Institution profile · Domestic bank (Schedule I)
PC Financial
AcquiredPresident’s Choice BankCDIC
President’s Choice Bank, operating as PC Financial, became part of EQB on July 1, 2026. It remains a separate Schedule I bank and CDIC member while its products transition to EQ Bank over time.
Profile facts checked October 30, 2026
Mitey files the PC Financial index card: cheapest everyday account $18 a year.
Is PC Financial a good bank for everyday banking?
PC Financial’s cheapest chequing account open to anyone, PC Money Account, costs $18 a year for a typical household (25 debit purchases, 6 bills and 5 e-Transfers a month), $341 below the national median of $359. It scores 79.6/100, #2 of 13, in our bank review. Eligible deposits are CDIC-insured to $100,000 per category.
Bought by EQB from Loblaw on July 1, 2026. Still operating as PC Financial; EQB says products will move to the EQ Bank brand over time (no date given).
At a glance
- Legal name
- President’s Choice Bank
- Type
- Domestic bank (Schedule I)
- Owner / parent
- Equitable Bank (EQB Inc.) since July 1, 2026
- Head office
- Toronto, ON
- Founded
- 1998 — Loblaw disclosures date PC Bank’s core banking business to the late 1990s.
- Regulator
- Office of the Superintendent of Financial Institutions (OSFI) for safety and soundness; Financial Consumer Agency of Canada (FCAC) for consumer protection
- Cheapest everyday account
- PC Money Account — $18 a year for the Everyday example
- OBSI banking cases
- 38 opened in fiscal 2025 (Nov 1, 2024 – Oct 31, 2025)
- Website
- www.pcfinancial.ca
Is my money safe at PC Financial?
CDIC member (President’s Choice Bank, names PCF and PC Financial), separate from Equitable Bank.
Names CDIC lists for this member: PCF, PC Financial.
Our assessment: 79.6/100, #2 of 13 in our bank review
Strongest on everyday cost and app rating. Trails on branch and ATM access. Cheapest account for everyday use: $18 a year. No branches; 600+ PC Financial ATMs.
Cost 94 · Access 40 · App rating 86 · not scored: rate, service. How the review works.
What do PC Financial’s chequing accounts cost?
PC Financial lists 1 chequing account with FCAC. For our “Everyday” example (25 debit purchases, 6 bills, 5 e-Transfers and a $1,000 low balance a month), the cheapest account open to anyone is PC Money Account at $18 a year. Accounts limited to a group are marked.
| Account | Monthly fee and waiver | Included | Fees a year |
|---|---|---|---|
| PC Money Account | No monthly fee | Branch: 0 · self-serve: unlimited | $18 |
What would PC Financial cost a typical household?
The cheapest PC Financial account open to anyone for each of our four usage profiles, against the cheapest account in Canada for the same banking. Profiles are defined in the finder.
| Profile | Cheapest at PC Financial | Fees/yr | Cheapest in Canada | Fees/yr |
|---|---|---|---|---|
| Light Mostly card and app, small balance | PC Money Account | $0 | PC Money Account PC Financial | $0 |
| Everyday Household account, a few e-Transfers | PC Money Account | $18 | Personal Account EQ Bank | $0 |
| Heavy Lots of card, bill and e-Transfer payments | PC Money Account | $36 | Personal Account EQ Bank | $0 |
| Branch and cheques Teller visits, cheques, paper statement | no account can serve it | — | Basic Bank Account Scotiabank | $134 |
Worked example — PC Money Account (PC Financial), Everyday profile
| Monthly fee × 12 | $0 |
| Transactions beyond the included number (0 a month) × 12 | $0 |
| Other-bank ATM access fees (1 a month) × 12 | $18 |
| Paper statements × 12 | $0 |
| Fees a year | $18 |
Is PC Financial on the official lists?
| Legal entity | OSFI list | CDIC member |
|---|---|---|
| President's Choice Bank | OSFI — Schedule I domestic bank | Yes |
What else should you know about PC Financial?
- EQB completed its acquisition of President’s Choice Bank from Loblaw on July 1, 2026; PC Bank is now a wholly owned subsidiary of Equitable Bank.Source: eqb.investorroom.com
- EQB says the PC Money Account and PC Mastercard will transition to the EQ Bank brand over time, and EQB becomes the exclusive banking partner for PC Optimum.Source: eqbank.ca
Your own pattern can change the order. Put your numbers into the true-cost finder to rank PC Financial’s accounts against everyone else’s.
How many PC Financial complaints reached the ombudsman?
OBSI, the ombudsman for banking, opened 38 banking cases about President's Choice Bank in fiscal 2025 (Nov 1, 2024 – Oct 31, 2025), closed 30, and resolved 17 to the complainant’s satisfaction. Across all banks and credit unions, OBSI opened 5,438 banking cases that year (+113% on the year before) and 25% of closed cases ended with money paid.
Counts aren’t adjusted for size, so bigger banks have more cases. A complaint reaches OBSI only after the bank’s own process (up to 56 days). Source: OBSI Annual Report 2025, released March 13, 2026. How to complain.
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