Personal Finance

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

  • Last Updated:
  • Jun 24th, 2017 1:29 am
Moderator
User avatar
Mar 23, 2004
34664 posts
2637 upvotes
Markham
FoFai2015 wrote:
Jun 15th, 2017 6:53 am
What is the deal after August 31st?

It sounded too good to be true.
Probably no deal?

It is true, much better than all the CIBC accounts...not even close actually.
「もし、奇跡を起こせたら……」
Deal Addict
User avatar
Apr 24, 2017
1346 posts
328 upvotes
FoFai2015 wrote:
Jun 15th, 2017 6:53 am
What is the deal after August 31st? It sounded too good to be true.
There will be no deal because summer peak season is over. So hurry up before they end this.
😎 Black Friday 2016: Fido $36/4GB BYOP Plan. 😄
Deal Addict
User avatar
Nov 22, 2008
2026 posts
106 upvotes
North York
This is disappointing. I got my first bank account with CIBC at 16 and first credit card too. I was hoping to stay but keeping 3K in checking account as your daily minimum is ridiculous. Too bad the 2K monthly minimum wasn't enough for them. If I closed my CIBC bank account, do I still keep my 2 CIBC credit cards ? I am looking to get a mortgage around this time next year and don't want to mess around with my credit score. How much of an impact to your credit score when you open a new bank account?
Moderator
User avatar
Mar 23, 2004
34664 posts
2637 upvotes
Markham
jacobe wrote:
Jun 15th, 2017 12:11 pm
If I closed my CIBC bank account, do I still keep my 2 CIBC credit cards ?

I am looking to get a mortgage around this time next year and don't want to mess around with my credit score. How much of an impact to your credit score when you open a new bank account?
Of course you do. Banking and credit cards are 2 separate things.

If you just want to open an account and not take a hard hit, then no it wont impact you score. But even if you do take the hit, it wont be a big deal unless your score is low to begin with.
「もし、奇跡を起こせたら……」
Newbie
Jun 14, 2017
1 posts
Buh-bye CIBC bank!

I just closed my Everyday chequing account at CIBC because of elimination of the monthly fee waiver. It no longer makes sense to hold this account and get charged $50 per year for nothing. They paid me out in cash and I walked down the street and deposited the funds into my BMO savings account, where they pay me interest!

I'll be buying a nice steak dinner every year with the savings.
Newbie
Jul 23, 2009
76 posts
9 upvotes
Anyone knows if I can keep the SDB open if I close the account? Thanks
Deal Guru
Aug 2, 2001
13584 posts
4186 upvotes
mrtrump wrote:
Jun 14th, 2017 11:02 pm
It used to be $1000 minimum to waive fee, then became $2000 last year.. and now no more fee waivers ... Pure Greed.
Why is it "pure greed"?

They are offering you a service that costs them money. All you were doing is giving them a small deposit that has little value to them.

Greed would seem to be the customer expecting everything for free and having other customers subsidize their banking.
Member
Dec 29, 2012
370 posts
114 upvotes
Toronto
Hope they're not touching grandfathered accounts. I have the CIBC Waive account (fees waived with $1500 balance).
Deal Fanatic
User avatar
Aug 8, 2012
8747 posts
3105 upvotes
BC
integra123 wrote:
Jun 15th, 2017 2:43 pm
Buh-bye CIBC bank!

I just closed my Everyday chequing account at CIBC because of elimination of the monthly fee waiver. It no longer makes sense to hold this account and get charged $50 per year for nothing. They paid me out in cash and I walked down the street and deposited the funds into my BMO savings account, where they pay me interest!

I'll be buying a nice steak dinner every year with the savings.
LOL - how much interest does BMO savings pay you? EQ Bank pays 2.3%
POLL: How many credit cards do you CARRY?
Plastiq: Pay any bill with credit card for 0-2.5% fee (help meet min spending and keep old cards active!)
Rewards program transfer times (e.g. SPG->Aeroplan, Marriott->SPG, Amex MR->SPG...)
Sr. Member
User avatar
Feb 10, 2004
708 posts
43 upvotes
Toronto
yesnomaybe wrote:
Jun 15th, 2017 11:22 pm
Hope they're not touching grandfathered accounts. I have the CIBC Waive account (fees waived with $1500 balance).
I have a Grandfathered down account and got the notice, looks like it will be converted.
Deal Addict
Nov 25, 2014
1161 posts
440 upvotes
Newton Brook, ON
TrevorK wrote:
Jun 15th, 2017 9:33 pm
Why is it "pure greed"?

They are offering you a service that costs them money. All you were doing is giving them a small deposit that has little value to them.

Greed would seem to be the customer expecting everything for free and having other customers subsidize their banking.
I'm not sure this argument works regarding banks with steadily increasing net incomes in the billions, but anyway... I think your assumption that they need fees to make up for deposits of "little value" is inaccurate. $3.90 equates to only 2.34% of $2000 annually, and they could easily do better than that. I think the real reason for the change is to deliberately make the Everyday Chequing less attractive and push people into switching to the Smart account. They literally advertise the Smart account on the same page that announces this change in the brochure.
Moderator
User avatar
Mar 23, 2004
34664 posts
2637 upvotes
Markham
nmclean wrote:
Jun 16th, 2017 9:13 am
I think the real reason for the change is to deliberately make the Everyday Chequing less attractive and push people into switching to the Smart account. They literally advertise the Smart account on the same page that announces this change in the brochure.
+1, can't get more obvious that that: " Want a CIBC Smart Account? Talk to a CIBC advisor to make the switch today! " :facepalm:
「もし、奇跡を起こせたら……」
Sr. Member
Jul 28, 2012
798 posts
222 upvotes
Montreal
angel_wing0 wrote:
Jun 16th, 2017 9:24 am
+1, can't get more obvious that that: "Call a CIBC agent to make the switch today!" :facepalm:
I don't work at CIBC, but if that's what appears on client-facing document, you can imagine that employee-facing documents must say stuff like "What a great opportunity to upsell!"
Sr. Member
User avatar
Nov 6, 2013
723 posts
177 upvotes
Toronto
Source123 wrote:
Jun 15th, 2017 3:06 pm
Anyone knows if I can keep the SDB open if I close the account? Thanks
I chatted with the CIBC rep and she said yes. One can continue using SDB even if they close all accounts.

I am not sure how they are going to charge the fees for next year tough.
Moderator
User avatar
Mar 23, 2004
34664 posts
2637 upvotes
Markham
JaiKor wrote:
Jun 16th, 2017 10:25 am
I am not sure how they are going to charge the fees for next year tough.
Well easy, if you dont pay, seize the stuff there or dont let you access it until you pay.
「もし、奇跡を起こせたら……」

Top