Personal Finance

National Bank will raise the min checking requirement in Mar to 3000

  • Last Updated:
  • Apr 9th, 2018 9:44 am
Deal Addict
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Apr 30, 2005
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Mars

National Bank will raise the min checking requirement in Mar to 3000

if you opened acct with them back in Oct, 2017 for the $350 promotion. Just called NBC asking about the $350, was told

A. it's a branch promotion, they know nothing about it. have to make appointment with branch. I will wait to Feb, but I can smell some hassles ahead.
B. the minimum requirement for the checking account will be raised to $3000 ($2500 now) in Mid-March

don't know how long I have to keep the account with them, can I close the account after get the $350, do I have to use the credit card (not the debit card, used once already) at least once to get the promo? don't remember the details now.
19 replies
Member
May 13, 2013
367 posts
272 upvotes
Toronto
In concept, they would require you to keep your bank account open for one year, otherwise they'll claw back the bonus proportionally. There weren't many posts of people closing them before the year mark in the main thread.
Newbie
Jun 14, 2017
75 posts
88 upvotes
Here are the NBC promo offer terms and conditions I recorded, when I signed-up in the fall. I received my $350 two months after I opened the account.

-----

The promotional offer is valid from July 10 to October 31, 2017.

This offer is intended for clients who do not have a National Bank transaction account.

To qualify, you must open a transaction account at a branch and sign up for an eligible product during the promotional period.

The offer may be modified, extended, or withdrawn without prior notice at any time. Employees of National Bank and its subsidiaries and entities are not eligible.

The offer may not be combined or used with any other National Bank offer, promotion or benefit and cannot be applied retroactively. There is a limit of one cashback per subscribed product during this promotion. The offer can only be applied once for each type of product. Only the primary cardholder is eligible for the offer. The cashback amount varies according to the number of products held, but cannot exceed $350.

Cashback calculation

1. You will obtain a cashback of $200 if you sign up for a Direct Access®, AccessPlus or Virtuoso® package or financial package for professionals, our Internet Banking Solutions and eStatements and carry out at least one transaction in your account.

2. You will obtain a cashback of $100 if you do not have a credit card and you sign up for a National Bank Mastercard® credit card or replace an existing card with one of National Bank's eligible Mastercard credit cards (Platinum, World®, or World Elite®), and activate it. Credit cards offered with National Bank financial packages are included in the offer.

3. You will obtain a cashback of $50 if you open a High Interest Savings Account with National Bank.

Products must be activated within 60 days of subscription. Cashbacks will be deposited in your designated National Bank account within 90 days of the activation date for the subscribed products. Clients will receive their cashbacks by February 6, 2018.

Commitment

To be granted the cashback, you must maintain the eligible products and services, and not make any changes related to these products and services for a minimum of 12 months after signing up for them. If you do not meet this condition, you will have to repay to the Bank an amount corresponding to the period in which you did not keep your eligible products and services, within 30 days of receiving the request for payment. All credit and financing solutions are subject to credit approval by National Bank.
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Dec 3, 2017
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I find National Bank to be one of the most expensive banks around and these changes just reinforce this. Their account fees are high and they're the only bank I know of that charges you a monthly fee for a digital only account even though you can get the exact same thing from Tangerine, Simplii, and Credit Unions for free. Also I find it ridiculous that they continue to increase these fees as they shut down branches across Ontario, making me question why someone wants to pay more for banking as their bank continues to decrease the service they offer.
Deal Addict
Nov 25, 2014
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Newton Brook, ON
Mid-March? No... it's happening this month:

https://www.nbc.ca/en/important-notice.html

The relevant section is "Changes to our banking packages"... the Direct Access package is changing to "The Modest" and minimum balance is changing from $2500 to $3000 on January 22.

In an email I was told: "In order to avoid the fixed fees of $9.95 on February 4th, it will be necessary to have the balance of $3000, as of January 21st, at the latest." In other words, for the January statement cycle it's safe to keep your balance at $2500 until the 21st, then deposit the rest for the last week or so.
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Jan 31, 2006
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nmclean wrote: Mid-March? No... it's happening this month:

https://www.nbc.ca/en/important-notice.html

The relevant section is "Changes to our banking packages"... the Direct Access package is changing to "The Modest" and minimum balance is changing from $2500 to $3000 on January 22.

