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CIBC $350 Welcome Bonus for CIBC Smart Account opened ONLINE Oct 1-30, 2020, plus 12 months no fees

[OP]
Deal Addict
Oct 11, 2005
1223 posts
2328 upvotes
Airdrie, AB

[CIBC] CIBC $350 Welcome Bonus for CIBC Smart Account opened ONLINE Oct 1-30, 2020, plus 12 months no fees

This is similar to the $300 offer which started in February 2020, but for accounts opened ONLINE from October 1, 2020, at 12:01 am ET to October 30, 2020, at 11:59 pm ET, CIBC is upping the welcome bonus to $350. The extra $50 is for opening your account online from https://www.cibc.com/en/special-offers/ ... ebate.html

View the full Terms & Conditions for all details, but here are some highlights:
  • This is at least a 1 year commitment. No minimum balance is required, but fulfilling requirements will waive monthly fees.
  • By applying, there is a hard hit on your Equifax file (appears as CIBC Client Assessment).
  • Must be Canadian resident aged 18+
  • Must not have been a holder or joint holder of a CIBC chequing account since 2015 to present
  • Must fulfill requirements within 3 months of opening the account: either 1+ recurring direct deposit (includes payroll, CPP/QPP, disability, EI, PPIP, etc.), or 2+ different recurring pre-authorized debits (mortgage, loan payments, payment pull from CC such as AmEx, Tangerine, etc.). You must keep these recurring transactions occurring at least until you receive your $350 reward.
  • During the first 3 months, bank fees are fully rebated; you need to keep the account open for 12 full months from opening, and fees will be rebated for the additional 9 months if you continue to fulfill requirements above. Otherwise, fees of $4.95-14.95 could apply.
  • The terms indicate that you must keep this account open and uncoverted for 1 year, even after you receive the reward; failing to do so could result in CIBC charging you $300.
  • The cash reward will be deposited into your account five (5) months after the month in which you open the account if the qualifying requirements are met. In other words, around March 2021.

Other notes of interest:
  • If you wish to keep the account beyond the 12 months, fees of $4.95-14.95 can be waived if you maintain a minimum balance of $3000 and continue to keep it active with the DD or PADs.
  • Having this account pairs well if you have any CIBC Visa, and want to take advantage of Balance Transfer offers (has been recurring at 0% with 1-2% fee lately), since an agent-assisted transfer to a CIBC bank account typically occurs next-day.
  • If you already have a CIBC product (e.g. CIBC Visa or loan) with online access, you can immediately start fulfilling the qualifying requirements from your online account.
Last edited by CalgaryBen on Oct 1st, 2020 11:21 am, edited 1 time in total.
216 replies
Sr. Member
Jul 8, 2019
709 posts
477 upvotes
Wonderful. Anyone know if CIBC does a credit check with Equifax or Transunion?
[OP]
Deal Addict
Oct 11, 2005
1223 posts
2328 upvotes
Airdrie, AB
darkhorz1 wrote: Wonderful. Anyone know if CIBC does a credit check with Equifax or Transunion?
By applying, there is a hard hit on your Equifax file (appears as CIBC Client Assessment).
Sr. Member
User avatar
Mar 2, 2014
637 posts
318 upvotes
Thanks OP.
I am still waiting for the $300 from the account we opened in March. So far what I learned:
1. I opened account online and they started charging me account fees after 3 months
2. Online chat and messages are not useful at all. Told me to go in branch
3. In branch I was told that my account was not "fully opened" as they didn't have ID on file
4. So now no more fees but I don't know if I will get the $300
Deal Expert
User avatar
Feb 8, 2014
22773 posts
8871 upvotes
Socially Distanced
Complicated.
In fact in Rand McNally they wear hats on their feet and hamburgers eat people
[OP]
Deal Addict
Oct 11, 2005
1223 posts
2328 upvotes
Airdrie, AB
scorown wrote: Thanks OP.
I am still waiting for the $300 from the account we opened in March. So far what I learned:
1. I opened account online and they started charging me account fees after 3 months
2. Online chat and messages are not useful at all. Told me to go in branch
3. In branch I was told that my account was not "fully opened" as they didn't have ID on file
4. So now no more fees but I don't know if I will get the $300
Yeah, you're in an unfortunate and uncertain circumstance. If you were charged fees after 3 months, then it sounds like the qualifying requirements (DD or PADs) weren't being fulfilled in CIBC's eyes; seeing the fees waived is a helpful indication that you're on the right track to the welcome bonus. The process is really smooth if you already have a CIBC product like a CIBC Visa, but I've heard a few wrinkles for new accounts in some cases. By and large, most people seem to be successful since they've been ramping up this campaign, including on TV and radio.
Sr. Member
Jul 8, 2019
709 posts
477 upvotes
scorown wrote: Thanks OP.
I am still waiting for the $300 from the account we opened in March. So far what I learned:
1. I opened account online and they started charging me account fees after 3 months
2. Online chat and messages are not useful at all. Told me to go in branch
3. In branch I was told that my account was not "fully opened" as they didn't have ID on file
4. So now no more fees but I don't know if I will get the $300
Did they refund you the monthly fees after you submitted ID?
Sr. Member
Sep 16, 2019
963 posts
1022 upvotes
I would rather get the $300 over the $350 and not take the hard credit check. Still a good deal for those that don't mind!

