BMO Club Sobeys Bank Account - Grandfathered

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!

dan2011 wrote: ↑ What sucks is that I use that free account only to pay the line of credit. I've never been able to do an etransfer into the LOC so the chequing account was the middleman to make the payment. Guess there is no way to pay the loc anymore unless I go in person to pay it, unless someone knows a better way. I guess I could open a crappy savings account for that one transaction a month

kulb wrote: ↑ I just got this email from BMO about my Sobeys chequing account:

Can't you get a physical BMO Credit card that is tied to your BMO LOC. Then simply make payments to the number associated with the BMO Credit Card (for payments to be applied to the LOC?

djino

Rebelyouth wrote: ↑ @djino

I have a BMO CashBack Mastercard how I can tied on my BMO LOC? Any tips are appreciate it

Rebelyouth wrote: ↑ Got the same emails

I have the Chequing and the Saving ( plus MC CC and Loc with them)...too bad... but was a good run.

I will keep the saving open but for sure I will close the chequing ( I will start moving all the CRA and paystub on Tang)



@djino

I have a BMO CashBack Mastercard how I can tied on my BMO LOC? Any tips are appreciate it

kenze wrote: ↑ Damn.. this sucks. Is it even legal to “switch” a no fee account with one that has fees?

If it’s allowed I’ll just close all my BMO accounts.

Rebelyouth wrote: ↑ I think that too.

Any Judge or lawyer in the forum that can give some insight ? lol

They also gave pretty much only 6 weeks if you decide to close or accept it.

Rebelyouth wrote: ↑ I think that too.

Any Judge or lawyer in the forum that can give some insight ? lol

They also gave pretty much only 6 weeks if you decide to close or accept it.

MayorOfToronto wrote: ↑
As @Here2day2 stated, you agree to the new terms if you continue to use their products/services.

Firstly, they can change the terms at any time.

Second, 6 weeks is plenty of time to allow you to decide whether you want to close your account or not. It takes less than a week to find a new bank and switch over.

What will a lawyer do?

Hiring a lawyer doesn’t make any sense, but bringing it to the attention of your provincial consumer protection office and the OBSI might yield results.

kenze wrote: ↑What you’re saying would make sense if it was higher fees for withdrawals and such, but we are talking about outright replacing a free banking plan for a paid one under the guise of “simplifying their offerings”. (Even though this plan was no longer being offered since 2014. A clear lie from BMO.)

kenze wrote: ↑Hiring a lawyer doesn’t make any sense, but bringing it to the attention of your provincial consumer protection office and the OBSI might yield results.