In an email I was told: "In order to avoid the fixed fees of $9.95 on February 4th, it will be necessary to have the balance of $3000, as of January 21st, at the latest." In other words, for the January statement cycle it's safe to keep your balance at $2500 until the 21st, then deposit the rest for the last week or so.
Most of the RFD's that open the NBC accounts mention March but when I inquired NBC told me January 22.
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Dec 17, 2008
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NEW ACCOUNTS - Yes January 22.
IF YOU SWITCH PRODUCT TYPE - Yes January 22
IF YOU ARE AN EXISTING ACCOUNT....your account will be converted in March...and at THAT POINT you will have to meet the new requirement.
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Mar 9, 2012
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Unsure how NBC is anything like Tangerine, Simplii, etc. It's a real bank, not a virtual one. It's like comparing CIBC to Tangerine, or TD to Simplii.

I have my services with NBC, and the reason is because I get good service. I used to be with TD Bank, but things changed at the branches, long line-ups, too much churn with the staff. Of course, NBC isn't large outside of Quebec, but I don't mind the extra 5 minute drive to my branch if I need any services. My branch linked my chequing account to my HELOC, so my banking fee is $6/month.
Why can't we all just get along?
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Apr 30, 2005
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nmclean wrote: Mid-March? No... it's happening this month:

https://www.nbc.ca/en/important-notice.html

The relevant section is "Changes to our banking packages"... the Direct Access package is changing to "The Modest" and minimum balance is changing from $2500 to $3000 on January 22.

In an email I was told: "In order to avoid the fixed fees of $9.95 on February 4th, it will be necessary to have the balance of $3000, as of January 21st, at the latest." In other words, for the January statement cycle it's safe to keep your balance at $2500 until the 21st, then deposit the rest for the last week or so.

thank you very much. I have never received such email. Had I not called I would not have been told this crap, and was told wrong info. I will definitely close my accounts with them after 12 months. what a crap.
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Nov 25, 2014
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Newton Brook, ON
Shawguy wrote: NEW ACCOUNTS - Yes January 22.
IF YOU SWITCH PRODUCT TYPE - Yes January 22
IF YOU ARE AN EXISTING ACCOUNT....your account will be converted in March...and at THAT POINT you will have to meet the new requirement.
Where is this information from?
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Sr. Member
Dec 12, 2016
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jeff1970 wrote: Unsure how NBC is anything like Tangerine, Simplii, etc. It's a real bank, not a virtual one. It's like comparing CIBC to Tangerine, or TD to Simplii.

I have my services with NBC, and the reason is because I get good service. I used to be with TD Bank, but things changed at the branches, long line-ups, too much churn with the staff. Of course, NBC isn't large outside of Quebec, but I don't mind the extra 5 minute drive to my branch if I need any services. My branch linked my chequing account to my HELOC, so my banking fee is $6/month.
I have my banking with NBC as well for the exact same reason; good service. I find the employees here overall have been with the bank a long time and it is not a revolving door, compared to the other banks. Whenever I have a problem, they’re quick to fix it and help me out when I’m in a bind. Case in point, I forgot my wallet once at home and didn’t have money, they made arrangements with a branch for me to get $50 from my account to last me the day. Try getting that at another bank.
Deal Fanatic
Jan 21, 2014
8511 posts
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For me, I will just top upon Jan 21st. There isn't much loss in interest for $500 in a couple of months while the hassle of getting them to honor their wordings and refund the money (if we were charged) is worth more
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Dec 17, 2008
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cgtlky wrote: Where did it say the balance should be $3K on March and not on Jan 22 Thanks
What happens on March 18, 2018?
On March 18, 2018, certain banking packages will be automatically replaced with one of our main packages. A notice was sent to clients affected by these changes. If you didn't receive a notice, visit a branch or talk to your advisor for more details. You can contact your advisor or make an appointment with them online.

What happens when my package is discontinued?
On March 18, 2018, your package will automatically be replaced with the one that is most similar to what you have now.



Removal of certain banking packages and programs
Additionally, on January 22, 2018, some packages and financial programs be removed from our range of solutions. Starting March 18, 2018, they will be replaced by one of our main packages.


