# CIBC and PC Financial splitting up



## STech (Jun 7, 2016)

I've been with PC for my daily banking for over 15 years, and have saved a bundle on banking fees. They're saying the free banking accounts aren't affected, and I really hope that's true. But there won't be anymore banking machines at Loblaws and affiliated grocery stores. I got this email today.



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IMPORTANT: Changes to your PC Financial® 
banking products and services 


Dear XXXXX, 

Over the past 19 years, President’s Choice Financial® banking products and services–provided by CIBC–have been a top choice for Canadians looking for exceptional value in everyday banking. Today, President’s Choice Bank and CIBC have mutually agreed to end our business relationship.
What does this mean for you? 

Your everyday banking will continue without interruption. We’ll make sure that you experience an easy and seamless transition. CIBC will still offer you no-fee daily banking, high interest savings and other features that you’re used to under a new brand. If you have a PC Financial® Mastercard® (provided by President’s Choice Bank) your credit card is not affected by these changes.
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 direct deposits, automated bill payments, pre-authorized debits, automatic payroll deposits or outstanding cheques written against your account.

Accessing 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.

For 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 A*ugust 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.

PC Financial® Mastercard®: If you are a current PC Financial Mastercard holder, there is no change to your account. Continue to earn points with every purchase and redeem for free rewards.
Here’s what’s changing

Name: As of N*ovember 1, 2017, your PC Financial banking products and services will be renamed – you’ll hear about the new brand name soon. Your registered plan documentation for TFSA or RRSP, including any locked-in RRSP if you have one, will be updated to reflect the new plan name that will incorporate the new brand.

Your debit card: Between N*ovember 1, 2017 and A*pril 13, 2018, CIBC will send you a newly-branded debit card to replace your current PC Financial branded card. Until then, just keep using your current debit card.

Pavilions: Starting N*ovember 1, 2017, banking services will be removed from PC Financial pavilions in phases. Services previously offered in pavilions will still be available by calling 1‑888‑723‑8881 or through online and mobile banking.

Bank Machines: Between N*ovember 1, 2017 and M*arch 31, 2018, CIBC-operated bank machines in Loblaw locations will be removed in phases. As a CIBC banking customer, withdrawal fees will apply at any new in-store bank machines, and you will be notified of a fee at the machine. As always, you can continue to access the CIBC network of bank machines free of charge.

PC® points: As of N*ovember 1, 2017, you will no longer earn PC points for using your debit card or for the first payroll or pension direct deposit to your bank account as a CIBC banking customer. You will, however remain a member of the PC loyalty program. You can continue to earn and redeem your points with a PC Financial Mastercard, or by joining the PC Plus® program and registering your current PC Financial debit card at pcplus.ca/register.

Changes to Legal Stuff 

Effective N*ovember 1, 2017, your Legal Stuff brochure will be revised to reflect the changes described above and will be renamed, Products and Services Agreement. You can access the revised agreement at pcfinancial.ca/legalstuff or by calling 1‑888‑723‑8881 starting on A*ugust 16, 2017. 

The current terms and conditions governing your use and access of President’s Choice Financial bank machines operated by CIBC will continue to apply until those bank machines are removed from Loblaw grocery locations, expected by M*arch 31, 2018. In addition, the terms and conditions under the headings “PC Points” and “Your consent to sharing information for the purposes of the loyalty program” in your Legal Stuff brochure will continue to apply until D*ecember 31, 2017, after which date CIBC will no longer participate in the loyalty program that earns you PC points. You can access these terms and conditions at pcfinancial.ca/legalstuff where the current Legal Stuff brochure will remain visible for viewing until M*arch 31, 2018.

We want to ensure that the products we offer are right for you. By continuing to use or hold your banking product or service after the changes take effect, you are accepting these changes. Of course, you can contact us at 1‑888‑723‑8881 to discuss account options or to cancel your account without cost for up to 30 days after the changes take effect on N*ovember 1, 2017.1 If you choose to cancel, you remain responsible for repaying all amounts outstanding on your accounts on the date of cancellation and for any tax or other amounts which may become due with respect to your accounts. 

Our teams are committed to ensuring a smooth transition. If you have any questions, please visit pcfinancial.ca/info or call us at 1‑888‑723‑8881.



