Simplii Financial is the direct banking subsidiary of the Canadian Imperial Bank of Commerce (CIBC). It was founded in 2017 following CIBC and the supermarket chain Loblaw Companies mutually deciding to end their 20-year joint venture of providing consumer banking services under the President's Choice Financial brand.
Video Simplii Financial
History
Simplii traces its history to a 1996 co-venture between CIBC and Loblaws to provide banking services under the President's Choice Financial brand. PCF had no branches but CIBC and PC Financial customers could use either brands' bank machines with no charge. In August 2017 the two co-venture partners decided to end the relationship.
Effective November 1, 2017 all 2 million PC Financial bank accounts - as well as loans, mortgages, and investments - were transferred to Simplii. Because CIBC was already the account provider for PC Financial bank accounts and other consumer products (excluding credit card and insurance services), all account numbers and terms remained the same.
Maps Simplii Financial
Products
- Banking accounts - No fee chequing and high interest savings accounts along with e-Transfers, mobile and online banking options
- Mortgages - variable and fixed residential
- Line of credit, personal loans, creditor insurance
- investment products like GIC, RSP, TFS, mutual funds
References
External links
- Official website
Source of the article : Wikipedia
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