Personal Finance

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

  • Last Updated:
  • Sep 19th, 2017 12:00 pm
Sr. Member
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Feb 10, 2004
713 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
841 posts
138 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
282 posts
141 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
96 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
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Nov 6, 2013
806 posts
206 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
96 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
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Nov 6, 2013
806 posts
206 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
858 posts
90 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
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Jul 9, 2003
1073 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
Deal Guru
User avatar
Aug 8, 2012
10198 posts
3789 upvotes
BC
bokchoy wrote:
Jun 22nd, 2017 4:49 pm
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?
You don't need to close the credit card if you just want to close the bank account.

Having a good long-term free card to anchor you credit rating will help your credit. It won't hurt your credit to close it until the card falls off your account in 6-7-10 years depending on the credit bureau (other than the immediate impact of higher utilization from the drop in your total credit limit).

Long story short, keep your old card if it's free. If it's not free, switch it for free to a free one -- then keep it :)
POLL: How frequent is your RRSP-matching?
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
Apr 12, 2010
703 posts
126 upvotes
killer_chan wrote:
Jun 16th, 2017 8:43 am
I have a Grandfathered down account and got the notice, looks like it will be converted.
Which account? I have an old Waive account but I didn't get any notice (other than the internal messaging with the brochure talking about the change to the Everyday Chequing account).
Member
User avatar
Oct 19, 2016
347 posts
109 upvotes
Toronto
PC Financial is a good alternative. However PCF and CIBC is the same... for good or bad.
bokchoy wrote:
Jun 22nd, 2017 4:49 pm
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?
Sr. Member
User avatar
Feb 10, 2004
713 posts
43 upvotes
Toronto
Exand wrote:
Jun 22nd, 2017 11:19 pm
Which account? I have an old Waive account but I didn't get any notice (other than the internal messaging with the brochure talking about the change to the Everyday Chequing account).
I have the MenuPlus account. Also, don't see anywhere on the brochure where it says Grandfathered account won't be touched.
Deal Addict
Jun 12, 2015
1755 posts
431 upvotes
Ontario
Other than $300 opening a smart account with CIBC, their fees are crazy!

4.95 minimum fee. Then if you touch your money in any way there's a 1.25 fee. Etransfer, withdraw, bill payments are all dinged with fee. But they are generous abbrev it comes to you giving more money since it's free to deposit money.

I wouldn't bank here. Taking the promo and bye.

Putting 3k and changing dd until I get the promo, then leaving it
Sr. Member
User avatar
Apr 12, 2010
703 posts
126 upvotes
killer_chan wrote:
Jun 23rd, 2017 3:16 pm
I have the MenuPlus account. Also, don't see anywhere on the brochure where it says Grandfathered account won't be touched.
It specifically calls out "Changes to the CIBC Everyday® Chequing Account" in the update notice brochure. If they were going to change any other ones (including grandfathered ones) they'd normally list them.

Either way, I walked into a CIBC today and asked and they said my account won't be affected with this change. Maybe go into a CIBC and ask about the MenuPlus account?

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