PC Financial customers to transfer to new direct bank brand Simplii as CIBC, Loblaw part ways


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## cedebe (Feb 1, 2012)

Interesting. I don't have any products w/ them other than a chequing account since I need to pay rent each month and abhor the idea of having to pay for pieces of paper from a bank.


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## gardner (Feb 13, 2014)

http://www.cbc.ca/news/business/cibc-1.4249139



> CIBC to swallow PC Financial's banking business, rebrand as Simplii


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## GreenAvenue (Dec 28, 2011)

wonder if it's worth it to switch, I never had an issue with PC tbh.


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## cashinstinct (Apr 4, 2009)

They were too afraid to respect some laws in Québec and translate their documents. Could not do business with them.

(Well, I could have opened an account in Ontario by going there by car, but why would I do such thing?.

I wonder if the new Simplii will be setup for business in Québec.


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## ian (Jun 18, 2016)

Wait a little while and then see if the fees are not impacted!

I have no doubt that the big banks are somewhat anxious to see the end of these free service organizations. Even if it means buying them out.

I cannot help but be just a little cynical when it comes to Canadian banks.


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## humble_pie (Jun 7, 2009)

cashinstinct said:


> They were too afraid to respect some laws in Québec and translate their documents. Could not do business with them.
> 
> (Well, I could have opened an account in Ontario by going there by car, but why would I do such thing?.
> 
> I wonder if the new Simplii will be setup for business in Québec.




a number of smaller financial endeavours bypass quebec. Including smaller IPOs that bypass quebec.

it's primarily because of the high cost of translating all documents into french. Not just for the launch, but full translation then has to continue forever after. Translators specializing in finance are incredibly expensive to hire. It costs more to translate a document such as a prospectus into french than it does to write the original in english legalese, for example.

it'll be an interesting dilemma for cibc, because they'll lose face in quebec if they don't muster a french operation in Simplii. Which already sounds vaguely bilingual (it's a pig latin plural) (les plus simples SVP)



.


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## james4beach (Nov 15, 2012)

I've also used them for about 15 years. It sounds like the accounts will fully become CIBC accounts and I presume that means they (continue to) fall under CIBC's CDIC coverage. Does this sound right?

It sounds like Loblaws / Presidents Choice will be entirely out of the bank account side.

So it looks like we've lost both ING Direct and PC Financial to the big banks.


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## andrewf (Mar 1, 2010)

^ No. PC Financial (banking) will be rebranded Simplii and remain a separate entity for CDIC purposes. Similar to Tangerine.


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## My Own Advisor (Sep 24, 2012)

andrewf said:


> ^ No. PC Financial (banking) will be rebranded Simplii and remain a separate entity for CDIC purposes. Similar to Tangerine.


+1.

This is a PC split from the parent, CIBC.


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## andrewf (Mar 1, 2010)

Some articles have speculated that Loblaw may relaunch some banking products down the road (mention of the move allowing "new products"). It sounds like the strategic agreement with CIBC and Loblaw ran its course, and CIBC in particular was not interested in continuing. Apparently the PC bank machines in Loblaw stores will be removed, not just rebranded. 

http://www.newswire.ca/news-release...20-year-relationship-with-cibc-640720513.html


> "We are excited about the future and our ability to create new products to serve Canadians," said Barry Columb, President and CEO, President's Choice Financial.


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## james4beach (Nov 15, 2012)

andrewf said:


> ^ No. PC Financial (banking) will be rebranded Simplii and remain a separate entity for CDIC purposes. Similar to Tangerine.


I don't know what you mean by "remain a separate entity". Currently, PC accounts are within CIBC's CDIC umbrella as they are accounts on CIBC's balance sheet.

The PC cheq + savings accounts are not deposits with PC Bank, but rather with CIBC, even today. If you look at the financial statements for PC Bank available through OSFI, you'll see that there are hardly any deposit liabilities shown. The fact CIBC explicitly lists the PC accounts as part of their CDIC coverage also supports the story that they are, in fact, CIBC accounts today.


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## spinningtop (Aug 15, 2017)

I saw that today. 

I was a CIBC customers. They angered me multiple times. I split accounts between PC and Tangerine. Looks like I'll be opening up a checking account with Tangerine and closing the PC. I trust CIBC 0% and without PC involved, I'm out. 


