Personal Finance

BMO Club Sobeys Bank Account - Grandfathered

  • Last Updated:
  • Jan 27th, 2023 12:33 am
Deal Addict
Feb 24, 2008
2223 posts
733 upvotes
I just got this email from BMO about my Sobeys chequing account:
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!
Disappointed Face
Last edited by kulb on Dec 9th, 2022 11:31 am, edited 1 time in total.
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Apr 28, 2012
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QC
same here :(
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Deal Addict
Apr 9, 2010
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Montreal
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.
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Feb 24, 2008
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Gatineau
I just got the emails as well for both Chequing and Savings accounts.

Ah well. Time to cancel the accounts.

djino
Last edited by angel_wing0 on Dec 10th, 2022 9:00 pm, edited 1 time in total.
Member
Dec 31, 2011
334 posts
398 upvotes
ETOBICOKE
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
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Feb 24, 2008
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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
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
Member
Dec 31, 2011
334 posts
398 upvotes
ETOBICOKE
Thanks for the suggestion, I completely forgot about that credit card as I had put it away

That's perfect.

On another note I was looking to see if this banking plan was worth once a month doing a $1500 shuffle for a day and then back but I looked at the plan and there is nothing compelling that Tangerine and Simplii aren't offering. No free cheques, no interac or plus system withdrawal waivers, no free drafts, no free safety deposit box. I guess the only real benefit is that it provides a brick and mortar place to bank if someone needs that
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Jul 13, 2014
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Parry Sound
kulb wrote: I just got this email from BMO about my Sobeys chequing account:



Disappointed Face
Best to just leave them and move to Simplii or Tangerine but that's honestly not a bad deal if you still require a B&M bank.

Set up direct deposit for your payroll and now you have a free account. It doesn't require any minimum so you can just move it out of there after.
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Jr. Member
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Jan 6, 2018
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Got the same emails Disappointed But Relieved Face

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)
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
@djino

I have a BMO CashBack Mastercard how I can tied on my BMO LOC? Any tips are appreciate it
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Feb 24, 2008
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Rebelyouth wrote: @djino

I have a BMO CashBack Mastercard how I can tied on my BMO LOC? Any tips are appreciate it
This would be separate from your existing Cashback Mastercard. Its simply having a physical Card that draws from your LOC. Call BMO regarding your LOC, and ask if you can get a Credit Card that is tied to your LOC. So that purchases or payments you make using the card, will be applied towards your LOC.

djino
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Jul 13, 2014
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Rebelyouth wrote: Got the same emails Disappointed But Relieved Face

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
It's not a credit card but a debit card that you link to your LoC.
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Jan 6, 2018
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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.
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.
Sr. Member
Dec 12, 2016
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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.
If you continue to use it past the effective date, you are agreeing to the new terms and conditions of the account.
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Jul 13, 2014
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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.
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?
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Dec 31, 2011
334 posts
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ETOBICOKE
I guess nothing stops one from just doing an etransfer from simplii to BMO and then simply etransfering back out a minute later. Unless they want it to sit in the account for a day.

The wording seems to just say a deposit of $1500, it doesn't say it needs to stay there so just need to decide if it's worth the monthly hassle
Deal Addict
Apr 9, 2010
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Montreal
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?
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.)

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.
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Jan 6, 2018
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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.
This!

But ...just in case ...I will start to move all the deposits to another bank...lol
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Jul 13, 2014
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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.)
I would suggest you read the terms and conditions carefully before agreeing to anything in the future because you gave them consent to do this when you agreed to the initial terms. This is why you never skip the fine print.


"We may change or end this Agreement, and/or the Plan terms, at any time. You agree to changes made when notice is given in our Canadian branches."

"We may change these terms and conditions from time to time by providing you with notice of the change through electronic or paper delivery"


"We have the right to terminate the Program at any time."



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.
Lol. Good luck.
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Dec 31, 2011
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ETOBICOKE
A contract fine print could say that BMO has the right to punch you in the face. Doesn't mean they can enforce it.

I probably will write to their presidents office go express my displeasure but the best way to go is to vote with ones feet.

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