Loblaw gets back into banking with no-fee account
Loblaw Cos. Ltd’s PC Financial unit is launching a new no-fee bank account that will allow customers to earn PC Optimum points with their transactions.
Described by the company as “a simple bank account,” the new PC Money Account boasts unlimited transactions, no fees, free e-transfers, and can be used anywhere MasterCard is accepted globally.
"The PC Money Account fills a gap in the everyday banking landscape, giving Canadians a no-fee account to spend, send and save, all while being rewarded with loyalty points they can actually use on the essentials they need,” said Barry Columb, president of PC Financial, in a release.
Customers will earn 10 PC Optimum points on every dollar spent anywhere, 25 points for every dollar spent at Shoppers Drug Mart, and 10,000 points for linking an external bank account or on the first purchase of more than $50.
The offering comes nearly three years since PC announced the end of its partnership with CIBC.
PC Financial currently has more than three million customers.