If Simplii is a decent set up, I'll move over to them. It's not like I use cash. I debit all the way.


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## spinningtop (Aug 15, 2017)

james4beach said:


> I don't know what you mean by "remain a separate entity". Currently, PC accounts are within CIBC's CDIC umbrella as they are accounts on CIBC's balance sheet.
> 
> The PC cheq + savings accounts are not deposits with PC Bank, but rather with CIBC, even today. If you look at the financial statements for PC Bank available through OSFI, you'll see that there are hardly any deposit liabilities shown. The fact CIBC explicitly lists the PC accounts as part of their CDIC coverage also supports the story that they are, in fact, CIBC accounts today.


Except that PC accounts haven't been a giant rip off and CIBC traditionally is a rip off. There has been enough difference between how they're run that, I'm not sticking around for a fully CIBC account.


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## Beaver101 (Nov 14, 2011)

ian said:


> *Wait a little while and then see if the fees are not impacted!
> *
> I have no doubt that the big banks are somewhat anxious to see the end of these free service organizations. Even if it means buying them out.
> 
> I cannot help but be just a little cynical when it comes to Canadian banks.


 ...+1. It's already happening with CIBC - comes Sept. 1st, you get dinged for the monthly fee even you retain a minimum balance. Surprised no uproar yet. Really can't keep up with these automatic changes to fees, services like every 6 months, precision clockwork!


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## Koogie (Dec 15, 2014)

ian said:


> I cannot help but be just a little cynical when it comes to Canadian banks.


If you can't beat 'em....


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## andrewf (Mar 1, 2010)

james4beach said:


> I don't know what you mean by "remain a separate entity". Currently, PC accounts are within CIBC's CDIC umbrella as they are accounts on CIBC's balance sheet.
> 
> The PC cheq + savings accounts are not deposits with PC Bank, but rather with CIBC, even today. If you look at the financial statements for PC Bank available through OSFI, you'll see that there are hardly any deposit liabilities shown. The fact CIBC explicitly lists the PC accounts as part of their CDIC coverage also supports the story that they are, in fact, CIBC accounts today.


Fair enough. I wonder why they show up as a separate member of CDIC (or is it PC Bank vs PC Financial distinction)? 

http://www.cdic.ca/en/about-di/what-we-cover/Pages/list-members.aspx

I don't think the same applies for Tangerine Bank vs Scotia.


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## andrewf (Mar 1, 2010)

Beaver101 said:


> ...+1. It's already happening with CIBC - comes Sept. 1st, you get dinged for the monthly fee even you retain a minimum balance. Surprised no uproar yet. Really can't keep up with these automatic changes to fees, services like every 6 months, precision clockwork!


The minute they introduce any fees, I'm out as a customer.


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## redsgomarching (Mar 6, 2016)

andrewf said:


> The minute they introduce any fees, I'm out as a customer.


but but...how else am I going to collect my dividends?!


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## My Own Advisor (Sep 24, 2012)

andrewf said:


> Fair enough. I wonder why they show up as a separate member of CDIC (or is it PC Bank vs PC Financial distinction)?
> 
> http://www.cdic.ca/en/about-di/what-we-cover/Pages/list-members.aspx
> 
> I don't think the same applies for Tangerine Bank vs Scotia.


I could see the new entity Simplii as the low-cost provider of CIBC, under new mandate, products, services, etc. To compete with others, i.e., Tangerine of BNS, they will have to come out with a decent menu of products - otherwise, they know PCF folks will bolt.

As you know Andrew, Tangerine is a different entity under CDIC vs. BNS.


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## al42 (Mar 5, 2011)

Here is a response I got from them today.

Hello, 

Thank you for taking the time to write to us. 

Please view information on the change(s) occurring, below. 

What will stay the same: 

• There will be no change to your account fees or account numbers, and you will still have free daily banking on your accounts. 

• Your bank accounts, registered bill payments, preauthorized debits and automatic payroll deposits will continue to function without interruption. 

• You will continue to have free access to over 3,400 CIBC bank machines. 

• Your banking products and services will continue to be operated by CIBC. 
•• For 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 for a PC Financial fixed rate mortgage or refinance 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. 

• If you currently have creditor insurance, this protection will continue. 

