It’s not PC… CIBC, what are you really doing?

Low fee banking customers of PC Financial are feeling the sting of an announcement released this August stating that PC Financial will be soon no longer offering banking services, and starting November 1st, 2017 all current customer accounts will be transferred to CIBC’s newest offering, “Simplii”. PC Financial is popular with people who prefer the ease and security of doing their banking online while taking advantage of the lower fees associated with handling your finances this way. You couldn’t go into a branch if you wanted to do your banking with a teller, but you could have 24-7 access to your accounts electronically.

CIBC says don’t worry! You don’t have to do anything! Everything will be exactly the same. They are hoping to prey on your complacency. Think it’s too much trouble to change the account that you have had active for years? Well, now might be the time for you to really evaluate what this could cost you. Moving your account to the Credit Union might be your best bet. Easy one on one interaction through Skype and the telephone as well as 24/7 electronic access to your account through our free telephone teller, online access and our mobile app.

According to the letter sent to PC Financial Customers, if you do nothing and “continue to use or hold your banking product or service after the changes take effect, you are accepting these changes.” “If you choose to cancel, you remain responsible for repaying all amounts outstanding on your accounts on the date of cancellation and for any tax or other amounts which may become due with respect to your accounts.”  We see red flags! Do nothing and accept the changes, wait and see what these changes really are and be bound to them. This wording seems to imply that there will be fees associated with the closure of your account, moving TFSAs, RRSPs and other investments. These registered investment accounts of course could have tax implications for you if you don’t pay special attention.

Let us next look to what this also could mean. When the Big Guys are involved it usually comes down to dollars. Oldest trick in the book. Start off free and once you’re hooked in, start raising the fees. But it will likely go slowly, so you don’t feel it. It might be just a matter of time until this new venture from CIBC becomes “financially nonviable” and everyone is converted to a regular CIBC customer from this “low fee” model. Yesterday CIBC announced that dividends were increased, as they posted a third quarter net income of  $1.1 BILLION. Remember how the banks make their money… from YOU! The customer. Where does this money go? Shareholders of course, and as bonuses to those big executives. Which you are NOT. You, are a customer.

The Energy Credit Union returns it’s profits to the shareholders too. But therein lies the difference, our shareholders are YOU! Our members are owners and the profits we make go right back where they came from… you! Free products and services. Competitive interest rates on loans and deposits (like 3.15% on our 3 year TFSA term, 2.15% on our TFSA variable). Our subsidized events are popular and sell out over and over. With trust, loyalty and compassion we care about making your financial position better. Don’t wait to see exactly how the banks will make their next BILLION from you. Switch to the CU, with ClickSwitch to easily transfer their Direct Deposit, Bill Payments or pre-authorized Withdrawals service its even easier than ever before. We also offer MasterCard and insurance through the Personal Home and Auto Insurance.

We are here for you! Please call us today at 416-238-5606 to find out just how easy it can be to enjoy all the benefits that membership brings!