President’s Choice Financial or PC Financial is connected with CIBC. According the PC Financial website “President’s Choice Financial personal banking services are provided by the direct banking division of CIBC. President’s Choice Financial is a registered trademark of Loblaws Inc., and CIBC is a licensee of the mark.”
We have bank accounts at PC Financial and at Tangerine (formerly ING Direct Canada.)
UPDATE: September 2017. PC Financial is changing. It will now be an online bank called Simplii owned and run by CIBC. It will not be connected to Loblaws, No Frills, Superstore or any other grocery stores any more. The in-store pavilions will be gradually closed. After the transition, it’s possible CIBC will make changes to how the bank is run. In the short term, CIBC has announced that bank cards, bank account numbers, PINs and fees will remain the same. Customers can use CIBC bank machines for free.
Comparing Tangerine.ca with PC Financial
The two online low-to-no fee banks that are accessible to (almost) all Canadians are Tangerine.ca and PC Financial. I have accounts at both.
Which is Better Tangerine or PC Financial?
- Part One: Moving Money, Transfers and Holds
- Part Two: Cheques, Interest, Overdrafts and Chequing
- Part Three: When Will I Get My Bonus Interest?
Optimizing Short Term Interest Rates Using Tangerine and PC Financial
- Do You Transfer Your Cash Between Tangerine and PC Financial to Get the Highest Interest Rate?
- PC Financial Offers 3.1% Short-Term Rate to Lure Customers from Tangerine
- When Will I Get My Bonus Interest from PC Financial?
Problems with PC Financial Joint Bank Accounts
- PC Financial Joint Accounts are NOT Joint: One Person Will Have All of the Control
- Joint No Fee PC Financial Accounts are Dis – Jointed
- PC Financial’s Computer Can’t Believe My Husband and I Want to Share Our Joint Bank Account
- Never Underestimate the, er, Narrow-Focused Thinking of a Bank, Especially Online
Bank Accounts
For All PC Financial Bank Accounts
- How to Connect a PC Financial Account to a Bank Account at Another Big Bank
- How Soon Does a Cheque Deposited at CIBC Appear in an Account At PC Financial?
- How to Deposit a Cheque Using a Photo and the PC Financial Mobile Banking App
- How to Set Up Automatic Transfers to a PC Financial Account
- How to Cancel Automatic Transfers to a PC Financial Account
- How to Transfer Money Between Your PC Financial Account and Another Bank Account
- How to Download Your Transaction History for a PC Financial Bank Account to a Spreadsheet
- How Much Money Will I Get at Various Interest Rates
Business Accounts
As of July 2014, PC Financial does not offer any business bank accounts or accounts for non-profit organizations.
(Also as of July 2014, Tangerine does offer Business Savings Accounts but not Business Chequing Accounts.)
Chequing Accounts
Opening Chequing Accounts
- How to Open a PC Financial Joint Chequing Account Online
- How to Apply for a PC Financial Joint Chequing Account In Person
- How Many Chequing Accounts May I Open at PC Financial?
- [How Old Must One Be to Open a PC Financial No Fee Chequing Account with a Debit Card?]
Paying Bills and Transferring Money
- How to Setup and Pay Bills Online from a PC Financial No-Fee Chequing Account
- How to Transfer Money Between Your PC Financial Account and Another Bank Account
How to Transfer Money Into Your PC Financial No Fee Bank Account(obsolete)
Using Cheques
- How to Order Cheques for a PC Financial Chequing Account
- How To Look at Your Cashed Cheques for Free! at PC Financial
- How to Deposit a Cheque Using a Photo and the PC Financial Mobile Banking App
Savings Accounts
- How Many Savings Accounts May I Open at PC Financial?
- How to Deposit a Cheque Using a Photo and the PC Financial Mobile Banking App
US Dollar Accounts
As of July 2014, PC Financial does not offer US dollar savings or chequing accounts.
If you withdraw money in US dollars, which can be done from some CIBC bank machines, you will pay a fee and an exchange rate for the money. If you deposit US dollars into your PC Financial account you will pay a fee and an exchange rate because they will convert the funds to Canadian dollars. Source: PC Financial Website.
Other Products
Guaranteed Investment Certificates, GICs
- [How to Buy a GIC at PC Financial and Can I Cash My GIC Whenever I Want?]
Mortgages
- [What’s Good about Mortgages from PC Financial?]
Mutual Funds
- [The Benefits and Drawbacks of PC Financial Mutual Funds.]
- [How to Buy Units of a PC Financial Mutual Fund for your RRSP, TFSA or Savings]
Registered Education Savings Plans, RESPs
- [What Types of Investments Does PC Financial Offer for RESPs?]
Registered Retirement Income Funds, RRIFs
- [The benefits of a RRIF at PC Financial]
Registered Retirement Savings Plans, RRSPs
Making RRSP Contributions at Tangerine
- [How to Make a RRSP Contribution at PC Financial]
- I’m Not Sure What to Do with My RRSP Money—What Should I Do Till I Decide?
Transferring RRSPs from PC Financial Out
- [Does It Cost Anything to Transfer Part of my PC Financial RRSP to Another Institution?]
Tax-Free Savings Accounts, TFSAs
- [What TFSA Investment Choices Does PC Financial Offer?]
- How to Choose a Standard Bank Tax Free Savings Account, TFSA, with Minimal or No Fees
Death and Taxes
- How to Get Your Income Tax Slips (T5s, RRSP slips) for Your PC Financial Accounts
- Why Doesn’t PC Financial Make More of an Effort to Work Like a Real Bank (and Issue Proper T5s)?
- [How to Designate Beneficiaries and Successor Account Holders for your Tangerine Accounts, RRSPs and TFSAs]
Articles trapped in [ ] brackets have not been published yet. Sorry! But I am working on them.