================================

This means if you make changes after January 22 yourself you will be moved to a new package and required to meet the requirements then, if you do nothing, you will automatically be converted on March 18 and be required to meet the requirements then
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Jr. Member
Jan 27, 2017
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So which package should we convert to on or before March 18 from the current one (the minimum threshold $2,500 one for the promo)?

Thanks
Deal Addict
Nov 25, 2014
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Newton Brook, ON
EDM2K17 wrote: So which package should we convert to on or before March 18 from the current one (the minimum threshold $2,500 one for the promo)?

Thanks
They will automatically convert that one to the Modest package on March 18. You should let them, and don't convert anything yourself, because you agreed to pay back the bonus if you do:

To be granted the cashback, you must maintain the eligible products and services, and not make any changes related to these products and services for a minimum of 12 months after signing up for them. If you do not meet this condition, you will have to repay to the Bank an amount corresponding to the period in which you did not keep your eligible products and services, within 30 days of receiving the request for payment.
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Jr. Member
Dec 13, 2014
118 posts
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Niagara Region
nmclean wrote: To be granted the cashback, you must maintain the eligible products and services, and not make any changes related to these products and services for a minimum of 12 months after signing up for them. If you do not meet this condition, you will have to repay to the Bank an amount corresponding to the period in which you did not keep your eligible products and services, within 30 days of receiving the request for payment.
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Good catch !


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Newbie
Apr 25, 2012
95 posts
160 upvotes
Toronto
nmclean wrote:
To be granted the cashback, you must maintain the eligible products and services, and not make any changes related to these products and services for a minimum of 12 months after signing up for them. If you do not meet this condition, you will have to repay to the Bank an amount corresponding to the period in which you did not keep your eligible products and services, within 30 days of receiving the request for payment.
Since the bank has now unilaterally changed the terms of the account that people would have signed up for under the promo offer, doesn't that mean someone could pocket the bonus money ($200-$350 depending on what options were chosen) and just close the account? The terms state that "if you do not... maintain the eligible products and services, and not make any changes" -- but the bank has made that impossible to do, thus frustrating the contract, no? In this case, someone who signed up did so on the understanding they would have to keep $2,500 in an account (to avoid fees) for a year. The bank has unilaterally/arbitrarily raised that to $3,000. Who's to say they couldn't just make it $5,000 or $10,000?
Deal Addict
Nov 25, 2014
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Newton Brook, ON
mercatorduty wrote: Since the bank has now unilaterally changed the terms of the account that people would have signed up for under the promo offer, doesn't that mean someone could pocket the bonus money ($200-$350 depending on what options were chosen) and just close the account? The terms state that "if you do not... maintain the eligible products and services, and not make any changes" -- but the bank has made that impossible to do, thus frustrating the contract, no? In this case, someone who signed up did so on the understanding they would have to keep $2,500 in an account (to avoid fees) for a year. The bank has unilaterally/arbitrarily raised that to $3,000. Who's to say they couldn't just make it $5,000 or $10,000?
To make this argument (that you should keep the bonus and leave now), ironically you would first have to argue that you are not entitled to the bonus (because the bank has made it impossible to be eligible for it). I assume so far no one has been asked for their bonus back for no longer having the original account, because from the bank's perspective you do still have it.

If you look at the announcement (under "changes to our banking packages"), first it shows how the main 4 are changing, then it lists the 12 that are being removed and switched. Hypothetically, if you had one of those 12, you might be able to argue that you can't meet the requirement to "maintain the eligible products", but notice that the original promo accounts (Direct Access, AccessPlus, Virtuoso) are not listed there as removed (note "Direct Access+" (plus) is different than "Direct Access"). Meaning technically you haven't been switched to a different product. You had one of the main 4 products and still "maintain" the same one, even though it happens to have a different name. And since it says "you must... not make any changes", letting them make changes (name / fees) doesn't break that.

Theoretically they could raise the account requirements so high that you wouldn't be practically able to meet the obligation, but that hasn't happened. Maybe if they removed the fee completely and required everyone to hold the minimum balance... but right now it would be very difficult to argue the contract is frustrated. I mean, anyone who had $2500 to put away for a year certainly has the ability to pay $9.95 a month now, even if they don't have the extra $500.
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