• You can still reach us 24/7 at 1-888-723-8881 for any of your banking needs. 
•• PC Financial® MasterCard®: If you are a current PC Financial MasterCard holder, there is no change to your account. Continue to earn points with every purchase and redeem for free rewards. 



What will change and when: 

• Name. Effective November 1, 2017, your banking products and services will be renamed Simplii Financial™. 

• Debit card. Your PC Financial debit card will be replaced with a newly-branded debit card. Your replacement card will be mailed to you between November 1, 2017 and April 13, 2018. You can continue to use your existing PC Financial debit card until you activate your replacement card by using it to complete a PIN transaction. [Please activate your card once you receive it to avoid any service disruption since your old PC Financial card will be deactivated.] 

• Pavilions. Starting November 1, 2017, banking services will be removed from PC Financial pavilions in phases. You can continue to access CIBC bank machines free of charge, and services previously offered in pavilions will continue to be offered by calling 1-888-723-8881 or by logging into mobile or online banking. 

• Bank machines. Between November 1, 2017 and March 31, 2018, CIBC-operated bank machines in Loblaw grocery locations will be removed in phases. Withdrawal fees apply at any new in-store bank machines, and you will be notified of a fee at the machine. As always, you can continue to access the CIBC bank machine network free of charge. 

• PC Points. You will no longer earn PC points on your account as of November 1, 2017 for using your debit card or setting-up your first payroll or pension direct deposit. Loblaw offers and operates the PC points program. For more information regarding the PC points program, including how to access and redeem your PC points or view your PC points balance, please visit pcplus.ca. 

• For mortgages with anniversary PC points: Effective November 1, 2017, your mortgage will no longer earn PC points on each anniversary. Instead, we are happy to provide you with a cash payment on each anniversary of the full value of PC points you are entitled to via direct deposit to the bank account from which your mortgage payments are made. 

• Online Banking. You'll notice that your online banking will look a little different. For now, you can continue to access online banking at www.pcfinancial.ca. As of November 1, 2017, you will be able to access online banking by visiting our new website, which you will be redirected to when you visit pcfinancial.ca. 


Kind regards, 

Ahmed 
Internet Communications Specialist


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## cashinstinct (Apr 4, 2009)

humble_pie said:


> a number of smaller financial endeavours bypass quebec. Including smaller IPOs that bypass quebec.
> 
> it's primarily because of the high cost of translating all documents into french.
> .


I understand there are costs, but with hundreds of thousands potential customers, for many years...

It's not a one shot deal like an IPO.

Anyway, I don't plan leaving tangerine for checking accounts.


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## bgc_fan (Apr 5, 2009)

Beaver101 said:


> ...+1. It's already happening with CIBC - comes Sept. 1st, you get dinged for the monthly fee even you retain a minimum balance. Surprised no uproar yet. Really can't keep up with these automatic changes to fees, services like every 6 months, precision clockwork!


Not quite accurate. They still offer chequing accounts where a minimum $3000 will waive the fees. However, they no longer maintain the MenuPlus account that I have had for over 20 years (savings/chequing) account with $1500 to waive fees. As a result, I pulled all my accounts: banking, investment and VISA and consolidated with TD Canada Trust and Waterhouse. CIBC's loss I guess.


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## spinningtop (Aug 15, 2017)

bgc_fan said:


> Not quite accurate. They still offer chequing accounts where a minimum $3000 will waive the fees. However, they no longer maintain the MenuPlus account that I have had for over 20 years (savings/chequing) account with $1500 to waive fees. As a result, I pulled all my accounts: banking, investment and VISA and consolidated with TD Canada Trust and Waterhouse. CIBC's loss I guess.


Why did you agree to a minimum balance in a chequing account? It's not a savings account. You don't make any money back on a chequing account. It's a scam to hold your money without paying you anything for it and if you refuse to let them do it, they charge you fees. The whole concept disgusted me.


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## spinningtop (Aug 15, 2017)

al42 said:


> Here is a response I got from them today.
> 
> Hello,
> 
> ...


So simplii is going to be CIBC light, without any PC involvement? No. We opened a joint Tangerine chequing account today to replace our joint PC chequing account. Will go in some time next week to close our PC account.


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## cedebe (Feb 1, 2012)

spinningtop said:


> So simplii is going to be CIBC light, without any PC involvement? No. We opened a joint Tangerine chequing account today to replace our joint PC chequing account. Will go in some time next week to close our PC account.


