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CIBC

Promo - Get $400 cash back with new VISA and new bank account

  • Last Updated:
  • Feb 7th, 2017 1:37 pm
Deal Addict
Feb 12, 2010
4578 posts
1999 upvotes
AB
Applied for Tim Hortons Visa: July 3
Chequing Account Opened: July 25
Bill Payment: July 28 ($1 to Cap1)
1st PAD: American Express -> July 29 ($1)
2nd PAD: Tangerine -> July 30 ($1)
SERVICE CHARGE for July -> $1.57
It probably didn't matter anymore, but I had another round of PADs done again at the end of the month, so:
3rd PAD: Tangerine -> Aug 29 ($1)
4th PAD: American Express -> Sept 02 ($1)
then there was another SERVICE CHARGE for August -> $6.96
The plan is now to close the checking by transferring funds to Visa, and avoid more service charges for the checking.
Deal Expert
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Feb 24, 2008
15587 posts
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Gatineau
berniebennybernard wrote: Hi Djino,

I made a CIBC Everyday® Chequing account back in February.. do you think it's possible to get the $400 without making a new account?

What are my options? I read the giant sticky post you made, but it doesn't say anything about those with preexisting accounts.

Thanks
Hey Berniebennybenard, it may help if you actually go back and read a few posts back (near the top of this page) before reposting your question over and over again. You may find that it has already been answered by me. :)

djino
"Just sayin'"
Deal Fanatic
Aug 15, 2003
8946 posts
446 upvotes
Toronto
djino wrote: Like I mentioned previously, it doesn't matter where the money is going too, as long as the transaction is being initiated by the external provider to debit your CIBC account = PAD.

I have never known Scotia/TD to have such options on their checking account. I had a TD Account in June/July during their Tablet promo, and do not recall seeing a bank transfer option that would allow one to setup to debit an outside bank account to transfer into the TD Account. If you say there is such an option, I'd like to see screenshots of you being able to setup a Scotia/TD PAD on the CIBC Account. It would likely be useful to others here who are looking for easy PADs to do.

djino
Can't do it online but you can do it in person.... if you go to the teller you can obtain the physical PAD form, sign it, and bring it to Scotia or TD to authorize them as the external provider to debit the CIBC account. That's my thinking. I've done it between Scotia and TD so I don't see why i can't do it between CIBC.
Deal Expert
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Feb 24, 2008
15587 posts
7027 upvotes
Gatineau
djino wrote: DJINO's SUGGESTED STEPS FOR BECOMING ELIGIBLE (1) Apply for the CIBC Tim Hortons Double Double Visa online.
(1a) 1-2 Days later, call CIBC phone number listed in the email you would have received containing your reference number and see if you have been approved
(1b) (QUEBEC CLIENTS ONLY) you will likely be told once you call in, that they are sending something in the mail for you to sign before they can process your online application. Some stupid CIBC Quebec policy (as it does not apply to any other credit card applications from other companies). To speed things along, you can visit any CIBC Branch with the reference number, and have the Teller provide you with a blank Credit card application to sign, and have them then fax that back to the CIBC application centre.
ALL DONE! July 16th, 2014
djino wrote: (2) Once you have been approved for the CIBC Tim Hortons Visa, Visit a CIBC Branch to apply for the "Everyday Plus" Chequing account (cost $9.95/month)
(2a) (Optional) . Open up the eAdvantage Savings account + Overdraft Protection on the "Chequing" account to save 30% off of the checking account fee
(2b). Make an initial deposit to take care of at least 3 months of fees + $7 (To take care of 3 months of PADs and the one bill payment)
ALL DONE! July 29th, 2014
djino wrote: (3) Make a $1 Bill Payment to any company you do business with OR send yourself a free Interac e-Transfer.
- Click here if you are not familiar with sending/receiving Interac e-Transfers.
BILL PAYMENT DONE! July 29th 2014
djino wrote: (4) Setup your $1 PADs for any 2 Companies - The Companies list below are the easiest PADs to setup that only require you to submit your CIBC account info online. Others not listed below may require you to mail/fax a VOID CHEQUE of your CIBC account info.
(4a) Link your CIBC account with your Tangerine and have Tangerine setup a $1 ongoing monthly transfer going from CIBC into your Tangerine account
(4b) Add your CIBC Account to your American Express online account, and have AMEX withdraw $1 every month from your CIBC Account.
(4c) Make a monthly online $1 donation to the World Wildlife Fund Canada. EDIT: I am told now, that this is a $5 Minimum PAD.
(4d) Make a monthly online $1 donation to the Christian Children's Fund of Canada
(4e) Make a monthly online $1 donation to the Calgary Humane's society. EDIT: I am told now, that this is a $5 Minimum PAD.
(4f) Add your CIBC Account to your Hydro Quebec online account. Setup $1 each month to be withdrawn from CIBC.
(4g) Other online easy PAD setups include: RoyalBank Visa, Royalbank Mastercard, Canadian Tire Mastercard, Rogers, Bell, Telus, Shaw, and WIND MOBILE (PAY AFTER Clients only).
Tangerine & American Express PAD DONE! August 1st, 2014 & August 20th 2014 respectively
djino wrote: (5) (Optional) Get your free $20 Tim Cash welcome bonus by spending $200 on the Tim Hortons Visa
(5a) Purchase a $200 Gift Card at a place you normally shop at (I plan to purchase a Costco Cash Card from Costco.ca with the CIBC Tim Hortons Visa Card)
Received CIBC Tim Hortons Visa Card September 8th, 2014. Purchasing $200 Costco Cash Card this afternoon. September 9th, 2014
djino wrote: (6) Once $400 Bonus is received (Can take up to 12 weeks), close accounts in the proper order to avoid fees.
RECEIVED!!! September 9th, 2014
djino wrote: (6a) Call all the companies you setup PADs with, to put a stop on all future PADs and have them remove your CIBC Chequing info.
Just removed my CIBC Account info from Tangerine & American Express. Put a stop to all future PADs. DONE!! September 9th, 2014
DONE! Balance remaining is $200. September 9th, 2014
djino wrote: (6c) Call in and ask that they close your chequing account and transfer the remaining $200 towards your CIBC Tim Hortons Visa (as per step #5)
Planning to do this on Thursday or Friday (Whenever $200 Costco Purchase has been posted to my Visa Account.
djino wrote: (6d) Once $200 payment to Visa is confirmed, close Tim Hortons Visa
Planning to postpone this until October/November, once I have been able to spend the $32 Tim Cash (I rarely go to Tim Hortons).
djino wrote: (6e) (If you opened up a Savings account as per Step #2a) Wait until 90 days has elapsed since the account has been opened, and call in to close it.
Planning to close the Savings account on October 29th (90 Days since it has been opened).

