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National Bank

$1,000/$450 cashback when you open a new bank account package

  • Last Updated:
  • Mar 20th, 2018 11:10 am
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Jr. Member
Jan 19, 2016
174 posts
63 upvotes
Winnipeg
mbmbkop wrote: Interesting... Just to double check.. Those are virtuoso accounts and the bank confirmed that you are still qualified for this promo even though they are waiving your fees?
Yes that's what the representative at the bank said
Deal Guru
Aug 5, 2006
10747 posts
7905 upvotes
Global Village
ntcse1 wrote: Yes that's what the representative at the bank said
I wouldn't trust what the person at the branch told you in this case. T&C specifically state "These offers ... may not be combined or used in conjunction with each other or with any other National Bank offer or promotion." Once you complete all the necessary steps & notify your rep they will submit what they need to and their head office will most likely deny the claim.

I would call the general NBC phone number and ask to confirm with their head office if your no-fee chequing account is indeed eligible for the Virtuoso bonus as well.
Jr. Member
Jan 19, 2016
174 posts
63 upvotes
Winnipeg
I think I would rather not flag the account as no fee but may try to get the rep to confirm over email that we are still ok. Others have shown with bank promotions that often the system doesn't automatically detect these situations or that the bank reps allow for things that may not seem possible with the online info. I will wait for it to be setup, make 2 payments and then confirm with NBC that I completed all the steps. It's no risk anyway - if they don't pay I close the accounts and thats it for NBC forever - no use locking a big sum of money for 2 years with a bank that doesn't keep their word.
Member
Mar 9, 2008
496 posts
43 upvotes
Is it advisable to apply to the WE first given that you must sign up before July 15 and then deal with the rest of the paperwork for the account after, or do you have to do it all at the same time and you need to do the entire application process including signing up for the credit card at the same time? The Echo isn't a bad card to take on, but if you're gonna do a pull...
Member
Sep 10, 2015
241 posts
71 upvotes
Edmonton, AB T6X 1B7
YMMV, but this email I wrote to NB summarized the experience I've had with the bank...

Hi,

I've recently opened an account in your Edmonton Branch in order to take advantage of your Welcome Package (Individual Package) of $ 450.00, for opening "1 Virtuoso® package chequing account" and "1 National Bank MasterCard® credit card" I seem to be having difficulties with both my chequing account and credit card account. Can you please see if you can help me?

1. Chequing account...I have opened the chequing account as required. The agent from your branch is aware of the promo I wanted and we have talked about the minimum $5K required for the account fee to be waived. When I saw that a service charge is tagged on to my account, I wrote to the agent (2 days ago), but did not hear back from him. I think maybe he opened the wrong account for me as your regular chequing account carry a $1.25 service charge but your Virtuoso account does not? I am a brand new customer and don't know if your different accounts has different indicators so I don't know if my guess is right.

2. Credit card...when I was at the branch opening the accounts, the agent told me I cannot use the World Elite Master Card that you offer (which is my preference) to satify your rules for your promo. Instead, I was told to apply for the World Elite Mastercard, AND also apply at the same time, the Edition Mastercard, which he said DOES qualify for the promo, and keep both cards. I have done so, and received both cards. Unfortunately, your Mastercard people decided to cancel my Edition Mastercard, thinking since I applied for the World Elite card, that I didn't want the other??? That would be fine with me, as long as I can still use the World Elite to qualify for the $450 promo. I wrote through this medium to ask, but the reply is that "We are currently performing the necessary verifications regarding the $50 cashback offer with the appropriate department and will provide an answer to your e-mail as soon as possible". LOL, I have no idea what the $50 cashback offer is...is it a typo and you meant the $450 cashback offer? Or do you actually have a separate $50 cashback offer for the Mastercard that I was not aware of?

Please let me know of your findings. I would like this to be cleared up as soon as possible.
Deal Addict
Dec 27, 2013
2147 posts
959 upvotes
LizzieEdm wrote: YMMV, but this email I wrote to NB summarized the experience I've had with the bank...

Hi,

I've recently opened an account in your Edmonton Branch in order to take advantage of your Welcome Package (Individual Package) of $ 450.00, for opening "1 Virtuoso® package chequing account" and "1 National Bank MasterCard® credit card" I seem to be having difficulties with both my chequing account and credit card account. Can you please see if you can help me?

1. Chequing account...I have opened the chequing account as required. The agent from your branch is aware of the promo I wanted and we have talked about the minimum $5K required for the account fee to be waived. When I saw that a service charge is tagged on to my account, I wrote to the agent (2 days ago), but did not hear back from him. I think maybe he opened the wrong account for me as your regular chequing account carry a $1.25 service charge but your Virtuoso account does not? I am a brand new customer and don't know if your different accounts has different indicators so I don't know if my guess is right.