Were you with them for the points then? I only have a chequing account w/ them because they offer free cheques. I saw no mention of them dropping that perk, and hopefully that holds true for el cheapos like me.


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## bgc_fan (Apr 5, 2009)

spinningtop said:


> Why did you agree to a minimum balance in a chequing account? It's not a savings account. You don't make any money back on a chequing account. It's a scam to hold your money without paying you anything for it and if you refuse to let them do it, they charge you fees. The whole concept disgusted me.


You missed the part where I pulled my business.


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## Beaver101 (Nov 14, 2011)

bgc_fan said:


> Not quite accurate. *They still offer chequing accounts where a minimum $3000 will waive the fees.* However, they no longer maintain the MenuPlus account that I have had for over 20 years (savings/chequing) account with $1500 to waive fees. As a result, I pulled all my accounts: banking, investment and VISA and consolidated with TD Canada Trust and Waterhouse. CIBC's loss I guess.


 ... no that's not quite accurate either if you have the Everyday Chequing account with a minimum balance of $3K comes Sept.1?,2017, the $3.90 monthly fee applies regardless. Unless you move it elect the SmartGrowth? that requires a minimum plus a monthly direct deposit/PAC of some sort. This change is plastered on posters all over the bank entrance/ATMs if one still elects to go the bank. Not sure this effective Sept. 1, 2017 fee change is "announced" on e-banking though.


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## Beaver101 (Nov 14, 2011)

spinningtop said:


> Why did you agree to a minimum balance in a chequing account? It's not a savings account. You don't make any money back on a chequing account. *It's a scam to hold your money without paying you anything for it and if you refuse to let them do it, they charge you fees. The whole concept disgusted me*


 ... no sh1t and more scamming eff. Sep. 1, 2017 ... all the banks do that and soon e-banking. Just a matter of time ... after shareholders like redsgomarching can't wait for his dividends.


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## spinningtop (Aug 15, 2017)

Beaver101 said:


> ... no sh1t and more scamming eff. Sep. 1, 2017 ... all the banks do that and soon e-banking. Just a matter of time ... after shareholders like redsgomarching can't wait for his dividends.


Tangerine and until now PC Financial weren't charging it, so you can get chequing accounts without this rip off.


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## spinningtop (Aug 15, 2017)

cedebe said:


> Were you with them for the points then? I only have a chequing account w/ them because they offer free cheques. I saw no mention of them dropping that perk, and hopefully that holds true for el cheapos like me.


Yes to both points and free cheques, but also not sitting my money in an account I'm not earning anything off to avoid ripoff fees. Only, I haven't needed a cheque to set something up in so long, I don't even care about cheque's anymore. When I couldn't find the cheque's, I got ahold of my chequing account number and transit number and provided that instead of a void cheque. Not a problem. The grocery store was a convenient location, but that's gone now. 

Free cheques isn't nearly good enough for me to stay. I don't trust them when they have these scam artist fees and when I tried to close GIC's with them before, they dragged it out for 6 years.


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## spinningtop (Aug 15, 2017)

bgc_fan said:


> You missed the part where I pulled my business.


No, I saw that. Why didn't you pull your business back when they put in the minimum $1500 balance though? Why did you wait until now?


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## cashinstinct (Apr 4, 2009)

Minimum $1,500 on 2% interest was $30 a year interest lost, let's say 33% tax rate, so net cost of around $20 a year.

I don't see why bgc_fan should have left before, $20 opportunity cost is not huge....


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## bgc_fan (Apr 5, 2009)

Beaver101 said:


> ... no that's not quite accurate either if you have the Everyday Chequing account with a minimum balance of $3K comes Sept.1?,2017, the $3.90 monthly fee applies regardless. Unless you move it elect the SmartGrowth? that requires a minimum plus a monthly direct deposit/PAC of some sort. This change is plastered on posters all over the bank entrance/ATMs if one still elects to go the bank. Not sure this effective Sept. 1, 2017 fee change is "announced" on e-banking though.


Right. That was the other stipulation that I would fulfill, but it was about a month ago when I received the letter. I just remembered that it was not worth keeping.