djino
Sr. Member
Jan 23, 2009
946 posts
1932 upvotes
Ontario
+1
$400 received account opened jul 29

Question the terms stated something about the 12 weeks remain open - can we close the account now or should we wait for the 12 weeks to be save I want to downgrade to CIBC Everyday Chequing Account 1k will wave the fee - any idea ?
Deal Addict
Dec 28, 2007
1567 posts
1264 upvotes
djino wrote: Applied for Tim Hortons Visa: July 16th, 2014
Chequing Account Opened: July 29th, 2014
Bill Payment: July 29th, 2014
1st PAD: Tangerine -> August 1st, 2014
2nd PAD: American Express -> August 20th, 2014
1st PAD (Recur): Tangerine -> September 2nd, 2014
I did the same transactions on almost the same dates (plus another PAD to Canadian Tire MC), but no bonus yet.
Deal Expert
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Feb 24, 2008
15587 posts
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Gatineau
agit wrote: +1
$400 received account opened jul 29

Question the terms stated something about the 12 weeks remain open - can we close the account now or should we wait for the 12 weeks to be save I want to downgrade to CIBC Everyday Chequing Account 1k will wave the fee - any idea ?
The "Up to 12 weeks" in the terms is the time frame for waiting to receive the bonus. There are no requirements for keeping the bonus in the account nor for how long to keep the account opened. You can close immediately.

djino
"FYI, there is a $20 fee for closing Chequing/Savings account if it has been opened under 90 Days. You can have the $20 fee waived, if you transfer your balance to another CIBC Account (i.e., the Tims Visa card) on account closing"
Member
Apr 22, 2005
444 posts
252 upvotes
Maple
Just got $400 here as well. Applied to visa and chequing on Jul 9th
Sr. Member
Jan 23, 2009
946 posts
1932 upvotes
Ontario
djino wrote: The "Up to 12 weeks" in the terms is the time frame for waiting to receive the bonus. There are no requirements for keeping the bonus in the account nor for how long to keep the account opened. You can close immediately.

djino
"FYI, there is a $20 fee for closing Chequing/Savings account if it has been opened under 90 Days. You can have the $20 fee waived, if you transfer your balance to another CIBC Account (i.e., the Tims Visa card) on account closing"

[QUOTE=Planning to close the Savings account on October 29th (90 Days since it has been opened).

djino"[/quote]

then why you'r waiting for the 90 days you can transfer the balance to the saving account and avoid the $6.95 monthly fee
Deal Addict
Mar 13, 2008
1906 posts
1000 upvotes
djino wrote: Hey Berniebennybenard, it may help if you actually go back and read a few posts back (near the top of this page) before reposting your question over and over again. You may find that it has already been answered by me. :)

djino
"Just sayin'"
Thanks, I didn't see your reply so I apologize.