2. Credit card...when I was at the branch opening the accounts, the agent told me I cannot use the World Elite Master Card that you offer (which is my preference) to satify your rules for your promo. Instead, I was told to apply for the World Elite Mastercard, AND also apply at the same time, the Edition Mastercard, which he said DOES qualify for the promo, and keep both cards. I have done so, and received both cards. Unfortunately, your Mastercard people decided to cancel my Edition Mastercard, thinking since I applied for the World Elite card, that I didn't want the other??? That would be fine with me, as long as I can still use the World Elite to qualify for the $450 promo. I wrote through this medium to ask, but the reply is that "We are currently performing the necessary verifications regarding the $50 cashback offer with the appropriate department and will provide an answer to your e-mail as soon as possible". LOL, I have no idea what the $50 cashback offer is...is it a typo and you meant the $450 cashback offer? Or do you actually have a separate $50 cashback offer for the Mastercard that I was not aware of?

Please let me know of your findings. I would like this to be cleared up as soon as possible.
Thanks for sharing. This helped me decide if I am going to make use of this promo or not... you can guess what my decision was :)
Deal Addict
Mar 12, 2016
1328 posts
1337 upvotes
The monthly fee for the checking account is $24.95, you need open two to get the $1000
so your bank fees will be $24.95 times 2 for 2 yrs
Deal Addict
Apr 27, 2005
2449 posts
1639 upvotes
Montreal
treasureseeker3 wrote: My experience with National Bank says that you should all run away from them.

They started charging a monthly service fee part way through my 5 year closed mortgage. They offered a line of credit for free with the mortgage and then even though I hadn't used it, started charging a monthly service fee on the line of credit

I've made about 8 calls to CSRs and keep being told I'll be called back by someone who can deal with it and nobody has called.

Some CSRs thought it could be reversed and some thought I'd have to cancel my mortgage and incur a early termination penalty fee of about $3200 .. but nobody had any authority to do anything.

Worst customer service I've had from ANY company.
I've even pointed out to them that they should offer
I have had every possible banking product with them over the years. I can confirm that banking with National Bank is almost as bad as banking with Caisse Desjardins or other regional banks. They don't have enough customers to hire people with the expertise to handle problems. I used a World MasterCard and a company sent me a $2 product when I had ordered a $300 product. I tried to launch a dispute and they told me that since there was a tracking number, there was nothing I could do. I asked to speak to the dispute resolution team and was told that they don't speak to customers. I threatened to cancel my account, so they transferred me over to Dispute Resolution, only to discover that the person has five different jobs and is an expert in none of them. I literally had to call Dispute Resolution at BMO to ask them for advice on how to deal with National Bank! They told me that National Bank should have issued a refund immediately. To put things into perspective, National Bank has TWO people in the MasterCard Dispute Resolution department. In comparison, BMO has 42 people in their dispute resolution department, RBC has 66.

I once paid for a $2200 cruise with my BMO MasterCard. The cruise served slightly moldy bread. I disputed the charge and BMO connected me with a true Dispute Resolution expert with real expertise who got me a full refund so I got the entire cruise for free!

The only thing I use my National Bank World MC for is for travel medical insurance. Don't use them for anything else. If you have a problem with them, nobody has the authority to make it right. I pay for all my purchases, cruises, hotels, etc on credit cards from big banks.
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Member
Sep 10, 2015
241 posts
71 upvotes
Edmonton, AB T6X 1B7
malcom1666 wrote: The monthly fee for the checking account is $24.95, you need open two to get the $1000
so your bank fees will be $24.95 times 2 for 2 yrs
With the Virtuoso account, bank fees are waived if you keep a minimum balance of $5000. I've had a larger balance than that from day one. The $1.25 fee they charged me was the indicator to me that they opened the wrong account.
Member
Sep 10, 2015
241 posts
71 upvotes
Edmonton, AB T6X 1B7
deal_king wrote: "they transferred me over to Dispute Resolution, only to discover that the person has five different jobs and is an expert in none of them.
One of his other jobs must be Marketing! I just got an email from NB, stating that they are still waiting for their Marketing department to let them know whether I can use the World Elite to satisfy the promo condition, SINCE MONDAY!

deal_king wrote: "The only thing I use my National Bank World MC for is for travel medical insurance. Don't use them for anything else. If you have a problem with them, nobody has the authority to make it right. I pay for all my purchases, cruises, hotels, etc on credit cards from big banks.
Lesson learned. I will give them a chance to fix all this since I've already gotten this far. But the next time I have to write them to fix something, I'm going to cancel the whole thing.
Deal Fanatic
Aug 25, 2010
5314 posts
1251 upvotes
I've been with NBC for decades (I have a Virtuoso account and MC World) but I've been moving everything to Tangerine. Haven't had issues with service, but having to keep 5k in the account to avoid fees bugs me. I like the MC World for the travel insurance, and the fact that you can redeem points against travel expenses without restrictions, and I use it for purchases not covered by my Tangerine card's 2% categories. That said, I don't use it nearly enough to justify the $125 annual fee. I'm planning to cancel the account/card next October and find an alternate no fee card.
Deal Guru
User avatar
Aug 8, 2012
10198 posts
4028 upvotes
BC
LizzieEdm wrote: One of his other jobs must be Marketing! I just got an email from NB, stating that they are still waiting for their Marketing department to let them know whether I can use the World Elite to satisfy the promo condition, SINCE MONDAY!




