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President’s Choice Financial (French: Services financiers le Choix du Président) is a banking service provided by Loblaw Companies (a supermarket chain). Several different organizations provide individual financial services under the President's Choice Financial umbrella:
PC Financial does not offer business banking services. PC Financial has no branches; rather, customer interactions are carried out over the Internet, the telephone, at automated teller machine (ATMs) or at pavilions located inside Loblaw-affiliated stores. As of January 2009, there are 234 pavilions in Canada.[dead link]
The joint venture between Loblaws and CIBC started in 1996. PC Financial offers lines of credit, loans, Registered Retirement Savings Plan (RRSPs), and mortgages. Services are available in all Canadian provinces, except Quebec. Because PC Financial is part of the direct banking division of CIBC, its bank number is the same as CIBC (010). PC Financial accounts are all located under one transit/branch number (30800).
To benefit from its low-cost, "no-fee" structure, clients perform transactions on the Internet, at an ATM, or by telephone.
Between January 2001 and 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.
PC 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 of Canada's chartered banks.
The President’s Choice Financial MasterCard credit card is issued by President's Choice Bank, a subsidiary of Loblaws. PC MasterCard has no relationship to CIBC, although cash advance fees are waived at CIBC bank machines.
President's Choice offers auto insurance and home insurance, underwritten through a broker model by a number of selected Canadian insurance companies, pet insurance, underwritten by SecuriCan General Insurance Company, and travel insurance by Travel Guard Canada as managing general underwriter and agent for American Home Assurance Company. President's Choice discontinued their home and auto insurance offerings to new customers in 2009 for a brief period as structural changes were made. During this time, the previous partnership with Aviva came to an end. Their home and auto insurance products returned under a separate "broker model" in January 2010. Home and auto insurance are offered in Ontario, Alberta, New Brunswick, Prince Edward Island, Nova Scotia, and Newfoundland.
President's Choice Financial products offer reward points (called PC Points) through various channels depending on the product (e.g., making purchases on the PC MasterCard, setting up direct deposit to a PC Financial bank account, renewing insurance, etc.) PC Points are provided by President's Choice Bank.