Personal Finance

BMO Club Sobeys Bank Account - Grandfathered

  • Last Updated:
  • Jan 27th, 2023 12:33 am
Member
Aug 9, 2014
468 posts
109 upvotes
Toronto, ON
angel_wing0 wrote: Link to this "source" would be great.

BMO already grandfathered it, and now they want to shut it down? Damn.
They work at BMO, if it's true or not I guess we'll find out shortly
Deal Fanatic
User avatar
Dec 11, 2005
9290 posts
1646 upvotes
TO
Damn, that'd really suck - I guess I'll resort to Tangerine now that we can use scotia ABMs.
"You can't soar with the eagles if you're hanging with the turkeys - Gary Kent
Deal Addict
User avatar
Feb 14, 2006
1089 posts
161 upvotes
Toronto
angel_wing0 wrote: i really doubt that it's real tbh, but we'll see come may.
Agreed however the banks are reaching further and further these days.
Wouldn't be surprised if Tangerine & PCF started charging for their accounts as well :P
Sr. Member
Mar 3, 2015
699 posts
95 upvotes
Scarborough, ON
Are they really shutting down?
I have bmo sobeys chequing account that I get my all deposit and paying bills from.
Deal Addict
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Dec 17, 2008
2775 posts
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Winnipeg
supertronic wrote: Are they really shutting down?
I have bmo sobeys chequing account that I get my all deposit and paying bills from.
They probably won't "shut" the account but more likely start charging fees.... If any changes come
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Sr. Member
Mar 3, 2015
699 posts
95 upvotes
Scarborough, ON
Any source news from bmo for 2016 fees?

I will close if they will charge monthly fees for sure but I never did any teller branch service except deposits since 2011 so in branch fees doesn't worry me.
Banned
Dec 22, 2015
240 posts
54 upvotes
Private Confidential
I think one day the Big 5 are just going to shoot themselves in the foot, when they get too greedy, and people will just move to the NO fee online banks.

Although Tangerine and PCF are owned by Scotia and CIBC respectively, people who are not with them, will also move there.
Banned
Dec 22, 2015
240 posts
54 upvotes
Private Confidential
Shawguy wrote: They probably won't "shut" the account but more likely start charging fees.... If any changes come
If its grandfathered , can they change the fees ? Or is it like the grandfathered cell phone plans with Rogers, Bell etc where they can't change the fees anymore.
Sr. Member
Mar 3, 2015
699 posts
95 upvotes
Scarborough, ON
vladimirbaby wrote: If its grandfathered , can they change the fees ? Or is it like the grandfathered cell phone plans with Rogers, Bell etc where they can't change the fees anymore.
It will be again agreement(contract) for them to charge monthly fees as also grandfathered cell phone plans.

But BMO Sobeys can increase current sobeys fees on teller cash withdrawal, teller bill payment, nsf fees & other petty stuff.

But I highly doubt they will charge monthly for fee sobeys chking account it's breach of contract. I hope this is all remours.
Deal Expert
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Feb 24, 2008
15369 posts
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Gatineau
angel_wing0 wrote: If they start charging any fees, i will just cancel the account.
this.

I highly doubt they will start charging monthly fees on this account. They will likely just increase fees in which they already charge (i..e, Teller withdrawals, NSF, Cheque orders, etc.)

djino
Deal Addict
Feb 24, 2008
2223 posts
733 upvotes
angel_wing0 wrote: If they start charging any fees, i will just cancel the account.
Same here.
Deal Addict
Aug 13, 2011
1288 posts
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So has anyone found that BMO has increased any of the teller fees? I'm looking to do a withdrawal at a teller and the website still has the same PDF with low fees ($1).
Moderator
User avatar
Mar 23, 2004
47191 posts
13370 upvotes
Markham
strippedaway wrote: So has anyone found that BMO has increased any of the teller fees? I'm looking to do a withdrawal at a teller and the website still has the same PDF with low fees ($1).
Fees should still be the same, havent heard anything new. If it's not a huge amount, just do it at an ATM.
Deal Addict
Apr 9, 2010
3461 posts
1801 upvotes
Montreal
Did anyone else with this account receive a notice that their account would be replaced?
Member
Dec 31, 2011
334 posts
398 upvotes
ETOBICOKE
End of an era.
Time to close especially since I have Tangerine and Simplii.

Important information about your BMO® Chequing Account(s)

After a recent review and to help simplify our product offerings, we have made the decision to no longer maintain the BMO Club Sobeys, BMO Sobeys AIR MILES®*, and BMO IGA AIR MILES Chequing Accounts. As result, we will switch your existing chequing account(s) to a BMO Primary Chequing Account with the Performance Plan on January 24, 2023. There is no change to your account number and no impact to any recurring transactions including automatic transfers that may be set up on your account.

As a special offer to you, we’ll waive the monthly Performance Plan fee when you deposit $1,500 or more each month1. That means you don’t need to keep a minimum daily balance of $4,000 to waive the monthly plan fee!
Please view the full details about this change by clicking here.

For any additional questions about your banking needs, please visit your local BMO branch and one of our representatives will be happy to assist you.

If you have recently closed your chequing account(s), please disregard this notice.
Thank you for choosing BMO.
Last edited by dan2011 on Dec 9th, 2022 11:38 am, edited 1 time in total.

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