Lesson learned. I will give them a chance to fix all this since I've already gotten this far. But the next time I have to write them to fix something, I'm going to cancel the whole thing.
mbmbkop wrote: Thanks for sharing. This helped me decide if I am going to make use of this promo or not... you can guess what my decision was :)
Ditto and thanks.

*This* is why you don't jump on every promo on day 1. Let it stew on RFD for a while and see what the kinks are.

Perfect examples here ... NBC: customer issues - bad. BMO: Tangerine=Direct Deposit? great!

Thanks to the whole RFD community for beta testing all the promos :D
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Member
Sep 10, 2015
241 posts
71 upvotes
Edmonton, AB T6X 1B7
ace604 wrote: Ditto and thanks.

*This* is why you don't jump on every promo on day 1. Let it stew on RFD for a while and see what the kinks are.

Perfect examples here ... NBC: customer issues - bad. BMO: Tangerine=Direct Deposit? great!

Thanks to the whole RFD community for beta testing all the promos :D
You're welcome! I've gotten great tips from all of you since I've started following the threads, I don't mind when it's my turn to be the Guinea pig :)
Member
Mar 9, 2008
496 posts
43 upvotes
These comments have put me off (for now) as well. The WE really doesn't seem worth it to scramble for unless you travel quite frequently. The $450 deal itself is still (kind of) warm to park $5K; the hassle (and deal-killing risk, apparently) of trying to get the WE MC does not seem as worthwhile. If this card was so great already, it hasn't exactly set the RFD world on fire, otherwise it wouldn't have necessitated this cashback promo to bring general interest to it again. Just my 2c, but it seems the WE and this deal are mutually exclusive (as it doesn't even qualify as part of the promotion) so I think it's confusing to people to include it in the OP. It just seems like there's no reason to tie the WE MC to this deal in the same thread as they are separate promotions IMO...
Member
Sep 10, 2015
241 posts
71 upvotes
Edmonton, AB T6X 1B7
svelten wrote: These comments have put me off (for now) as well. The WE really doesn't seem worth it to scramble for unless you travel quite frequently. The $450 deal itself is still (kind of) warm to park $5K; the hassle (and deal-killing risk, apparently) of trying to get the WE MC does not seem as worthwhile. If this card was so great already, it hasn't exactly set the RFD world on fire, otherwise it wouldn't have necessitated this cashback promo to bring general interest to it again. Just my 2c, but it seems the WE and this deal are mutually exclusive (as it doesn't even qualify as part of the promotion) so I think it's confusing to people to include it in the OP. It just seems like there's no reason to tie the WE MC to this deal in the same thread as they are separate promotions IMO...
The thing is...just because MY bank agent said it doesn't qualify, doesn't really mean it doesn't qualify!!! I was told what I was told, and when I got home and really researched the deal conditions, I came to the conclusion that the WE must be disqualified because the $450 deal cannot be combined with any other promo. BUT...Scoper was able to get the Echo card, which also has a promo on right now, and ntcse1 was able to get his bank fee waived, which surely is a bank offer.

Don't know who to believe? Try calling the bank rep! Oh, never mind, the bank rep called their marketing department to get clarification, but marketing hasn't replied them IN FOUR DAYS! :facepalm: :evil: :cry: :D :D
Deal Addict
Apr 27, 2005
2449 posts
1639 upvotes
Montreal
JustBob wrote: I've been with NBC for decades (I have a Virtuoso account and MC World) but I've been moving everything to Tangerine. Haven't had issues with service, but having to keep 5k in the account to avoid fees bugs me. I like the MC World for the travel insurance, and the fact that you can redeem points against travel expenses without restrictions, and I use it for purchases not covered by my Tangerine card's 2% categories. That said, I don't use it nearly enough to justify the $125 annual fee. I'm planning to cancel the account/card next October and find an alternate no fee card.
LizzieEdm wrote: One of his other jobs must be Marketing! I just got an email from NB, stating that they are still waiting for their Marketing department to let them know whether I can use the World Elite to satisfy the promo condition, SINCE MONDAY!