I was able to avoid the hard check by going in person and declining overdraft protection :)
Deal Addict
Apr 13, 2017
2531 posts
1211 upvotes
GTA
scorown wrote: Thanks OP.
I am still waiting for the $300 from the account we opened in March. So far what I learned:
1. I opened account online and they started charging me account fees after 3 months
2. Online chat and messages are not useful at all. Told me to go in branch
3. In branch I was told that my account was not "fully opened" as they didn't have ID on file
4. So now no more fees but I don't know if I will get the $300
Which were your PADs / DDs?
Jr. Member
Jul 8, 2010
173 posts
52 upvotes
Toronto
can I apply for it 2nd time within a year .

are they same type of account ?

I have already got $$300 .
Deal Addict
Dec 4, 2008
1872 posts
1524 upvotes
chenredflagdeals wrote: can I apply for it 2nd time within a year .

are they same type of account ?

I have already got $$300 .
angel_wing0 wrote: of course you cannot.
I had one opened in June 2018, closed last year...but T&C says cannot be account holder past 2015 so Neutral Face
Member
Feb 23, 2008
211 posts
215 upvotes
Sorry if this has been asked before on the previous offer...

Do I qualify if I hold a Simplii account?

Thx a lot!
[OP]
Deal Addict
Oct 11, 2005
1223 posts
2328 upvotes
Airdrie, AB
bolung wrote: Do I qualify if I hold a Simplii account?
Yes.

I have had a Simplii account "forever" (since it was PC Financial/Amicus, ~2002 -- in fact it was back then that I closed my CIBC bank account and switched over), and I was able to open a CIBC Smart Account (back in March of this year) and get the $300 welcome offer (received August).
Sr. Member
Aug 16, 2020
737 posts
128 upvotes
Parrajara wrote: I would rather get the $300 over the $350 and not take the hard credit check. Still a good deal for those that don't mind!

I was able to avoid the hard check by going in person and declining overdraft protection :)
Oh for me i declined overdraft protection and opened in branch but still got a hard credit check :(

Anyways Can we not decline overdraft protection when applying online??

Also can my spouse open accounts when i already have my acct on same household address and still get one more bonus?
Last edited by newuserhere on Oct 1st, 2020 1:55 pm, edited 1 time in total.
Newbie
Jan 2, 2014
62 posts
18 upvotes
Toronto, ON
I had a CIBC account which I closed in late 2014 or early 2015 can't remember. Is there a way to find out when I closed that account to check if I am eligible for this offer?
Sr. Member
User avatar
Mar 2, 2014
637 posts
318 upvotes
darkhorz1 wrote: Did they refund you the monthly fees after you submitted ID?
Yes they did.
headleygrange wrote: Which were your PADs / DDs?
I did bunch of them to make sure - Tangerine ASP, CRA CERB Deposits, credit card PAD. Over chat they confirm that my account met requirements, but it seems like because the account not fully setup, they started charging fees
Deal Addict
Jun 19, 2006
2162 posts
323 upvotes
Toronto
Will setting up CIBC as an external account in Tangerine and moving $5 from CIBC to Tangerine from Tangerine portal consider and confirm to be a PAD?
Jr. Member
Sep 5, 2019
133 posts
62 upvotes
Vancouver, BC
I just applied online for the $300 offer last week and I'm supposed to go to the branch today to prove my identity and probably get my card. Is there a way to ask if I can be moved to the $350 promo instead? Thanks.
Newbie
Nov 17, 2019
36 posts
27 upvotes
I opened in branch - she asked if I permit to do a credit check- I was like no no no - I just want $300 and do not want any overdraft protection-
She replied - oh if we do not do credit check your cheques will be held for 5 days -
I was okay with that - who uses cheques anyways -

If you go in branch you can skip the credit check


They will pressurize you to get a credit check done - just refuse - the reason they do this is so we do not move to a different bank and also helps them to advertise credit cards and other borrowings

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