Are PC Financial Services and CIBC the same bank, Simplii Financial (formerly PC Financial), Discussion


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Manulife financial claim forms Simplii Financial (formerly PC Financial)

Manulife financial claim forms Are PC Financial Services and CIBC the same bank?

Manulife financial claim forms

Manulife financial claim forms

Manulife financial claim forms

If my deposit with PC Financial has more than $100,000, CDIC stated that the excess is not insured since the insurance covers only up to $100,000. Would CIBC step in, if PC Financial goes under, and

takes over the uninsured amount as not having been a lost on my part. Please reply ASAP. I’m only a lurker who happened to stumble on your website hoping I’ll get an answer from you guys. I’ve inquired from CIBC ombudsman, PC Financial customer care, PC financial people at Loblaws pavilion, etc. but none can give me an answer. Turning to you for an answer is my last resort for now.

February 22, 2013

Manulife financial claim forms

Short answer: NO.

CDIC covers bank accounts in Canada. Each account is covered up to $100,000.00. That’s it! If PC Financial went under CDIC would be the entity covering your PC Financial deposit, up to $100,000.00. For that matter, if CIBC went under CDIC would be the entity covering any CIBC deposit account , again up to $100,000.00.

There are ways round this — accounts held individually are separate from accounts held jointly. For more detailed info see this link to CIDC’s website..

And from the latest (January 2013) privacy policy: “. to your PC Financial personal banking products. which are provided by the direct banking division of CIBC . “.

December 23, 2011

Manulife financial claim forms

If my deposit with PC Financial has more than $100,000, CDIC stated that the excess is not insured since the insurance covers only up to $100,000. Would CIBC step in, if PC Financial goes under, and

takes over the uninsured amount as not having been a lost on my part. Please reply ASAP. I’m only a lurker who happened to stumble on your website hoping I’ll get an answer from you guys. I’ve inquired from CIBC ombudsman, PC Financial customer care, PC financial people at Loblaws pavilion, etc. but none can give me an answer. Turning to you for an answer is my last resort for now.

One would assume if PC Financial was in trouble and CIBC would take over . but another institution could also take over . and keep in mind what assume means . lol.

Being proactive, I would consider not going over 90,000 in any CDIC institution and find other CDIC high interest institutions (only if you are comfortable with them) to deal with as well or a Credit Union as they are usually unlimited. Take a look at what your province CU’s have to offer, Winnipeg CU’s as well.

Also keep in mind that some CU’s (BC for sure) offer insurance on US dollar accounts while CDIC does NOT.

Depending on how many accounts you have at PC like savings, chequing, TFSA, RRSP etc. Sometimes they say that a joint account may be covered for 100000 and a TFSA for another 100000 etc. . something you need to verify on the CDIC site.

December 12, 2009

Manulife financial claim forms

Umm, if you’re suggesting deposit insurance for PC Financial and CIBC is insured separately, you are wholly incorrect. (Edit: In short, Greg’s answer is mostly correct but I seek to add some additional clarity with this response. kanaka’s response is the incorrect one to which I was referring.)

PC Financial operates simply as a “branch transit” of CIBC. If you have accounts in the same ownership (i.e., sole with same Social Insurance Number – not joint with one and sole with another) with both companies, the CDIC deposit limits would be the same and I believe CIBC’s and PCF’s deposit insurance disclosure pages on their websites reflect this.

I just wanted to clarify this as this is an important distinction that must be spread incorrectly.

That said, deposits with a “Big 5” bank like CIBC really don’t need deposit insurance. The whole deposit insurance scheme is reassurance we don’t really need and meant for the smaller institutions. If CIBC had failed completely, the world and Canada would be in a very sorry state, everyone would’ve already rushed to traditional safe havens like gold and mattresses and we’d all be building underground bunkers and protecting our personal property with various traditional means, if you know what I mean. In short, it’d be a situation I’d not want to be in. Manulife financial claim forms

December 23, 2011

Manulife financial claim forms

Umm, if you’re suggesting deposit insurance for PC Financial and CIBC is insured separately, you are wholly incorrect. (Edit: In short, Greg’s answer is mostly correct but I seek to add some additional clarity with this response. kanaka’s response is the incorrect one to which I was referring.)

PC Financial operates simply as a “branch transit” of CIBC. If you have accounts in the same ownership (i.e., sole with same Social Insurance Number – not joint with one and sole with another) with both companies, the CDIC deposit limits would be the same and I believe CIBC’s and PCF’s deposit insurance disclosure pages on their websites reflect this.

I just wanted to clarify this as this is an important distinction that must be spread incorrectly.

That said, deposits with a “Big 5” bank like CIBC really don’t need deposit insurance. The whole deposit insurance scheme is reassurance we don’t really need and meant for the smaller institutions. If CIBC had failed completely, the world and Canada would be in a very sorry state, everyone would’ve already rushed to traditional safe havens like gold and mattresses and we’d all be building underground bunkers and protecting our personal property with various traditional means, if you know what I mean. In short, it’d be a situation I’d not want to be in. Manulife financial claim forms

Thanks. I only put this in because I recalled looking at CDIC in regards to mergers. I dont use PC. I did not realize there was a disclaimer. I stand corrected.

My point remains:

Being proactive, I would consider not going over 90,000 in any CDIC institution and find other CDIC high interest institutions (only if you are comfortable with them) to deal with as well or a Credit Union as they are usually unlimited.

Manulife financial claim forms


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