banking offers insurance products, lines of credit, loans, RRSPs, and mortgages.

To benefit from its low-cost, "no-fee" structure, clients must be comfortable performing transactions on the Internet, at the bank machine, or by telephone.

From January 2001 to October 2005, banking services for PC Financial were provided by Amicus Bank, a wholly owned subsidiary of CIBC. Outside of those dates, banking services were provided by 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.

The offer is not available in Quebec because services are not offered in French at this time.

MasterCard
The President’s Choice Financial MasterCard is issued by President's Choice Bank, a subsidiary of Loblaws, in association with Credit Union Electronic Transaction Services. PC Mastercard has no relationship to CIBC, although cash advance fees are waived at CIBC bank machines.