President's Choice Financial

President's Choice Financial

President’s Choice Financial is a financial institution that offers banking services through a joint venture between Loblaw Companies (a supermarket chain) and CIBC (a major Canadian bank). There are a number of distinct organizations under the President's Choice Financial umbrella.

Most standard bank products (cheque accounts, savings accounts, loans) are provided by CIBC, while MasterCard services are provided by President's Choice Bank, and insurance is provided by PC Financial Insurance Agency Inc., both wholly-owned subsidiaries of Loblaw Companies. PC Financial has no branches; rather, customer interactions are carried out over the Internet, the telephone, at ATMs or at pavilions located inside Loblaw-affiliated stores.

President's Choice Financial was rated as the best mid-size bank by J.D. Power.

President's Choice Financial

PC Financial banking offers insurance products, lines of credit, loans, RRSPs, and mortgages. Services are available in all Canadian provinces, except Quebec.

To benefit from its low-cost, "no-fee" structure, clients must be comfortable performing transactions on the Internet, at the bank machine, 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. CIBC estimates President's Choice Financial to have three million clients. 


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. It is also an Interac member.

Services offered

  • Chequing account
  • Secured line of credit
  • Unsecured line of credit
  • Loan
  • Savings account
  • GIC
  • RRSP
  • Mortgage
  • Mutual funds (through CIBC)


The President’s Choice Financial MasterCard is issued by President's Choice Bank, a subsidiary of Loblaw. PC MasterCard has no relationship to CIBC, although cash advance fees are waived at CIBC bank machines.

PC Financial MasterCards are embedded with PayPass technology.


President's Choice offers auto insurance and home insurance, underwritten by Scottish & York Insurance Co. Limited and S&Y Insurance Company (both member companies of Aviva Canada Inc.), 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.

PC Points

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.


  1. CIBC Quick Facts
  2. President's Choice Financial FAQ
  3. PCF and TD Canada Trust rank highest in customer satisfaction with retail banks

See also

External links

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