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CIBC launches Simplii

CIBC is launching a new online banking brand that will absorb some two million customer accounts currently with Loblaw-owned President's Choice Financial.

CIBC has provided the back-end banking services for PC Financial for nearly 20 years, but the companies said Wednesday they are going their separate ways.

The bank says its new Simplii Financial brand will provide similar no-fee daily banking through online, mobile and telephone channels, with current PC Financial savings, chequing, and mortgage accounts switched over to the new brand on Nov. 1.

Loblaw's President's Choice Financial will continue to offer MasterCard credit cards and the PC Plus loyalty-points program, but customers will no longer earn points on debit card use or through their bank accounts after the switch.

President's Choice Financial CEO Barry Columb says its customers are most interested in being able to make payments simply and the ability to earn free groceries through points.

CIBC is promising a smooth transition for existing PC Financial clients with no changes to account numbers, mortgage terms or automatic payments and deposits.

"Our focus in the near-term is to make this a seamless transition over for our clients," said Mike Boluch, executive vice-president of direct banking at CIBC.

The bank will start sending out new debit cards to clients in November, when it will also start phasing-out CIBC banking machines from Loblaw's stores and the grocery chain will begin to remove in-store banking pavilions.

Simplii customers will still have free access to CIBC's ATM network, but won't be able to bank through its branches.



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