President’s Choice Financial

President’s Choice Financial (PC Financial) is a financial institution that offers banking services through a joint venture with CIBC. Customers don’t have an actual PC Financial branch to visit. Instead customers can use its website along with machines/terminals distributed across various Loblaw stores as well as CIBC ATM’s.

If you have signed up for a TFSA with President’s Choice Financial (PC Financial), feel free to share your reasons for choosing them as well as your experience which will greatly help others in deciding which bank is right for them.

6 responses to “President’s Choice Financial”

  1. PC Financial got me with the old bait and switch. They offered a juicy rate when everyone was signing up in January and then quickly dropped it to zero. What a bunch of scum bag marketing people they have.

  2. I think ALL the banks dropped their rates due to the recession. However, lending rates are very reasonable and competitive with the other banks. I was never pressured to leave my bank for PC, infact .. they even offered to attach my existing bank account from BMO to PC, and I can also transfer money back and forth~ free of charge! WHAT other bank gives you free cheque books, free service, AND FREE GROCERIES?! They’re good to me 🙂

  3. I have dealt with several mainline Canadian banks, as well as several others in roughly the same category as PC financial. The latter include Canadian tire Bank, ICICI, Cirizen’s Bank, and a credit union in Manitoba, all quite good.
    With the exception of one telephone lady who helped us finally set things up so as to extract our money and get as far away from these incompetents as possible, I have never seen such a bunch of incompetent employees, and ridiculous rigamaroles for trying to do the simplest things. Those one stars in the rating should be zero or negative.
    The one earlier comment is also applicable, though I think most other institutions did drop those rates pretty quickly. But PC were about as blatant as any, worse than most. If you ended up with TFSA money that you wish to get back from them, don’t let them rip you off with a $50 charge—open a temporary checquing account with them, transfer to that, and then to another institution.

  4. Don’t take your money out of a TFSA and then re-deposit it into a new TFSA because that counts towards your contribution for the year. Instead transfer it and you keep your contribution room…

  5. Burned by the TFSA system becuase despite maintaining a balance below my limit my contibuions exceeded my limit, no I am hit with a surprise slap in the face bill from the government for making use of a program that they sold us on. doen’t make any sense at all.

  6. Have been using them for years, and with the exception of having no teller services should you need to get a cashier’s check or a large withdrawal and an occasional phone representative miscommunication over bounced payment, they’ve been great. Free checks, free online baking, free unlimited debit card usage – it’s awesome. Bottom line, if all you do is use your debit card, maybe checks and online banking with bill payments – there is no reason not to use these guys.

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