Simplii: What will, and won’t, change for clients

TORONTO — Here’s a look at how President’s Choice Financial customers will be affected by the creation of Simplii Financial, a new brand from CIBC, which will absorb the accounts of some 2 million current PC Financial account holders.

Q: What types of accounts will move from President’s Choice Financial to Simplii?

A: Everyday banking products, including savings, chequing, RRSP, TFSA and mortgage accounts, will be provided by CIBC under the new Simplii Financial brand. However, customers do not need to change information — such as automated bill payments or direct deposits — related to their current accounts. There are no changes to the terms and conditions of mortgages, but they will operate under a new name.

Q: What types of account will stay with President’s Choice Financial?

A: President’s Choice Financial will focus on payment and loyalty programs through its MasterCard credit card products and the PC Plus loyalty program. PC Financial MasterCards are not affected by the changes. Q: What about the points? A: It depends on the customer account. After Nov. 1, PC Financial users will no longer earn PC points on their debit cards or for the first payroll or pension direct deposit to their bank accounts. But there are no changes for current PC Financial MasterCard holders, who will continue to earn and redeem PC Plus points. Customers who applied or refinanced a fixed-rate mortgage with PC Financial prior to Aug. 16, 2017, will receive the same amount of PC points on their mortgage advance date.

Q: What will happen to customers’ PC Financial debit cards?

A: CIBC will send new debit cards to customers between Nov. 1 and April 13, 2018, to replace their current PC Financial cards. Until then, customers can continue to use their current debit card.

Q: Can Loblaws customers still collect PC points when grocery shopping?

A: Yes, the PC Plus program is separate from PC Financial and will continue. PC Financial customers will remain members of the PC loyalty program.

Q: Will PC Plus and Optimum be separate loyalty programs?

A: At this point, the PC Plus and Optimum loyalty programs will operate separately.

Q: When will the transition be completed?

A: CIBC says banking services will be rebranded as Simplii starting Nov. 1. PC Bank says the full transition will be completed by April 13, 2018. Banking pavilions and ATMs will be removed from stores in stages beginning in November.

Q: Will there be toll-free numbers to answer questions?

A: PC Financial says to call 1888-723-8881.