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PC Financial pavilion in West Kelowna to close Nov 9 perm.

PC Financial pavilion in West Kelowna to close Nov 9 perm.

Postby forumdoug » Oct 28th, 2017, 11:12 am

I just got off the phone with a PC Financial employee and confirmed the following permanent closure dates of the PC Financial pavilions (i.e., branches) for the following Okanagan-area pavilions as part of the transition to Simplii Financial and a direct-focused customer acquisition strategy:

Penticton - Wednesday, Nov. 8th, 2017
West Kelowna - Thursday, Nov. 9th, 2017
Vernon - Friday, Nov. 10th, 2017

As of those dates, ATMs, which were recently upgraded to envelope-free depositing, will be removed as will all signage, branding and related paraphernalia and staffing will terminate. However, it sounds like they are making "best efforts" to try and transition Personal Banking Representatives within the pavilions to similar Financial Service Representative roles within CIBC branches, if available, or, of course, within their Toronto call centre if they're willing to relocate.

Existing PC Financial, soon-to-be Simplii Financial day-to-day banking customers will be able to continue use existing cheques with the PC Financial branding, of course, as well as enjoy surcharge-free access to CIBC ATMs across the country. Existing PC Financial MasterCard customers will cease to have a surcharge-free ATM network as that product is owned by Loblaw Companies Ltd and their ability to change PINs or get in-person assistance will cease and be limited to selecting a new PIN online or by phone and completing an in-store purchase and signing the sales slip for that first purchase. Expect an aggressive cross-sales pitch by Simplii Financial to target customers that hold a Simplii bank account and a PC MasterCard as they try and get them to switch (as a new Simplii-branded credit card is all but certain) and, if the rewards feature is compelling, expect significant losses to Loblaw's credit card business.

Kelowna and Kamloops pavilions will still be open for the time being but no customer acquisition will be available after Nov. 1st and their closure dates will be set imminently, likely before year's end.

Cheers,
Doug
forumdoug
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