Are Canadians ready to "debankify?"

PC Financial challenges Canadians to "debankify" & take advantage of a 2 per cent special rate on new deposits

TORONTO, March 24, 2014 /CNW/ - While Canadians are looking for ways to make daily life simpler and more affordable, they see banking becoming more complex — and more expensive. According to recent research from Leger for President's Choice Financial®, two-thirds of Canadians believe their banks are failing to deliver on people's greatest need: saving money. That finding is driving a new rallying cry from President's Choice Financial®: "debankify!"

"When you debankify, it means you get what you need from your bank and nothing you don't. As a result, you're spending less time banking and more time living – while saving money and earning rewards. The research shows that's what Canadians want, and it's what President's Choice Financial delivers," said Barry Columb, President of PC Financial. "71 per cent of people identify bank fees as their biggest frustration, but only 35 per cent have a bank that offers a solution. That's why PC Financial aims to help Canadians debankify for good."

Starting today, Canadians can "debankify" with PC Financial® and can earn 2 per cent on new deposits with a special rate until June 30^th. All they have to do is call or visit a PC Financial® pavilion to take advantage of this limited time offer.

The Leger research also revealed other interesting findings:

• 54 per cent of Canadians said they would switch banks to save up to $200 a year – the estimated savings from choosing a PC Financial® no fee bank account, compared to what the big banks charge. This suggests that Canadians are ready to "debankify."
• A surprising number -- 65 per cent – see themselves as strongly or somewhat financially stable. " However, that doesn't mean they are saving money. 57 per cent admit, "Getting by financially today is hard enough, never mind saving for tomorrow."
• 57 per cent of Canadians believe that in uncertain economic times, treating themselves to smaller, more frequent rewards is easier and preferred.

"As a busy mom of four, I relate to the need for simplicity and convenience from my bank, so that I can maximize my family time," said author and TV personality Kathy Buckworth, Chief Family Advisor for President's Choice Financial®. "That is why I chose a bank that takes out the clutter and lets me enjoy great rewards, regularly.  When I redeem the PC points I earn on my everyday purchases at Loblaws, I see real savings with free groceries, clothing and almost anything I can find at my local Loblaw banner store."

Since 1998, PC Financial® has provided Canadians with the convenience of banking where they grocery shop, free access to thousands of bank machines and the option to interact online and with a representative at nearly 200 in-store pavilions, located in Loblaws and Loblaw banner stores. The PC Financial® brand has enjoyed steady growth thanks to its simple choices, no fee bank account, the no annual fee PC Financial®MasterCard®, and PC® points rewards that make it easy for customers to choose what's good. PC Financial® customers have redeemed over a billion dollars in PC® points in the past 16 years.

About the research
President's Choice Financial's research was completed online using Leger's online panel, LegerWeb. It involved two waves of research: a representative sample of 1515 Canadians was completed online between November 4 and November 7, 2013, and one of 1,502 Canadians was completed online between September 16 and September 18, 2013. A probability sample of the same size would yield a margin of error of ± 2.5%, 19 times out of 20.

Savings comparison is based on fees for limited and unlimited transaction account packages and one order of cheques as offered by the major banks as of January 2014.

President's Choice Financial
President's Choice Financial® services are a unique financial service offering designed by Loblaw Companies Limited. President's Choice Bank provides the President's Choice Financial® MasterCard®, while the direct banking division of CIBC provides banking services. For more information visit www.pcfinancial.ca or follow us on Facebook, Twitter @pcfinancial  and YouTube. 

About Loblaw Companies Limited (TSX: L)
The Company is a subsidiary of George Weston Limited ("Weston"). It is Canada's largest food retailer, a leading provider of drugstore, general merchandise and financial products and services, and is the majority unitholder of Choice Properties™, an owner, manager and developer of commercial real estate across Canada. The Company has three reportable operating segments: Retail, Financial Services and Choice Properties. Loblaw and its franchisees together are among the largest private sector employers in Canada, employing approximately 138,000 full-time and part-time employees across more than 1,000 corporate and franchise stores from coast to coast. Through its portfolio of store formats, Loblaw is committed to providing Canadians with a wide range of products and services to meet everyday household and consumer needs. Loblaw is known for the quality, innovation and value of its food offering. It offers one of Canada's strongest control brand programs, including the unique President's Choice®, no name® and Joe Fresh® brands. In addition, through its subsidiaries, the Company makes available to consumers President's Choice Financial® services and offers the PC® points and PC Plus™ loyalty programs.

SOURCE: President's Choice Financial

or to schedule an interview: Joanne D'Souza, President's Choice Financial, 416-204-2600, ext. 411029, 647-632-4068 (mobile), [email protected]; or Debra Chan, Argyle Communications, 416-968-7311, Ex. 229, 647-309-3925 (mobile), [email protected]