PC Financial is getting out of the banking business

After two decades, PC Financial's banking service will shut down this fall

The grocery chain Loblaw will still handle the PC Mastercard, while all other PC Financial banking will move to CIBC where it will be rebranded as Simplii.

Meet Simplii Financial™, a new direct banking brand that offers no-fee daily banking & great rates. Coming Nov. 1: https://t.co/98e37WMg7f pic.twitter.com/kEk1Njmtbl

— CIBC (@cibc) August 16, 2017

CIBC had been handling the bank-end operations for PC Financial all along.

Customers won’t be too affected by the changes, but a few things will happen around November 1st, which is when the changes will happen.

CIBC will send customers a newly-branded Simplii debit card at some point between November 1st and April 13th, 2018, but until then PC Financial debit cards will still work.

However, you will stop earning PC points on debit purchases after November 1st.

Another FI closes its doors. Good bye, @PCFinancial pic.twitter.com/OtRdR14cmY

— Rob Campbell (@therobcampbell) August 16, 2017

There will be no immediate changes to PC Financial Mastercard accounts and customers can continue to earn points with every purchase and redeem them for free rewards.

CIBC-operated bank machines will be removed from Loblaw locations between November 1st and March 31st, 2018.

To find out more on the changes and view some frequently asked questions, visit the PC Financial website.

You can also find out more on Simplii by visiting their new website.