Personal Finance

Student Account Plan at CIBC about to be expired. what is my next option?

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  • Apr 24th, 2012 12:50 pm
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Jr. Member
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Oct 12, 2011
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Student Account Plan at CIBC about to be expired. what is my next option?

im about to lose my student account plan at cibc due to its expiring soon. is there a better account where i dont have to pay any fees?
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Sr. Member
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Aug 22, 2009
589 posts
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Guelph, ON
YES!

If you can deal without having a bricks-and-mortar branch, ING Direct is amazing. They go over the top to please their clients. I've been with them since they first started operations in Canada and have nothing but good words to say about them. Everything is free, and they will even give you free money for opening an account :) Their chequing account pays 0.25% interest (which is small, but better than 0% offered by traditional banks). You can use any Exchange Network ATM for free (such as credit unions). Their website and iPhone app is also one of the best out there IMO. I don't have to wait 20 minutes to get through to a Customer Service rep on the phone. They have instant online chat support. I could go on . . .

Good luck!
Newbie
Aug 19, 2004
59 posts
2 upvotes
London
If you're just doing basic banking and want to stay with CIBC (somewhat), then go with PC Financial.
Sr. Member
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Aug 22, 2009
589 posts
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Guelph, ON
b-side wrote: If you're just doing basic banking and want to stay with CIBC (somewhat), then go with PC Financial.

I also have a PC account; however, I found that their service really sucked on a car loan I once had with them, and their website could use a lot of improvement. I think ING is the better option of the two.
Newbie
Aug 19, 2004
59 posts
2 upvotes
London
VifferFun wrote: I also have a PC account; however, I found that their service really sucked on a car loan I once had with them, and their website could use a lot of improvement. I think ING is the better option of the two.

ING looks intriguing but there are not many Exchange ATMs in my area unfortunately. :mad:
Deal Fanatic
Aug 21, 2007
6054 posts
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Markham
BMO Club Sobeys chequing would be a good fit i think:

• No monthly bank fees.
• No minimum account balance.
• Free daily banking, at BMO ABMs, online and by phone2:
• Unlimited debit card purchases anywhere
• Unlimited deposits and withdrawals
• Unlimited bill payments, transfers and account inquiries
• Free first book of cheques, upon request.

http://www.bmoclubsobeys.com/en/Chequin ... efits.aspx

Basically unlimited banking as long as you dont really use a branch (although deposits through tellers are also free..not sure about withdrawals)
Banned
Jan 23, 2012
25 posts
1 upvote
adeel wrote: BMO Club Sobeys chequing would be a good fit i think:

• No monthly bank fees.
• No minimum account balance.
• Free daily banking, at BMO ABMs, online and by phone2:
• Unlimited debit card purchases anywhere
• Unlimited deposits and withdrawals
• Unlimited bill payments, transfers and account inquiries
• Free first book of cheques, upon request.

http://www.bmoclubsobeys.com/en/Chequin ... efits.aspx

Basically unlimited banking as long as you dont really use a branch (although deposits through tellers are also free..not sure about withdrawals)

withdrawal at teller are also FREE the only thing costs are bill payment, interac e-mail transfer, extra cheques & nsf fees(which are avoidable if you take care), Yes bmo sobeys is amazing account if you need basic banking without your hard earned money exploited dollar per dollar fees. Joined since 25 OCT it came out havnt paid single $1 weird maintenance fee.
Deal Addict
Nov 14, 2010
1090 posts
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PCF:cibc ATM access(no teller access) unlimited cheques
ING:exchange ATM acces (no teller) limited free cheques easy access to link other accounts
BMO Sobeys: no personal experiance but I think you get BMO teller access and limited cheques

