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PCF and CIBC

I have just opened a bank account with President’s choice financial.

Are they partnered up with CIBC??

As we are extreemely behind on our CIBC visa and negotiating a settlement with them.

Can they withdraw funds from our PCF account – or are they totally separate entities??

The reason I asked is that we owed RBC for a business loan and they emptied out our RBC personal accounts without any notice. so wasn’t sure if CIBC could do the same through PCF

thanks

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One Response to “PCF and CIBC”

A licensed trustee said...

President’s Choice uses the CIBC’s systems to provide banking services. PCF customers are not customers of the CIBC and therefore the CIBC does not have the same type of access to PCF accounts as they do to their own customer accounts.

If you are at all concerned, the safest thing to do is to open a new account someplace else. If you do that, then there is no way they can access your account.