It has been quite some time since the last Knowing Your Banks article, no excuses but today’s article is definitely worth the wait.
President’s Choice Financial is a financial institution that offers services through a joint venture between Loblaw Companies and Canadian Imperial Bank of Canada (CIBC).
You have probably walked into a random Loblaw’s and seen brochures around the supermarket about banking services and products from President’s Choice Financial or gone into a Loblaw’s superstore and seen a President Choice Financial pavilion; maybe you have taken the time to look at what is offered, maybe you are too busy to care.
What Products are offered?
President’s Choice Financial does offer several products worth inquiring about, such as a no fee chequing account.
President’s Choice Financial is part of the direct banking division of CIBC; its bank number is the same as CIBC (010). This institutional number is 010.
President’s Choice Financial does not have any branches; rather customer interactions are cared out over the Internet, the telephone, at ATMs or at pavilions located inside Loblaws-affiliated stores.
For a financial institution that does the majority of its customer interactions on the telephone and internet, this proves that they are helping customers, and satisfying their needs better than other mid size Canadian banks.
President’s Choice Financial offers a chequing account, secured line of credit, unsecured line of credit, loans, savings account, GIC, RRSP, mortgage, Mutual Funds through CIBC and insurance products.
What else does President Choice offer?
As of January 2009, there are 234 pavilions across Canada.
On another note, President’s Choice Financial was ranked by J.D. Power and Associates as the highest customer satisfaction among mid size Canadian banks in 2007 and in 2008.
For customers to benefits from President’s Choice Financial low cost, “no fee” structure, clients perform transactions on the internet, at an ABM or by telephone.
From January 2001 and October 2005, banking services for President’s Choice Financial were provided by Amicus Bank, a wholly owned subsidiary outside of CIBC.
After October 2005, banking services were provided by the direct banking division of CIBC; Amicus is also a division of CIBC Retail Markets as well, making it no long a separate legal entity.
President’s Choice Financial has approximately 2.1 million customers.
President’s Choice Financial, through CIBC is a member of the Canadian Bankers Association (CBA) and registered member with the Canada Deposit Insurance Corporation (CDIC), a federal agency insuring deposits at all Canadian chartered banks.
President’s Choice Financial MasterCard is issued by President’s Choice Bank, a subsidiary of Loblaw, in association with Credit Union Electronic Transaction Services.
The reward program President’s Choice Financial products uses are called PC Points. PC Points are provided by President’s Choice Bank and it can be redeemed for free groceries or other rewards.
President’s Choice Financial is a great mid size Canadian Bank, if you ever feel like moving away from the larger Canadian banks, this financial institution is always a good choice.