PCFinancial Mortgage Review

Before i begin i will take some information from Wikipedia about PC Financial. This review is to give the full scope of what you’re getting yourself into when your take a mortgage with PC Financial mortgage. the excerpt below can be found at http://en.wikipedia.org/wiki/President%27s_Choice_Financial

President’s Choice Financial is a financial institution that offers banking services through a joint venture between Loblaw Companies (a supermarket chain) and CIBC (a major Canadian bank).

There are a number of distinct organizations under the President’s Choice Financial umbrella. Because PC Financial is part of the direct banking division of CIBC, its bank number is the same as CIBC (010). PC Financial accounts are all located under one transit number as well (30800).

Most standard bank products (cheque accounts, savings accounts, loans) are provided by CIBC, while MasterCard services are provided by President’s Choice Bank, and insurance is provided by PC Financial Insurance Agency Inc., both wholly-owned subsidiaries of Loblaw Companies.

Does PCFinancial have any branches?

PC does not offer business banking services. Currently PC Financial has no branches; rather, customer interactions are carried out over the Internet, the telephone, at ATMs or at pavilions located inside Loblaws-affiliated stores. As of January 2009, there are 234 pavilions in Canada.”

When dealing with PC from personal experience I recommend staying as far ahead of mortgage payments as possible. Also from my experience with them i have found there customer support to be terrible. Although they did solve my matter with my mortgage they took their sweet time. What happened with me is they were not taking money from my account to pay my mortgage instead they were sending me default notices in the mail.

When I called to speak with them they told me they would look into the matter further. Having some experience in this matter I took (financial services in college) I requested them send me a letter clarifying that I was never late on my payments so I could send it to the collection agencies to make sure they didn’t mess up credit.

Final thoughts on PC Financial mortgage

This is the area of concern you should have when dealing with PC Financial. They do not have a physical branch from my view they are basically affiliates of CIBC kind of the way Primerica is the affiliate of Citi Group. Although they pose as the superior bank I personally found there services average at best. Also compared to Scotia Bank especially within my first year and didn’t find my principal moved much when I was with PC Financial.

When I called to ask about my principal not moving as much as I thought it would I got allot of the run around, at that point it hit me that PC was not the right mortgage provider for me.  I don’t like having problems when it comes to my money especially when there are plenty of other providers out there.  On that note PC financial is still a legit company with an excellent reputation and they also have many satisfied customers I wrote this article only to make you understand what you will be getting yourself into once you do business with PC financial none the less best wishes to you.