Truth is you can cherry pick your banking. I have pay deposited in ING. TFSA/RRSP at TD pulled from pcf, rent cheques Pulled from pcf. I have free bare bones savings at TD, a Visa at scotia(paid from wherever I want) and I've had a car loan at scotia pulled from PCF. Also have mastercards at pcf and mbna
Deal Fanatic
Aug 21, 2007
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Markham
dalmarinahaven wrote: withdrawal at teller are also FREE the only thing costs are bill payment, interac e-mail transfer, extra cheques & nsf fees(which are avoidable if you take care), Yes bmo sobeys is amazing account if you need basic banking without your hard earned money exploited dollar per dollar fees. Joined since 25 OCT it came out havnt paid single $1 weird maintenance fee.

interac e transfer has fees everywhere...by bill payments I assume you mean teller assisted? wouldnt make sense for online bill payments to get charged a fee..ive also been using sobeys a/c for many months wth no fee...perfect for my needs
Banned
Jan 23, 2012
25 posts
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adeel wrote: interac e transfer has fees everywhere...by bill payments I assume you mean teller assisted? wouldnt make sense for online bill payments to get charged a fee..ive also been using sobeys a/c for many months wth no fee...perfect for my needs

I have no clue about bill payment at bmo sobeys as i dont use teller or online bill payment, but couple of times used teller withdrawal not charged a any penny.
Deal Addict
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Apr 10, 2010
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As everyone has summarized above, you want no fees, you can go with any one of the three online free banking providers.

However, there's another option: TD!

Before you lose your status as a student, go to a decent TD branch, show them your student ID and ask to open a student account. Their student account is free and there's no expiration date. YMMV though. It's sort of like a loophole and I know immediately after me saying this I'm gonna get flamed, but, just trying to help OP out.

I'm guessing it's either a glitch or they overlooked this, OR, they intentionally choose not to set an expiration date on free student accounts, for whatever reason that makes financial sense.

*Reason I say go to a decent TD branch is because that branches in bad areas tend to nickel and dime you, and as soon as you walk in people in those branches assume you are poor and cheap and they treat you accordingly.
Deal Addict
Aug 16, 2005
1876 posts
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Moonbox wrote: im about to lose my student account plan at cibc due to its expiring soon. is there a better account where i dont have to pay any fees?

I had a cibc student plan when i was in school. I ended up sticking with cibc. Maintained $1000 min balance each month to keep the account "free". Alternatively, you also open up a cibc line of credit account and use that as your chequing account. no fees, free cheques.

PCF: I tried using pc financial, but their service was horrible. If you need anything beyond basic ATM functions, it's like pulling teeth. Free is free. You get what you pay for.

ING: When was the last time you came across an ING ATM machine? I've never seen one.
Banned
Jan 23, 2012
25 posts
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513263337 wrote: As everyone has summarized above, you want no fees, you can go with any one of the three online free banking providers.

However, there's another option: TD!

Before you lose your status as a student, go to a decent TD branch, show them your student ID and ask to open a student account. Their student account is free and there's no expiration date. YMMV though. It's sort of like a loophole and I know immediately after me saying this I'm gonna get flamed, but, just trying to help OP out.

I'm guessing it's either a glitch or they overlooked this, OR, they intentionally choose not to set an expiration date on free student accounts, for whatever reason that makes financial sense.

* Reason I say go to a decent TD branch is because that branches in bad areas tend to nickel and dime you, and as soon as you walk in people in those branches assume you are poor and cheap and they treat you accordingly.


sooo truth, any bank branch around North York & West Central toronto tend to be Notorious for this procedure.
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Aug 22, 2009
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Guelph, ON
myapple wrote: ING: When was the last time you came across an ING ATM machine? I've never seen one.
You can use any machine on the Exchange network for free (which is pretty much any credit union) and all Interac purchases are free. There is a Meridian right by my house, and another one right by my work so that's not an issue for me. Anyway, I pay with plastic for everything, so I only use a bank machine once every two months or so. Their iPhone app has a nice ATM locator that uses your built-in GPS to locate the machine closest to you.
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Aug 16, 2005
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VifferFun wrote: You can use any machine on the Exchange network for free (which is pretty much any credit union) and all Interac purchases are free. There is a Meridian right by my house, and another one right by my work so that's not an issue for me. Anyway, I pay with plastic for everything, so I only use a bank machine once every two months or so. Their iPhone app has a nice ATM locator that uses your built-in GPS to locate the machine closest to you.

