Simplii Financial

Simplii Financial is the direct banking brand of the Canadian Imperial Bank of Commerce (CIBC). It was founded in 2017 following CIBC and the supermarket chain Loblaw Companies mutually deciding to end their 20-year joint venture of providing consumer banking services under the President's Choice Financial brand.[1][2] Instead of having its own Institution Number (or Bank Number), Simplii Financial shares Institution Number 010 with its parent CIBC. Its SWIFT code is CIBCCATT. And all Simplii clients share a branch-transit number of 30800.

Simplii Financial
Brand
IndustryFinancial services
FoundedNovember 1, 2017
HeadquartersToronto, Ontario, Canada
ParentCanadian Imperial Bank of Commerce
Websitewww.simplii.com

History

Simplii traces its history to the 1996 President's Choice Financial co-venture between CIBC and Loblaws to provide low-fee banking services. President's Choice Financial operated out of pavilions in various Loblaw-owned supermarkets but had no formal branches, instead CIBC and PCF customers could use either brands' bank machines for no charge. In August 2017 the two co-venture partners decided to end the relationship.[2]

Effective November 1, 2017 all 2 million President's Choice Financial bank accounts – as well as loans, mortgages, and investments – were transferred to Simplii, with Loblaws retaining their credit card portfolio issued by the separately chartered President's Choice Bank.[3].[4] Because CIBC was already the account provider for PCF bank accounts and other consumer products (excluding credit card and insurance services),[5] all account numbers and terms remained the same.[6]

The first day of operations for the Simplii brand saw glitches in the mobile banking app, long call centre wait times, and customers reporting confusion about when to expect their new debit cards.[7] Simplii and the Bank of Montreal were the targets of hackers in May 2018, who claimed to have compromised the systems of both banks and stolen information on a combined 90,000 customers (40,000 from Simplii).[8] An email sent from a Russian address and attributed to the hackers demanded a ransom of US$1 million paid via Ripple by 11:59 pm on May 28, 2018 or the information would be released on "fraud forum [sic] and fraud community [sic]."[9]

Simplii Financial was named in Forbes magazine's World's Best Banks 2019 list, which also ranked it the third best bank in Canada.[10]

Products
  • Banking accounts – No fee chequing and high interest savings accounts along with e-Transfers, mobile and online banking options
  • Mortgages – variable and fixed residential
  • Line of credit, personal loans, creditor insurance
  • Credit card - Simplii Financial Cash Back Visa Card[11]
  • investment products like GICs, RRSPs, TFSAs & mutual funds

References
  1. Evans, Pete (August 16, 2017). "CIBC to swallow PC Financial's banking business, rebrand as Simplii". CBC News. Retrieved August 16, 2017.
  2. "CIBC to launch Simplii direct banking brand, integrate PC Financial accounts". CTV News. The Canadian Press. August 16, 2017. Retrieved August 16, 2017.
  3. "PC Financial MasterCard Credit Cards". Financefeat. 2019-03-18. Retrieved 2019-03-30.
  4. "Where does the CIBC-PC Financial breakup leave consumers?". CBC News. August 17, 2017. Retrieved August 19, 2017.
  5. "Personal Banking Frequent Asked Questions (FAQs)". President's Choice Financial. Archived from the original on August 19, 2017. Retrieved August 19, 2017. President's Choice Financial personal banking services are provided by the direct banking division of CIBC. President's Choice Financial is a registered trademark of Loblaws Inc., and CIBC is a licensee of the mark. In this FAQ, “we”, “us” and “our” refer to the direct banking division of CIBC.
  6. "What's coming for President's Choice Financial customers when CIBC sets up Simplii". The Hamilton Spectator. The Canadian Press. August 17, 2017. Retrieved August 19, 2017.
  7. "CIBC sees bumpy transition of PC Financial accounts to Simplii". Global News. The Canadian Press. November 1, 2017. Retrieved November 2, 2017.
  8. Ligaya, Armina (May 28, 2018). "BMO and CIBC's Simplii says fraudsters may have accessed clients' information". Toronto Star. The Canadian Press. Retrieved May 29, 2018.
  9. "Hackers threaten to reveal personal data of 90,000 Canadians caught in bank hack". CBC News. May 29, 2018. Retrieved May 29, 2018.
  10. "Simplii Financial". Forbes. February 26, 2019. Retrieved May 4, 2019.
  11. "Simplii Financial™ Cash Back Visa* Card Review". Financefeat. 2019-03-29. Retrieved 2019-03-30.
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