Many Canadians wonder about the relationship between the Canadian Imperial Bank of Commerce (CIBC) and President's Choice Financial (PC Financial). To clarify: CIBC does not own PC Financial. PC Financial is wholly owned by Loblaw Companies Limited. However, for nearly 20 years, CIBC acted as the backend provider for all PC Financial everyday banking products, such as chequing accounts, savings accounts, and mortgages, creating a highly successful co-branded partnership.
In 2017, the two corporate giants amicably ended this banking partnership. Following the split, Loblaw retained the PC Financial brand, shifting its focus exclusively to the PC Mastercard products and the PC Optimum rewards program. Meanwhile, CIBC absorbed all the existing PC Financial everyday banking accounts, instantly transferring them to a brand-new, wholly-owned digital banking subsidiary named Simplii Financial. Today, former PC Financial chequing account holders are officially CIBC/Simplii clients.
At a Glance: Corporate Ownership and Transition
| Category | Details |
|---|---|
| PC Financial Owner | Loblaw Companies Limited. |
| Former Partner | CIBC (Partnership officially ended in 2017). |
| Successor Bank | Simplii Financial (A direct banking division of CIBC). |
Step-by-Step Guide: How to Access Your Former PC Financial (Now Simplii) Account
If you had an everyday banking account with PC Financial prior to 2017 and need to access your funds today, your account is now managed by Simplii Financial. Follow this exact sequence to log in securely:
- Navigate to the official Simplii Financial website (not PC Financial).
- Locate and click the Sign In button at the top right corner of the homepage.
- Enter your current Simplii debit card number. If you never activated a Simplii card, enter your old 16-digit PC Financial debit card number.
- Enter your digital banking password. (Your old PC Financial password was carried over during the transition).
- Click Sign In to access your main banking dashboard and view your chequing or savings balances.
Pro-Tip: Efficiency Hack: If you are still using an old PC Financial debit card at CIBC ATMs or to log into Simplii, request a replacement Simplii debit card immediately through the online portal. Upgrading to the modern Simplii card ensures you have access to the latest contactless payment technology and advanced fraud protection that your legacy card lacks.
Troubleshooting Common Login Issues
If you are trying to access your transitioned account but run into roadblocks, you might be experiencing one of these common pain points:
- Multi-Factor Authentication (MFA) Delays: When logging into Simplii Financial from a new device, the system will send a one-time verification code. If the SMS text is severely delayed, select the option to receive the authentication code via an automated voice call to bypass cellular network congestion.
- Browser Errors: If the login page fails to load or loops continuously after you enter your credentials, you likely have a corrupted browser cache. Clear your cookies and history, or try accessing the Simplii portal using a private or incognito browsing window.
- Locked Online ID: If you attempt to guess your legacy PC Financial password and enter it incorrectly multiple times, your Simplii profile will automatically lock for security purposes. You must click the Forgot Password link and verify your identity using your debit card and email to regain access.
Frequently Asked Questions
Do I still earn PC Optimum points with my Simplii Financial account?
No. When the partnership ended, Simplii Financial chequing accounts stopped earning PC points. To earn points on your banking, you must open a modern PC Money Account or use a PC Financial Mastercard, both of which are operated directly by Loblaw.
Can I still use CIBC ATMs for free if I have a PC Financial Mastercard?
No. Only Simplii Financial clients have fee-free access to the national CIBC ATM network. If you use a PC Financial Mastercard or PC Money card to withdraw cash at a CIBC machine, you will be subject to standard cash advance or out-of-network withdrawal fees.