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## bgc_fan (Apr 5, 2009)

spinningtop said:


> No, I saw that. Why didn't you pull your business back when they put in the minimum $1500 balance though? Why did you wait until now?


Honestly, that was probably decades ago before no fee bank accounts became prolific, so that was more or less the going rate. $1500 was not really that significant and the account was an interest paying account that had Chequing as well. Like I said, it was a grandfathered account that disappeared years ago so even tellers didn't realize it offered free bank book accounting. But, since they have finally dropped the account, it was time to drop the bank.


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## spinningtop (Aug 15, 2017)

cashinstinct said:


> Minimum $1,500 on 2% interest was $30 a year interest lost, let's say 33% tax rate, so net cost of around $20 a year.
> 
> I don't see why bgc_fan should have left before, $20 opportunity cost is not huge....





bgc_fan said:


> Honestly, that was probably decades ago before no fee bank accounts became prolific, so that was more or less the going rate. $1500 was not really that significant and the account was an interest paying account that had Chequing as well. Like I said, it was a grandfathered account that disappeared years ago so even tellers didn't realize it offered free bank book accounting. But, since they have finally dropped the account, it was time to drop the bank.


I refused to agree to it on principle because it's a scam and found it bizarre that Canadians were willing to agree to this. Where's the outrage when you're being conned guys? It's like the way I see people agree to the telecom industry here. 'Yeah, but I got a great deal.' And the person goes off on a tangent on what they're paying for their package that still sounds like it stinks to me.


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## STech (Jun 7, 2016)

Who the hell has 12 loyalty cards, and actively uses 7? I think that's a little nuts, especially for fools chasing the points. 



CIBC divorce from PC Financial shines light on bruised loyalty card industry




> Canadians carry on average 12.2 loyalty cards, up 25 per cent in the last four years, according to marketing agency Bond Brand Loyalty. However, they only actively use about seven of them.


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## gibor365 (Apr 1, 2011)

> As a result, I pulled all my accounts: banking, investment and VISA and consolidated with TD Canada Trust and Waterhouse. CIBC's loss I guess.


I did exactly opposite! TD was pissing me off , their platform sux, their fee is ridiculous.

Hopefully Simplii will introduce good rates at the beginning at least...


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## gibor365 (Apr 1, 2011)

I don't get it.... so , if I have now PCF checking/saving account and debit card, starting Nov 1 , it will be renamed to Simplii and I just gonna get new Simplii debit card?

Any changes to PC Mastercard?


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## STech (Jun 7, 2016)

gibor365 said:


> I don't get it.... so , if I have now PCF checking/saving account and debit card, starting Nov 1 , it will be renamed to Simplii and I just gonna get new Simplii debit card?


Yes.



> Any changes to PC Mastercard?


No.


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## STech (Jun 7, 2016)

So the transition is complete it seems (electronically anyways).

pcfinancial.com no longer works, and I had to update my phone with the new app. Both interfaces are very much like the old PCFinancial, but with a different background colour. I haven't gotten my new access card yet. I guess I might have to order some new cheques as well?


*BONUS:* They've stopped charging e-transfer fees :applouse:



I think the name Simplii is kinda goofy for a bank, but it's no worse than ING becoming Tangerine, and hey, who cares about the name on the card as long as they keep delivering the good stuff for free.


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## Emjay85 (Nov 9, 2014)

Any feedback from the app/online banking? I read a story saying it was the worst banking app available? I find it hard to believe.

I am thinking of making the switch completely but it is probably worth waiting while they get whatever small issues work out.


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## STech (Jun 7, 2016)

Emjay85 said:


> Any feedback from the app/online banking? I read a story saying it was the worst banking app available? I find it hard to believe.
> 
> I am thinking of making the switch completely but it is probably worth waiting while they get whatever small issues work out.



Some people will bicker about any tiny little detail not to their utmost satisfaction, just to be drama queens.


I've found absolutely no issues with either the app or online banking. Like I said, it's a mirror image of PCF. PCF used a white background, and Simplii uses a light gray background. That's it. I also ordered some new cheques for free, and debit card is on it's way. Two thumbs up. Fantastic all around for a free bank.


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## Eclectic12 (Oct 20, 2010)

Emjay85 said:


> Any feedback from the app/online banking? I read a story saying it was the worst banking app available? I find it hard to believe.
> I am thinking of making the switch completely but it is probably worth waiting while they get whatever small issues work out.