Actually, I just noticed that my account is an Everyday Chequing account, and your post states that we need to make an Everyday Plus Chequing account. Do you think in this case that it would be applicable to the promo?
Sr. Member
Apr 20, 2008
747 posts
975 upvotes
djino suggestion is to pull a PAD from my own tangerine account, can I also use my friend tangerine account to pull fund as well? so 1 bill payment and 2 PAD from tangerine (2 different account)... or that doesnt work since tangerine is the same bank/company?
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Feb 24, 2008
15587 posts
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Gatineau
agit wrote: then why you'r waiting for the 90 days you can transfer the balance to the saving account and avoid the $6.95 monthly fee
I'm waiting 90 Days to close the "Savings Account". There is no monthly fee for the savings account, so keeping that open for that time is of no issue. Closing it before the 90 Days would incur a $20 fee.

The chequing account would also incur a $20 fee if closed before the 90 Days. But I do not wish to wait the 90 days since there is a monthly fee being charged to that account. The $20 Fee can be waived by transferring the existing balance on closing to another "CIBC Branded Product" such as the Tim Hortons Visa.

Since I will be charging $200 to the Tim Hortons Visa (I'm purchasing a $200 Costco Cash Card), I can simply leave $200 of the $400 left in the account and once I call CIBC to closing the Chequing (which I plan to do on Friday), I'll have them transfer the remaining $200 to the Visa as to avoid the $20 Fee and also to have paid off the Tim Visa card.

djino
"Make sense?"
Deal Addict
Jul 24, 2012
1073 posts
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hprockets wrote: Just got $400 here as well. Applied to visa and chequing on Jul 9th
For those who received the $400, have you received your Tim card yet? I'm wondering if we need to activate the tim card first in order to receive the $400. I applied for the visa card in mid July but still waiting for it. I already fulfilled the other requirements.
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Feb 24, 2008
15587 posts
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Gatineau
berniebennybernard wrote: Thanks, I didn't see your reply so I apologize.

Actually, I just noticed that my account is an Everyday Chequing account, and your post states that we need to make an Everyday Plus Chequing account. Do you think in this case that it would be applicable to the promo?
It doesn't matter what chequing account. If you had "Any" chequing account on July 2nd (when the promo began), you are not eligible.

Promo Terms
2. ELIGIBILITY:

These Offers are only offered to residents of Canada who: (i) have reached the age of majority; (ii) at the beginning of the Offers Period, were not a holder (or joint holder) of a CIBC chequing account,
The Offers period begins on July 2, 2014 at 12:01a.m. (EST) and ends on October 31, 2014 at 11:59 p.m. (EST) (the “Offers Period”).
djino
Sr. Member
Jan 23, 2009
946 posts
1932 upvotes
Ontario
djino wrote: I'm waiting 90 Days to close the "Savings Account". There is no monthly fee for the savings account, so keeping that open for that time is of no issue. Closing it before the 90 Days would incur a $20 fee.

The chequing account would also incur a $20 fee if closed before the 90 Days. But I do not wish to wait the 90 days since there is a monthly fee being charged to that account. The $20 Fee can be waived by transferring the existing balance on closing to another "CIBC Branded Product" such as the Tim Hortons Visa.

Since I will be charging $200 to the Tim Hortons Visa (I'm purchasing a $200 Costco Cash Card), I can simply leave $200 of the $400 left in the account and once I call CIBC to closing the Chequing (which I plan to do on Friday), I'll have them transfer the remaining $200 to the Visa as to avoid the $20 Fee and also to have paid off the Tim Visa card.

djino
"Make sense?"
Ok thanks - you'll close the chequing account this week and keep the saving account for 90 days - ok I may do the same thanks again and see you in the next promotion
Newbie
Aug 6, 2008
31 posts
1 upvote
Montreal
Applied for Tim Hortons Visa: July 5th, 2014
Checking Account Opened: July 30th, 2014
Bill Payment (Bell): July 30th, 2014
PAD (Hydro): August 25th, 2014
Rec'd 400$: September 9th, 2014
:D
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Feb 24, 2008
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198886 wrote: djino suggestion is to pull a PAD from my own tangerine account, can I also use my friend tangerine account to pull fund as well? so 1 bill payment and 2 PAD from tangerine (2 different account)... or that doesnt work since tangerine is the same bank/company?
I don't think its going to work since the Tangerine PAD Name would appear twice. <-- This would just act as 1 PAD that is recurring (instead of 2 Unique PADs).

djino
Deal Expert
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Feb 24, 2008
15587 posts
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Gatineau
Dealfinder111 wrote: For those who received the $400, have you received your Tim card yet? I'm wondering if we need to activate the tim card first in order to receive the $400. I applied for the visa card in mid July but still waiting for it. I already fulfilled the other requirements.
As mentioned in my summary post, only an approval is required to be eligible for the $400. You do not need to have the card in hand/activated. Just an approval.

djino
"Granted, I did receive the Card last night and the $400 Today"

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