Personal Finance

CIBC eliminates Monthly Fee Waiver with $2000 balance for the Everyday Chequing Account (Sept 1, 2017)

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  • Sep 19th, 2017 12:00 pm
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CIBC eliminates Monthly Fee Waiver with $2000 balance for the Everyday Chequing Account (Sept 1, 2017)

CIBC is making changes to its accounts effective September 1, 2017.

Key note is that there will no longer be a fee waiver on the monthly fee (for the Everyday Chequing Account) with a $2000 balance.

Full changes here:
https://www.cibc.com/ca/pdf/accountserv ... ges-en.pdf
Last edited by angel_wing0 on Jun 14th, 2017 1:09 pm, edited 1 time in total.
Reason: Updated title
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Great, so they force you to pay the monthly fee. Just perfect. //sacarsm
「もし、奇跡を起こせたら……」
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Mar 10, 2010
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If I'm reading the fine-print correctly this doesn't apply to chequing accounts other than the "Everyday Chequing Account" so if you have an older type of account you may be safe from this money grab...
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Clacker wrote:
Jun 14th, 2017 2:33 pm
If I'm reading the fine-print correctly this doesn't apply to chequing accounts other than the "Everyday Chequing Account" so if you have an older type of account you may be safe from this money grab...
Yip, it's only for the Everyday Chequing Account. Seems like CIBC *wants* us to upgrade to the Smart Account (3k mbm).
「もし、奇跡を起こせたら……」
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They also like you to go for their Imperial Service.
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you also need to have a recurring direct deposit or 2 pre-authorized payments each month to waive the fee for 3000 minimum balance smart saving account
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Why not just use Pc financial, I have them and a savings account with TD ( $20 in that) I have never required anything more
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Why not just switch to BMO? 0 minimum balance requirement, unlimited e-transfer, and free premium credit card.

#bankup
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It used to be $1000 minimum to waive fee, then became $2000 last year.. and now no more fee waivers ... Pure Greed.
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EdisonL299 wrote:
Jun 14th, 2017 9:08 pm
Why not just switch to BMO? 0 minimum balance requirement, unlimited e-transfer, and free premium credit card.

#bankup
Are you talking about the 1500$ deposit every month deal? thought that expired.
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Messerschmitt wrote:
Jun 14th, 2017 11:18 pm
Are you talking about the 1500$ deposit every month deal? thought that expired.
Yes. They extended the deal to August 31.
IMO this is the best plan if you have a regular job that pays you at least 1.5k per month.
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EdisonL299 wrote:
Jun 15th, 2017 2:03 am
Yes. They extended the deal to August 31.
IMO this is the best plan if you have a regular job that pays you at least 1.5k per month.
Hmm, I'm just holding out in case they give the cash promo's like last year's 350$.

I really don't care about their chequing account. PC/Tangerine/EQ can do everything and better. ONLY advantage is the nice 4 lounge passes that come with the credit card (which I would not use since I'm lucky to own a grandfathered cap 1 card, and it's not so restrictive in redeeming the 2% equivalent as it's with BMO which I experienced first hand when I got the WE MC with their last year 350$ promo premium chequing)

I just hope the banking promo isn't replacing the cash promo, hopefully they will have a cash promo afterwards to catch everyone who hold up opening the chequing promo, thus disqualifying themselves from getting the cash promo
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Messerschmitt wrote:
Jun 15th, 2017 2:06 am
Hmm, I'm just holding out in case they give the cash promo's like last year's 350$.

I really don't care about their chequing account. PC/Tangerine/EQ can do everything and better. ONLY advantage is the nice 4 lounge passes that come with the credit card (which I would not use since I'm lucky to own a grandfathered cap 1 card, and it's not so restrictive in redeeming the 2% equivalent as it's with BMO which I experienced first hand when I got the WE MC with their last year 350$ promo premium chequing)

I just hope the banking promo isn't replacing the cash promo, hopefully they will have a cash promo afterwards to catch everyone who hold up opening the chequing promo, thus disqualifying themselves from getting the cash promo
IMO, like other 2% everything cards (MBNA, Cap1), BMO WE is great to KEEP for daily use. You can find much better cards to churn (Amex...). With the bankup promo, this is the best chance to get into the flat 2% world (plus premium insurance, benefits, 4 annual lounge passes...) without paying annual fee, especially for people who couldn't get the 20$ cap1 or no-fee MBNA RWE.

Personally I have Tangerine account, but BMO is better for the followings:
- Unlimited e-transfers
- It is instant when you transfer fund to your credit card. This is so handy and useful when you want to make a few very large purchases. Only big5 can do this afaik.

So far I've been very happy with BMO and impressed by the no-fee BMO WE.
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EdisonL299 wrote:
Jun 15th, 2017 2:03 am
Yes. They extended the deal to August 31.
IMO this is the best plan if you have a regular job that pays you at least 1.5k per month.
What is the deal after August 31st? It sounded too good to be true.

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