Lesson learned. I will give them a chance to fix all this since I've already gotten this far. But the next time I have to write them to fix something, I'm going to cancel the whole thing.
ace604 wrote: Ditto and thanks.

*This* is why you don't jump on every promo on day 1. Let it stew on RFD for a while and see what the kinks are.

Perfect examples here ... NBC: customer issues - bad. BMO: Tangerine=Direct Deposit? great!

Thanks to the whole RFD community for beta testing all the promos :D
svelten wrote: These comments have put me off (for now) as well. The WE really doesn't seem worth it to scramble for unless you travel quite frequently. The $450 deal itself is still (kind of) warm to park $5K; the hassle (and deal-killing risk, apparently) of trying to get the WE MC does not seem as worthwhile. If this card was so great already, it hasn't exactly set the RFD world on fire, otherwise it wouldn't have necessitated this cashback promo to bring general interest to it again. Just my 2c, but it seems the WE and this deal are mutually exclusive (as it doesn't even qualify as part of the promotion) so I think it's confusing to people to include it in the OP. It just seems like there's no reason to tie the WE MC to this deal in the same thread as they are separate promotions IMO...
LizzieEdm wrote: The thing is...just because MY bank agent said it doesn't qualify, doesn't really mean it doesn't qualify!!! I was told what I was told, and when I got home and really researched the deal conditions, I came to the conclusion that the WE must be disqualified because the $450 deal cannot be combined with any other promo. BUT...Scoper was able to get the Echo card, which also has a promo on right now, and ntcse1 was able to get his bank fee waived, which surely is a bank offer.

Don't know who to believe? Try calling the bank rep! Oh, never mind, the bank rep called their marketing department to get clarification, but marketing hasn't replied them IN FOUR DAYS! :facepalm: :evil: :cry: :D :D
You guys need to stop this nonsense of going to all this trouble simply for the $450 in kickbacks. As I expressed earlier in detail, my decade of experience with National Bank has taught me a lot.

There are only TWO products at NBC that are RFD-worthy:

1. the free banking package for engineering and medical students, licensed engineers and doctors. You get to bank for free and get the Platinum card for free for the first two years.
2. The Platinum/World/World Elite cards for their travel insurance (if you don't have travel insurance with work). These cards offer 60 days of travel insurance for unlimited trips throughout the year. The best you can get from other banks is 7-21 days. For example, the cheapest travel insurance I found for a two month trip to Australia was $484. With the NBC MasterCard, it is included in the $125 fee. On top of this, you get 1.25% cashback. It also offers triple warranty and 6 months of purchase protection which I completely abuse. Every other bank only offers 2x warranty and 3 months of purchase protection.


If you're going to use these features, then YES, the MasterCard is amazing and truly worth the fee.
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Deal Addict
Jul 21, 2005
1384 posts
576 upvotes
I signed up for the individual package: Virtuoso + Echo MC credit card.
I was told by the branch rep the Echo card comes with the 3% bonus for 3 months.

Everything seems OK, until I ask for clarification on step #2, which reads:
By October 17, 2016, sign up for and carry out a salary deposit or any other recurring direct deposit to your new account; OR by October 17, 2016, make two bill payments (preauthorized debits or bill payments via our electronic banking solutions) using your new account.
Now my understanding of the above term is that two non-recurring bill payments done before Oct 17 2016 (and never again) would qualify completion of step #2.
However when I spoke to 4 different reps (branch/email/phone (twice)), 3 of the 4 reps told me the bill payments have to be recurring for 2 years (either you do them as a PAD or set them up as recurring online bill payments via National Bank online banking).
That got me a bit upset and I debated with the reps over the grammar of the terms and how it was not clear enough the bill payments had to be recurring. Regardless, the reps held their ground saying it was recurring bill payments or PADs for 24 months.

If the T&C read in step #2 with the word "recurring" and read as "...make two recurring bill payments...", then yes it clearly reads I need to do the bill payments monthly.
Am I the only one that understood the qualifying conditions as just 2 non-recurring bill payments before Oct 17 2016 for step# 2?

In any case, I suggest those who have understood it as two non-recurring bill payments (like I have) to contact your NBC rep and ask for clarity to ensure your eligibility at the end of the promotion.
Last edited by Warped on Aug 24th, 2016 12:56 am, edited 2 times in total.
Deal Addict
Jan 31, 2016
2297 posts
2777 upvotes
Toronto, ON
As OP, I am wondering, has anybody had a posiitive experience with this deal? All I am reading are negative posts, hurdles etc. Did anyone have a easy time getting the promo?
Deal Addict
Nov 18, 2012
1733 posts
727 upvotes
Toronto
Anyone already got the 450 cash by this promo? I suppose had finished the quest but still nothing show up on my account.
Simple is the best.

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