Question is ... what are the small issues?

I can't comment on the app but the web site is clearly tweaked on the layout for tablet / phone apps. So far, no problems finding what I have used for years where the basic mechanics are the same. I have had far more problems with other online banks changing their web site or brokers.


The other question is whether the article issues are something that you would use.



Cheers


*PS*

The articles I am finding so far are reproducing comments with no context or examples so it is hard to tell much.


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## BC Eddie (Feb 2, 2014)

PC did have a 2.75% bonus interest rate that ended on 10/31. Simplii now offers a bonus 3% on new deposits. I called in and confirmed that the PC cash I have now sitting in Simplii is now only getting 1%. Asked if they could sweeten it - they said no - so money is now on the way back to Tangerine.


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## STech (Jun 7, 2016)

BC Eddie said:


> PC did have a 2.75% bonus interest rate that ended on 10/31. Simplii now offers a bonus 3% on new deposits. I called in and confirmed that the PC cash I have now sitting in Simplii is now only getting 1%. Asked if they could sweeten it - they said no - so money is now on the way back to Tangerine.


Is going back forth every few months really worthwhile? Especially in a non TFSA account where you have to pay taxes on the interest earned?

I don't know how long other transfers take, but I just recently moved RRSP from one institution to another, and it took a month all set and done. Ridiculously long in my books, and hopefully I never have to do it again.


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## Eclectic12 (Oct 20, 2010)

For a taxable account, it's five minutes to request the transfer then two days or so to see it show up in the other account. Depending on whether the account that receives it is the one getting the better promo rate, there might be another five minutes to login to transfer to the promo rate account.

If one is worried about taxes then I would think putting it under a mattress or in a safety deposit box/safe would keep the taxes low. Personally, as long as after tax I have more $$ then IMO it boils down to the trade off of effort versus gain. Because I have $$ with several online banks, the transfer effort is minimal for temporary gain.


Registered account transfers take too long plus usually have a transfer fee of $50 to $150 attached to them so I'd only do a transfer if I wanted to either consolidate all accounts with one financial institution or move accounts for better costs.


If I have TFSA contribution room, I might deposit to get the rate. When the rate is up where I plan to move the $$$ to another TFSA like a brokerage TFSA then I typically withdraw in late Dec for free then deposit in the other TFSA in Jan. The timing means there is no concern about an over contribution triggering penalties as $5K withdrawn in Dec = $5K TFSA contribution room added Jan 1 of the next year.


Cheers


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## BC Eddie (Feb 2, 2014)

duplicated


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## BC Eddie (Feb 2, 2014)

STech said:


> Is going back forth every few months really worthwhile? Especially in a non TFSA account where you have to pay taxes on the interest earned?
> 
> I don't know how long other transfers take, but I just recently moved RRSP from one institution to another, and it took a month all set and done. Ridiculously long in my books, and hopefully I never have to do it again.


This topic was most recently covered here
http://canadianmoneyforum.com/showth...interest-rates

My online transfers (of non-registered money) are typically executed within at most two days; often only one. Usually only takes longer if it spans a weekend or holiday.


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## PrairieGal (Apr 2, 2011)

Emjay85 said:


> Any feedback from the app/online banking? I read a story saying it was the worst banking app available? I find it hard to believe.
> 
> I am thinking of making the switch completely but it is probably worth waiting while they get whatever small issues work out.


Imho, the new Tangerine website is the worst banking app available. They have made it nearly impossible to find what I am looking for.


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## lonewolf :) (Sep 13, 2016)

Eclectic12 said:


> If one is worried about taxes then I would think putting it under a mattress or in a safety deposit box/safe would keep the taxes low. Personally, as long as after tax I have more $$ then IMO it boils down to the trade off of effort versus gain. Because I have $$ with several online banks, the transfer effort is minimal for temporary gain.
> 
> 
> 
> ...


 Against the law to take money out of circulation & place in safety deposit box


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## Eclectic12 (Oct 20, 2010)

^^^^

Do you have some references?

The ones I am finding are saying putting money into a safety deposit box is legal. 

Banks don't want to deal with sorting out behaviour that may or may not require reporting so some are putting into the box rental agreement that cash won't be stored in the box.


Cheers


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