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

Is this better or the TD offer? I think the TD offer is much better.

For the minimum balance of $3000, do I have to keep a minimum balance everyday of $3000 or can I transfer $3000 2-3 days before the last day of the month to qualify for the fee rebate. I know it says daily balance of $3000, but anyone with an account can tell?

Unknown18281 wrote: ↑ For the minimum balance of $3000, do I have to keep a minimum balance everyday of $3000 or can I transfer $3000 2-3 days before the last day of the month to qualify for the fee rebate. I know it says daily balance of $3000, but anyone with an account can tell?

I believe the first 12 months are no fees without a min balance, that was part of the promo. Any other month would be $3k min for entire month, so if you pull it out at start of month and try just putting back within last 2-3 days, you would be charged the fee. If its a newly opened account, they will likely give grace period, but you might have to call to have fee reversed

Susanclark wrote: ↑ I believe the first 12 months are no fees without a min balance, that was part of the promo. Any other month would be $3k min for entire month, so if you pull it out at start of month and try just putting back within last 2-3 days, you would be charged the fee. If its a newly opened account, they will likely give grace period, but you might have to call to have fee reversed

That means I have to keep $3k everyday?

Unknown18281 wrote: ↑ That means I have to keep $3k everyday?

If you signed up during promo, then no, if your using account after 12 months, when rebate offer is up, then yes, you need to keep $3k min every single day of the month

Susanclark wrote: ↑ If you signed up during promo, then no, if your using account after 12 months, when rebate offer is up, then yes, you need to keep $3k min every single day of the month

Ok

if ur a senior, u get account free? ie, monthly fees get rebated each month!

dealsssss wrote: ↑ Is this better or the TD offer? I think the TD offer is much better.

If you're referring to the $300 welcome bonus, then the TD one is quicker/easier to fulfill. You can be in and out within about a month for the TD one (if you get your ducks lined up in a row), whereas you have at least a 12-13 month commitment with this CIBC one.

If you're weighing the bank accounts themselves, then each has its merits, and whichever is "better" will depend on your circumstances, needs, etc. For me, TD is not an account I'd keep due to its fees and minimum balance requirements to waive them, while the CIBC account is a better fit for a "keeper" account. But that's just me.

How do I set up pre authorized debits? Do I have to do it on the CIBC side or merchant side (like AMEX, PC financial, etc...)?

Toorik wrote: ↑ How do I set up pre authorized debits? Do I have to do it on the CIBC side or merchant side (like AMEX, PC financial, etc...)?

Do it from the merchant/biller side. You're probably doing it right if you have to provide them with the 3-digit institution # (010)0, 5-digit transit number, and bank account number of your CIBC Smart Account.

Unknown18281 wrote: ↑ That means I have to keep $3k everyday?

Yes, you have to keep $3k everyday normally
But not for the promo period

Update: 3 weeks later still no debit card...

EverydayCloudy wrote: ↑ Update: 3 weeks later still no debit card...

I was in the same situation.
Received a PIN by mail, and no card after a month.

I scheduled an appointment in a branch.
Rep said there was a card issued but I never received it....
She cancelled it and gave me a new card.

I'm not impressed so far with CIBC.
The enrollment and follow-up was so confusing, with little no to useful information in all the emails received since I enrolled.

intelmic wrote: ↑ I was in the same situation.
Received a PIN by mail, and no card after a month.

I scheduled an appointment in a branch.
Rep said there was a card issued but I never received it....
She cancelled it and gave me a new card.

I'm not impressed so far with CIBC.
The enrollment and follow-up was so confusing, with little no to useful information in all the emails received since I enrolled.

wow that's crazy...I am lost whether I should just keep waiting or go into the branch.

If it wasn't for the credit check +$350 welcome bonus I would of just cancelled the account.

Just got CREDIT MEMO IBB BACK OFFICE CENTRE MISSISSAUG
when I was about to ask here re my $300
good luck everyone

I applied in mid October and received the pin a week later.

I didn't get a debit card so I called in today. After explaining what happened, they said they will reissue me a card in the mail which should arrive next week. I was told the account was opened and I am eligible for the promo.

Signed up on October 28th and they still didn't mail me the debit card. So because of their delay, I only have 2 months to fulfil the requirements? When I call their 1-800-465-2422 I am being told the wait time is 89 minutes!

This is ridiculous from a big bank like CIBC

Update: 8 weeks after application, still no card lol

EverydayCloudy wrote: ↑ Update: 8 weeks after application, still no card lol

Recently happened to me and my spouse with BMO. Account opened online, received multiple emails over several weeks that account is open, make deposit etc etc but no debit card received. Went to branch in person to check why debit cards were not issued and it turned out that account were closed. No explanation given. LOL.

EverydayCloudy wrote: ↑ Update: 8 weeks after application, still no card lol

At this point I’d just head to the branch and get a card issued to you on the spot. At least that’s what I did. After 5 weeks of waiting, I ended up doing that.... glad I did because it would have been 6 weeks already, and no sign of the card that was mailed out!

For reference, I received my PIN 1.5 weeks after opening. Bizarre the cards are taking so long.

I set up my two PAD’s already to pay 2 Visa cards. Hope that qualifies me.