The manager said no problem and that there would be no penalty. I recorded the conversation so if ever they come back to charge me for the iPAD, I will have a proof I guess.
Since I have a multi-product rebate with them, the No Limit account is 0$. I had a problem with this rebate not being applied properly at the beginning so when the branch applied it manually, they also gave me one month's fee as well so I paid 6.86(partial fee, first month) + 8.95*7months = 69.72$ and I got way more than 70$ bux worth while studying this spring.
On the side note, the bank teller was so horrible. She kept on arguing with me that there was only one "No Limit" account, that there was no 6$ multi-product rebate (it's on your damn website! I showed it to her too but she was like "I've never seen a 6$ discount") and kept on arguing the No Limit account at 10.95$ was 14.95$ account after the multi-product rebate. OMG. If it was some niche product, a 7yr GIC with investments in India or something then I would understand. But it's 2 out of 4 basic chequing accounts! I hope she's not getting paid a lot cuz clearly she couldn't do her job - had to call her manager who confirmed right away that I was right.