A few years ago, I tried to withdraw $40 from a scotiabank ATM with my ING card. The scotia ATM displayed a notice that it would charge a $1.50 fee on top if I wanted to proceed since it was not a scotia card. I was in a hurry, so I did it. The total debited amount was $41.50. No network fee charged by ING though. LOL

It's always best to stick with your own bank's ATM.
Sr. Member
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Aug 22, 2009
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Guelph, ON
myapple wrote: A few years ago, I tried to withdraw $40 from a scotiabank ATM with my ING card. The scotia ATM displayed a notice that it would charge a $1.50 fee on top if I wanted to proceed since it was not a scotia card. I was in a hurry, so I did it. The total debited amount was $41.50. No network fee charged by ING though. LOL

It's always best to stick with your own bank's ATM.

Whoa, that's crazy! Unless there is some huge charge for using an "Exchange Network" card on an "Interac" network, that sounds like it was a mistake. Did you ask them to explain and reverse the fee?
Deal Addict
Aug 13, 2008
3401 posts
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Mississauga
like someone else said

stick to CIBC's lowest chequing account. i think it might be called everyday banking/chequing.

just maintain a 1000 dollar balance and your monthly fee of 3-4 bucks gets waived.

and then use a creditcard for all purchases in life, since this account only allows 10 transactions on debit card.
Deal Addict
Aug 16, 2005
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VifferFun wrote: Whoa, that's crazy! Unless there is some huge charge for using an "Exchange Network" card on an "Interac" network, that sounds like it was a mistake. Did you ask them to explain and reverse the fee?
Explain to who? I was a customer of ING, not scotia. It was NOT a network or interac charge, it was a using-a-scotiabank-atm fee. The scotia ATM imposed the extra $1.50 (dispensed $40, but processed as one single debit of $41.50 to my ING acct). These charges are quite common if you use any convenience store or gas station cash machine. They clearly displayed the extra fee on the screen and I had the option to decline and stop the withdraw, but it was my choice to pay the extra $1.50 for the convenience. So just because ING says they'll cover any network fees, the operators of the ATMs always have the option to add in their own "convenience" or "non-client" fees on top.

So unless it's an emergency, it's generally not a good idea to use your debit card at a different bank's ATM or at random cash machines.
Deal Addict
Oct 9, 2005
1884 posts
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513263337 wrote: As everyone has summarized above, you want no fees, you can go with any one of the three online free banking providers.

However, there's another option: TD!

Before you lose your status as a student, go to a decent TD branch, show them your student ID and ask to open a student account. Their student account is free and there's no expiration date. YMMV though. It's sort of like a loophole and I know immediately after me saying this I'm gonna get flamed, but, just trying to help OP out.

I'm guessing it's either a glitch or they overlooked this, OR, they intentionally choose not to set an expiration date on free student accounts, for whatever reason that makes financial sense.

*Reason I say go to a decent TD branch is because that branches in bad areas tend to nickel and dime you, and as soon as you walk in people in those branches assume you are poor and cheap and they treat you accordingly.

This is false. If it happened to you, then you're the exception. I got a letter from them saying that I had to show ID and proof of enrollment within 30 days. My proof of enrollment was photocopied and filed by the teller. RBC doesn't ask for proof if you're under 25.
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Mar 30, 2004
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Durham Region
After TD decided it was time to screw me over feewise on my old student account, I set myself up with ING as my everyday bank account and a free basic RBC account (using their multiproduct rebate) for branch services.

If I was to do it all over again, i'd likely just use a BMO IGA or BMO Sobey's account for everything. But it didn't exist when I opened my account at RBC and I'm more than content with ING's amazing customer service and RBC's large ATM network... so I'm not going to switch.

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