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
Newbie
Jun 14, 2017
3 posts
3 upvotes
Others banks are still offering chequing accounts with fee waiver......isn't competition wonderful?!

Buh-bye CIBC.
Newbie
Jun 14, 2017
3 posts
3 upvotes
With $2000 on deposit, they are able to lend out $20,000 since they only need 10% reserves. They change 4% interest which is $800. Some minion has miscalculated by eliminating the fee waiver as many clients will now close their accounts. Like me. Buh-bye CIBC.
Deal Addict
User avatar
Sep 7, 2004
3202 posts
450 upvotes
GTEH!
Also received the letter about the Everyday Chequing Account "changes". Like everyone else, looked at the CIBC website for other options and didn't see any. Called CIBC CS and they tried to upsell me to the Smart Account, which I don't want.
Leaves me with no choice but to close the account. Only reason I opened Everyday Account was for a special reason couple years ago. Decided to keep it, because back then the minimum monthly balance was $1,000(?) or $1,500, can't recall.
😎
Sr. Member
Mar 10, 2010
899 posts
102 upvotes
They're sending individual letters to Menuplus account holders. We've had our accounts for over 25 years and got the letter saying that they're switching us. So did everybody else in our family, so you'll be getting one too. There is no mention of our older accounts in the brochure that was published on-line or in this forum as they don't normally mention the grandfathered accounts which they have now chosen to kill.
Exand wrote:
Jun 24th, 2017 1:29 am
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?
Sr. Member
User avatar
Apr 12, 2010
704 posts
127 upvotes
Clacker wrote:
Jun 25th, 2017 9:29 am
They're sending individual letters to Menuplus account holders. We've had our accounts for over 25 years and got the letter saying that they're switching us. So did everybody else in our family, so you'll be getting one too. There is no mention of our older accounts in the brochure that was published on-line or in this forum as they don't normally mention the grandfathered accounts which they have now chosen to kill.
Like I said I'm not on the MenuPlus account + I went into CIBC and asked if my account was being switched (they said they weren't). Now the teller could just have been clueless (not the first time) but at this point I haven't been send any notification my account is being switched. And if they were changing all grandfathered accounts they'd still contact the account holders on the grandfathered accounts (like you) with proper notification about being switched rather than just sending them a brochure that doesn't even mention their account type.

Granted that doesn't mean in August they can't send another notification saying my account is being switched lol. But that's the unfortunate nature of these accounts, they can change the terms to whatever the hell they want.

So I'm not quite sure how you know I'll be receiving a letter (if you have some kind of insider info I'd love to hear it) or that they don't normally mention grandfathered accounts (in fact the last few times they changed how account balances worked they listed ALL the grandfathered account types and how the changes would impact them, ie. last April).
Sr. Member
Jul 28, 2008
720 posts
78 upvotes
Toronto
Dynasty12345 wrote:
Jun 23rd, 2017 9:38 pm
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
CIBC's account fees are competitive with other major FIs. If anything, the Smart account is better than its competitors, as it sets a cap to the monthly fee.

Also, $4.95 is for 12 transactions. I understand you're probably upset about the fee changes, but at least get your facts right.
Newbie
Jun 18, 2015
18 posts
1 upvote
Toronto, ON
I just feel sad to close my first 12 year old chequing account. I've always been staying with CIBC only because it was the only bank that has a branch in my college campus 12 years ago. I should have switched long time ago.
Member
Nov 28, 2013
496 posts
221 upvotes
mosh10 wrote:
Jun 26th, 2017 9:51 am
I just feel sad to close my first 12 year old chequing account. I've always been staying with CIBC only because it was the only bank that has a branch in my college campus 12 years ago. I should have switched long time ago.
Same reason why I opened CIBC years ago.

Waterloo?
Newbie
Jun 18, 2015
18 posts
1 upvote
Toronto, ON
Scubatorx wrote:
Jun 26th, 2017 6:27 pm
Same reason why I opened CIBC years ago.

Waterloo?
LOL yeah student life center
Deal Addict
User avatar
Dec 14, 2007
2273 posts
912 upvotes
TrevorK wrote:
Jun 27th, 2017 10:26 pm
Banking in Canada is a "successful service" so I fail to see why you discredit their business model when it is clearly working.

It's nice that some companies offer stripped down versions of their premium service for free. That's great. Other companies do not. And those companies, like Canadian banks, are extremely successful at what they do. All companies should make money where they can, that is their goal. If you want public welfare to be the first goal then you should be lobbying for it to be government run.

What is archaic is the thought that one business model fits all businesses, and that is unfortunately the downfall of many businesses who spend billions offering their services/content for free while they wait to figure out how to actually make money off of it. If there is a business model that allows for free bank accounts it will occur.
You obviously haven't noticed how much profit banks have raked in... they can afford to offer free basic banking. There is no reason to nickel and dime. They are successful in part because much of their risk has been absorbed by Canadian taxpayers. It's pure greed.
I'd love to write history... in advance.
AMEX Biz Plat 75K :: Personal Plat 60K :: Biz Gold 40K :: Personal Gold 25K :: SPG 20K
Member
User avatar
Oct 19, 2016
411 posts
136 upvotes
Toronto
We customers should vote with our actions.
Lets NOT do what CIBC wants us to do. They want us to open "smart account"...instead lets keep what we have or close the account.

atomiton wrote:
Jun 28th, 2017 2:23 am
You obviously haven't noticed how much profit banks have raked in... they can afford to offer free basic banking. There is no reason to nickel and dime. They are successful in part because much of their risk has been absorbed by Canadian taxpayers. It's pure greed.
Deal Addict
User avatar
Sep 7, 2004
3202 posts
450 upvotes
GTEH!
mrtrump wrote:
Jun 28th, 2017 7:55 am
We customers should vote with our actions.
Lets NOT do what CIBC wants us to do. They want us to open "smart account"...instead lets keep what we have or close the account.
Yup. Closing CIBC Everyday Account and looking to BMO or TD, where they have similar account AND will waive monthly fee if MB is $2K
😎
Deal Addict
User avatar
Jun 19, 2009
4526 posts
732 upvotes
Scarborough
I will be closing my account as well. I left $1000 in the account as I was exempt from fees due to the "student" discount but that expired last year and I've been being charged all this time Smiling Face With Horns
Deal Guru
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Aug 8, 2012
10198 posts
3815 upvotes
BC
Webhead wrote:
Jun 28th, 2017 9:17 am
Yup. Closing CIBC Everyday Account and looking to BMO or TD, where they have similar account AND will waive monthly fee if MB is $2K
Switching to another big5 is fine with them. If all the disgruntled big5 customers keep trading places they are happy.

You need to switch to EQ or someone else to make any real difference.
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...)
Deal Addict
User avatar
Sep 7, 2004
3202 posts
450 upvotes
GTEH!
ace604 wrote:
Jun 28th, 2017 8:28 pm
Switching to another big5 is fine with them. If all the disgruntled big5 customers keep trading places they are happy.

You need to switch to EQ or someone else to make any real difference.
Already have EQ & Alterna & Achieva & Tangerine & PC financial & etc.
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