Personal Finance

Can CIBC employees see your account in PC Financial ?

  • Last Updated:
  • Jul 6th, 2017 1:07 am
[OP]
Sr. Member
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Oct 19, 2016
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Toronto

Can CIBC employees see your account in PC Financial ?

Just curious if anyone knows of the relation of CIBC - PC Financial. I know its the same company but wonder if they separate the accounts internally and treated as 2 separate banks ?

Also if PCF customer goes to CIBC bank, can the tellers/employees see your account ?

Im asking because for CDIC insurance purposes.
20 replies
Member
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Jun 18, 2004
344 posts
40 upvotes
Vancouver Island
From what I know, yes.

Try opening a new CIBC account, and they will have all your personal info already in the system from PCF.
Member
Sep 1, 2014
408 posts
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Calgary
They cannot see ur financial information. Just opened up a CIBC account yesterday and have an account at PCF
Sr. Member
Nov 13, 2009
500 posts
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Ajax
They can see your details if they search by your name?
Jr. Member
Jan 5, 2007
136 posts
28 upvotes
Sydney
My experience dealing with both is that CIBC employees can't see PC accounts as they are on totally different systems.
Member
Feb 17, 2015
434 posts
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Windsor, ON
Doubt it, I have both and when I had my CIBC one opened 2 years ago saw nothing show up on his computer about the 10yr old PCF account, just a good ol hard hit on Equifax, PCF also has more strict underwriting it seems, month before CIBC account I had asked for overdraft on my PCF account which was in good standing deposit limits were even no holds for $2000, denied, CIBC gives me 700 overdraft, offers a CLI for my 5K visa with them and wants to take my mortgage over, both hits on Equifax appeared different as well, pcfs said PC Financial CIBC whereas CIBC always shows as CIBC Account Update
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Aug 8, 2012
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mrtrump wrote:
Jun 30th, 2017 4:29 pm
Just curious if anyone knows of the relation of CIBC - PC Financial. I know its the same company but wonder if they separate the accounts internally and treated as 2 separate banks ?

Also if PCF customer goes to CIBC bank, can the tellers/employees see your account ?

Im asking because for CDIC insurance purposes.
All your above questions preceding have nothing to do with CDIC... other than the bank reps being unaware you are going over CDIC insurance by having PCF accounts :D
(which you would be, since they share CDIC).

If you have $90k at CIBC and $90 at PCF you are not within your $100k CDIC limit, you are $80k over.
(assuming individual accounts, not joint)
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Jul 17, 2008
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As I understand it, they are completely different entities. Separate systems. If they have a give you draft and you want to pick it up, they physically mail it to a CIBC branch (or theoretically any other bank if you really want to), since they can't generate the draft from CIBC's side.
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Messerschmitt wrote:
Jul 1st, 2017 12:34 am
As I understand it, they are completely different entities. Separate systems. If they have a give you draft and you want to pick it up, they physically mail it to a CIBC branch (or theoretically any other bank if you really want to), since they can't generate the draft from CIBC's side.
Completely different except CDIC coverage :)
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SuperSauvage wrote:
Jul 1st, 2017 9:40 am
PCF is just a brand name of CIBC and not a seperate member of CDIC, but Presidents Choice Bank is a separate member, though I'm not really sure what deposits one might have with them.

http://www.cdic.ca/en/about-di/did-you- ... fault.aspx
This is the point. You aren't protected by CDIC for $100k in your PCF account if you already have $100k at CIBC.

(Btw, I think a more accurate depiction is that PCF is Loblaw's brand and they just 'hired' CIBC to provide the bank account services)
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ace604 wrote:
Jul 1st, 2017 2:56 pm
This is the point. You aren't protected by CDIC for $100k in your PCF account if you already have $100k at CIBC.

(Btw, I think a more accurate depiction is that PCF is Loblaw's brand and they just 'hired' CIBC to provide the bank account services)
that point is not being disputed lol. and i was just quoting the CDIC website when i said brand name. i just didnt understand if it was possible to have deposits with presidents choice bank (not presidents choice financial), since it is a seperate insured entity through CDIC, its my understanding presidents choice bank is the mastercard/credit product branch of pcf so concievably they are protected by cdic but that consumers can't really have insured deposits with them.
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SuperSauvage wrote:
Jul 1st, 2017 3:05 pm
that point is not being disputed lol. and i was just quoting the CDIC website when i said brand name. i just didnt understand if it was possible to have deposits with presidents choice bank (not presidents choice financial), since it is a seperate insured entity through CDIC, its my understanding presidents choice bank is the mastercard/credit product branch of pcf so concievably they are protected by cdic but that consumers can't really have insured deposits with them.
You kind of misquoted then. PCF is a brand name (of Loblaw's) under which CIBC offers financial services is more accurate, not "PCF is a brand name of CIBC":

"President’s Choice Financial (PCF) is a brand name under which the Canadian Imperial Bank of Commerce (CIBC) is offering financial services through CIBC branches as well as to shoppers through kiosks at grocery stores under an operating agreement with Loblaws. This being said, it is important to know that PCF is not a subsidiary of CIBC, but part of CIBC through the direct banking services division of CIBC."
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ace604 wrote:
Jul 1st, 2017 3:10 pm
You kind of misquoted then. PCF is a brand name (of Loblaw's) under which CIBC offers financial services is more accurate, not "PCF is a brand name of CIBC":

"President’s Choice Financial (PCF) is a brand name under which the Canadian Imperial Bank of Commerce (CIBC) is offering financial services through CIBC branches as well as to shoppers through kiosks at grocery stores under an operating agreement with Loblaws. This being said, it is important to know that PCF is not a subsidiary of CIBC, but part of CIBC through the direct banking services division of CIBC."
for all intents and purposes, PCF is part of CIBC. and regardless of the nit-picky semantics, we still havent addressed PCB having its own seperate coverage from PCF/CIBC under the CDIC.
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SuperSauvage wrote:
Jul 1st, 2017 3:22 pm
for all intents and purposes, PCF is part of CIBC. and regardless of the nit-picky semantics, we still havent addressed PCB having its own seperate coverage from PCF/CIBC under the CDIC.
Who cares about PC Bank? They have a MasterCard, you don't need CDIC insurance coverage with that product. That's not the topic.
POLL: How frequent is your RRSP-matching?
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