Loblaw Promotes No-Fee Checking for Its Private Label Financial Services

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September 14, 2010

Canada’s largest supermarket chain launched a television campaign touting its no-fee checking at its President’s Choice Financial.

The spokesman for the ad spots is executive chairman Galen Weston, who asks: “Why do so many Canadians have to pay bank fees? You could save up to $200 a year. More than 1 million people already have.”

Weston also is the pitchman for Loblaw’s President’s Choice private label grocery brands.

The television advertising campaign comes a few weeks after Dutch banker ING Direct announced plans to add a no-fee checking to its offering in Canada, according to the Toronto Star, which noted that some industry observers speculate Loblaw has the most to lose from ING’s competitive assault.

Barry Columb, president and chief executive officer of President’s Choice Bank, told the Toronto Star that its financial service has realized “double-digit” growth and well established in the marketplace.

“In 1998, when President’s Choice Financial launched with a no-fee checking account, it was really innovative in its day and is still innovative,” Columb said, adding that account holders can earn points for free groceries at Loblaw stores.

President’s Choice Financial has 3 million customers, including more than 1 million with no-fee checking accounts, Columb told the Toronto Star. ING reportedly has 1.6 million customers in Canada.

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• Kroger and Loblaw Roll Out Retail-Ready Packaging for Store Brands (Part 1 of 2)
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