Simplii Financial to meet the needs of Canadians who value straightforward, no-fee daily banking and great rates as CIBC and President’s Choice Bank agree to wind-down their PC Financial® consumer banking offer
TORONTO, Aug. 16, 2017 /CNW/ – CIBC (TSX: CM) (NYSE: CM) today announced plans to launch Simplii Financial™, a new direct banking brand for clients who want no-fee daily banking through online, mobile and telephone channels.
“This is an exciting step as we continue to build a leading client-focused direct banking offer,” said Mike Boluch, Executive Vice-President, Direct Banking, Innovation & Payments, CIBC. “Simplii will deliver straightforward, no-fee everyday banking and great rates for the growing number of Canadians who prefer to do their banking by telephone, online, or through mobile and other digital channels. For CIBC, innovating and adapting to our clients’ needs is part of our DNA.”
In conjunction with this launch, CIBC and President’s Choice Bank have agreed that they will wind-down their consumer banking offer, and clients with President’s Choice Financial® products provided by CIBC will transition to Simplii Financial. As the bank behind the President’s Choice Financial® consumer banking offer for nearly 20 years, CIBC already provides banking products and services to these clients, as well as mobile, online and telephone banking support. There are no changes to PC Financial® MasterCard® products as they are offered by President’s Choice Bank.
Added Mr. Boluch, “First and foremost, we are committed to ensuring a smooth transition for our clients. We will continue to offer attractive rates, no-fee products, personalized advice and support clients’ needs to help them achieve their financial goals. We look forward to a seamless transition as we continue providing great service to our clients through Simplii.”
The Simplii Financial brand will replace the President’s Choice Financial® brand banking products and services issued by CIBC, effective November 1. Clients can continue to use their bank accounts without interruption and expect the same no-fee daily banking.
- No-fee daily banking and the same great interest savings rates
- Great mortgage and loan solutions
- Bank accounts will continue to function as they normally would
- No change to account numbers, registered bill payments, preauthorized debits or automatic payroll deposits
- No changes to the terms and conditions of mortgages
- Access to CIBC ATMs across Canada free of charge and Personal Banking Representatives by telephone at 1-888-723-8881
- Clients can continue to earn PC® points on banking accounts until October 31. After that date, clients can continue to redeem PC® points through the points program operated by Loblaw Companies Limited and its affiliates.
Banking services at in-store pavilions and ATMs operated by CIBC will be phased out of Loblaws and partner grocery stores between November 1, 2017 and March 31, 2018. Clients can continue to access CIBC bank machines free of charge and call 1-888-723-8881 for banking services and personalized advice.
Related to this transaction, CIBC expects to incur fees and charges of approximately $100 million pre-tax in the current quarter, which will be reported as an item of note when CIBC releases its fourth quarter results. With the new Simplii Financial brand and ongoing investments in digital channels, and direct banking offer and platform, CIBC will continue to enhance its capabilities, value for clients, and add incremental growth over time.
CIBC is a recognized leader in digital banking with numerous awards, including the highest score for mobile and online banking functionality in Canada from Forrester Research, and Financial Institution Innovator of the Year from the Digital Finance Institute. CIBC also has a long history of delivering innovative services to clients, such as, more recently, providing free credit scores via its mobile banking app and no-fee Global Money Transfer™ remittance service