Personal Finance

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

  • Last Updated:
  • Jun 22nd, 2017 4:49 pm
Sr. Member
User avatar
Feb 10, 2004
707 posts
43 upvotes
Toronto
I missed it on the letter, where did it say no change to granfathered accounts? (I'll double check later)

Called and confirmed no changes to grandfathered accounts, but it will affect you if you have an "Everyday Chequing account".
superfresh89 wrote:
Jun 18th, 2017 2:56 pm
Did you even read the changes?? There are no changes to grandfathered accounts.
Sr. Member
Feb 11, 2009
824 posts
135 upvotes
I got the letter!

I've been with CIBC since the 3rd grade. My MenuPlus account will be changed to a Smart Account! Argh!

Must maintain $3,000. Up from $1,500.

Not sure what to do. Don't need to go to bank often but I might want to use my Investor's Edge account in the future and sometimes I need a bank draft.
May switch to local credit union or eat the new minimum.
Member
Nov 16, 2008
276 posts
139 upvotes
4seasonscentre wrote:
Jun 19th, 2017 4:57 pm
I got the letter!

I've been with CIBC since the 3rd grade. My MenuPlus account will be changed to a Smart Account! Argh!

Must maintain $3,000. Up from $1,500.

Not sure what to do. Don't need to go to bank often but I might want to use my Investor's Edge account in the future and sometimes I need a bank draft.
May switch to local credit union or eat the new minimum.
Yeah I got the letter too.. sucks that they can just make these accounts obsolete whenever they want to. The minimum balance kind of sucks... almost double the original amount.

Is there anything MenuPlus account holders can do about this?
Newbie
Jul 12, 2015
93 posts
12 upvotes
Brampton, ON
I'm really bad at this transfering money thing.

I have an Everyday account with 2k sitting in it. Only reason I had it was to transfer money from my other banks to CIBC and then pay a bill to transfer it to my Investor's Edge account.

What is the easiest way to move the money out of this Everyday account and close it?
Sr. Member
User avatar
Nov 6, 2013
723 posts
177 upvotes
Toronto
Purplenim wrote:
Jun 21st, 2017 10:21 am
I'm really bad at this transfering money thing.

I have an Everyday account with 2k sitting in it. Only reason I had it was to transfer money from my other banks to CIBC and then pay a bill to transfer it to my Investor's Edge account.

What is the easiest way to move the money out of this Everyday account and close it?
Visit the branch?
Newbie
Jul 12, 2015
93 posts
12 upvotes
Brampton, ON
JaiKor wrote:
Jun 21st, 2017 10:52 am
Visit the branch?
you mean carry out the 2k?! okay guess maybe I could do that.
Sr. Member
User avatar
Nov 6, 2013
723 posts
177 upvotes
Toronto
Purplenim wrote:
Jun 21st, 2017 12:56 pm
you mean carry out the 2k?! okay guess maybe I could do that.
You can try requesting them a draft or something. Folks from TD thread were able to get one when they closed the accounts. Thats the best way to not get dinged with monthly fees.

However if you are cool with the fees, link it to external online bank like Tangerine or PCF and do online transfer.
Sr. Member
Mar 10, 2010
825 posts
81 upvotes
Just got the notification that they will be changing my Menuplus account as well. I can't believe they're really trying to drive their customers away this badly. I will be looking for a new financial institute.
Deal Addict
User avatar
Jul 9, 2003
1068 posts
22 upvotes
Burnaby
I'm a long time customer of CIBC and got the notice as well. What do people think about switching to PC Financial? My oldest credit card is with CIBC, will closing the account and credit card affect my credit rating?
I like Maynards Gummies

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