Personal Finance

CIBC Smart Plus Checking + possible to run at Zero cost in Quebec with overdraft 5000?

  • Last Updated:
  • Aug 29th, 2021 8:27 am
[OP]
Deal Addict
Oct 7, 2012
1842 posts
519 upvotes
Montreal

CIBC Smart Plus Checking + possible to run at Zero cost in Quebec with overdraft 5000?

Hi
I have been using Tangerine's excellent checking product for many years. I'm finding it difficult to keep a good rate on the savings accounts where I would keep money until I got a email notification from the account saying that a bill had made my account go into the negative, that Tangerine had covered it (up to 5000!) and that I had till the evening to put the money in to cover it. I found this a great way to stay at positive flow and was motivated to put in the work as long as I was getting interest on the savings accounts.
I just recently got a notification from CIBC re their smart plus account

https://www.cibc.com/en/personal-bankin ... count.html

Which would zero out the costs of running the monthly as long as I kept maintaining min stock value .

I want to leverage both a zero cost on the checking while also having a gain on the savings with a interest accrual... I see that for CIBC I had to apply for over draft which they can cover up to 5 k...but here's the tricky part... for all provinces EXCEPT QC there is possibility of PAY PER USE for 5.00 if you don't cover the overdraft within 24 hours... awesome, just like Tangerine!

But. Its not allowed for residents of QC... has anyone found a way to work around this?

Id really like to stay with CIBC but i want to leverage BOTH keeping my money in a savings account rate and pay zero for the checking utilities.
3 replies
Deal Addict
User avatar
Jul 16, 2019
1568 posts
1958 upvotes
Why not get a LOC with CIBC?

It functions like a chequing account with a large, cheap overdraft. There are no monthly fees, so you don't have to maintain a minimum balance or invest anything with CIBC. And, unlike TD, which is the other big 5 LOC that functions like a chequing account, CIBC doesn't charge for e-transfers.
Deal Fanatic
User avatar
Nov 14, 2003
5724 posts
4195 upvotes
LaLaLand
+1 for a CIBC LOC for everyday banking.

Get the CIBC Smart Plus Account for the sign up bonus and the $139 rebate on a credit card. If you have $100k in assets in CIBC in a deposit account or brokerage account the monthly fee is waived.
[OP]
Deal Addict
Oct 7, 2012
1842 posts
519 upvotes
Montreal
Lucky morning reading today and this bit of info re CIBC's smart bank alert answers my specific need perfectly
https://www.cibc.com/en/personal-bankin ... alert.html
I think it will enable me to, exactly like I did at Tangerine
  • 1 maintain my checking account at CIBC at zero
  • 2 keep available cash in CIBC's savings account or Tangerines or any other bank with a better interest rate
  • 2 get a alert as soon as the checking goes below zero to allow me to put money into my account without incurring nsf
If your personal or business account1 balance is below $0 or over your overdraft limit at the close of a business day, we’ll send you a text message around 8:30 am local time the next morning.

Check your balance
Review the status of your account. Confirm the negative account balance and transfer funds using the CIBC Mobile Banking® App or CIBC Online BankingOpens a new window in your browser.

Add funds
Transfer or deposit funds to bring your account balance above $0 or within your overdraft limit. As long as the transaction is completed before 12:00 pm local time you won’t pay an NSF fee2 and you’ll avoid a declined payment.

Top