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
Deal Guru
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Aug 8, 2012
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BC
Webhead wrote:
Jul 1st, 2017 9:47 am
Already have EQ & Alterna & Achieva & Tangerine & PC financial & etc.
Why do you want BMO or TD then?
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Deal Addict
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Sep 7, 2004
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GTEH!
ace604 wrote:
Jul 1st, 2017 9:03 pm
Why do you want BMO or TD then?
I have the CIBC Account because I needed it for cashing out some old CSB (high value) and they wouldn't let me unless I had an account. I could've cashed it out at PCF, but wasn't comfortable depositing CSB into an ATM.
Maybe I don't need an account with BMO or TD. Have to think about it.
😎
Jr. Member
Jul 12, 2015
104 posts
13 upvotes
TO
Closed my Chequing account with CIBC yesterday.

Currently only managing PCF accounts and a BMO Cheque/Savings account that I had opened from my school days.
Jr. Member
Jul 26, 2007
181 posts
72 upvotes
Call in to make sure you don't have super-duper old Personal Chequing Account or Waive Account. Apparently those are NOT being changed. They remain grandfathered.

(Don't trust your branch to know.)
Sr. Member
Mar 10, 2010
969 posts
121 upvotes
Has anybody had any lucky getting the $300 to switch their old accounts to the CIBC smart acct? I know they'll try to weasel out with the "new accounts" only language but it's the least they can do since they're taking our interest earning and no-fee accounts away...
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Aug 8, 2012
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Clacker wrote:
Jul 10th, 2017 11:15 pm
Has anybody had any lucky getting the $300 to switch their old accounts to the CIBC smart acct? I know they'll try to weasel out with the "new accounts" only language but it's the least they can do since they're taking our interest earning and no-fee accounts away...
LOL, that's a good joke.
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...)
Newbie
Mar 16, 2004
58 posts
40 upvotes
Toronto
Bye bye CIBC. You won't be missed. Closing my chequing account soon.
Member
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Nov 16, 2008
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For those of you who have the MenuPlus... I called in last week (the number at the back of the card) and apparently they're not touching my account according to the rep. Would be worth a call-in.
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Feb 10, 2004
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Toronto
hamachi wrote:
Jul 24th, 2017 1:17 pm
For those of you who have the MenuPlus... I called in last week (the number at the back of the card) and apparently they're not touching my account according to the rep. Would be worth a call-in.
I called in as well and was told the same thing.... however I got a call just now from my Bank saying otherwise and that it will be converted.
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Nov 16, 2008
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killer_chan wrote:
Aug 10th, 2017 2:07 pm
I called in as well and was told the same thing.... however I got a call just now from my Bank saying otherwise and that it will be converted.
Did you end up talking to your bank? what did they say about what the other rep said about the account?
Deal Addict
Apr 13, 2006
4082 posts
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Just realized how close to September we're getting... how fares everyone else's move? Where you going to?
All cash, under the bed? :P I have RRSP's with CIBC, I know this doesn't impact those RRSP's but I might as well take all my business elsewhere... what a pain
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Jun 30, 2010
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Vaughan
So I was thinking of closing my CIBC account as I only keep it around as a backup. But I have decided to keep it based on the following logic. So I purposely keep $2100 in the account to avoid the $3.95 fee and $100 extra as backup. If I were to transfer $2k to EQ (or Tangerine during promos), $2k @ 2.3% = $3.83/month. When you factor in the $3.83 being a taxable income, you get $2.5-$3 per month in interest. So the actual net loss is only $1-1.5. Yes, it really does suck giving CIBC $3.95 per month, but I think for the net loss of $1-1.5, its worth keeping it as a backup account. At least it makes sense for me as CIBC is the only of the major 5 banks that I have an account with.
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Feb 25, 2014
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cloakster wrote:
Aug 10th, 2017 6:49 pm
So I was thinking of closing my CIBC account as I only keep it around as a backup. But I have decided to keep it based on the following logic. So I purposely keep $2100 in the account to avoid the $3.95 fee and $100 extra as backup. If I were to transfer $2k to EQ (or Tangerine during promos), $2k @ 2.3% = $3.83/month. When you factor in the $3.83 being a taxable income, you get $2.5-$3 per month in interest. So the actual net loss is only $1-1.5. Yes, it really does suck giving CIBC $3.95 per month, but I think for the net loss of $1-1.5, its worth keeping it as a backup account. At least it makes sense for me as CIBC is the only of the major 5 banks that I have an account with.
Why don't you open loc with cibc and use it as chequing acct
Oh sada kehra bapu karda black nee, Jehra tere shahir (Toronto), Le lawan flat nee
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Jun 30, 2010
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Vaughan
MehtabS wrote:
Aug 10th, 2017 7:10 pm
Why don't you open loc with cibc and use it as chequing acct
That's the plan for the future. For now I am trying to keep my credit checks and unused credit to a minimum as I plan to apply for my first mortgage within the next 1-2 years.
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Dec 17, 2008
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cloakster wrote:
Aug 10th, 2017 7:26 pm
That's the plan for the future. For now I am trying to keep my credit checks and unused credit to a minimum as I plan to apply for my first mortgage within the next 1-2 years.
If it's still a year away - you probably would be ok with a credit inquiry now (if your score is good)
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