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Thread: CIBC account and fee changes occurring on Sept. 1, 2017

  1. #1
    Dancing bean paste bun Ciel's Avatar
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    While visiting the ATM yesterday to confirm whether a tax credit was already in my account, I took notice of the big display sign listing changes-a student account will change to a new version and the older one will be discontinued on Sept. 1. Senior account change as well.

    https://www.cibc.com/content/dam/per...updates-en.pdf

    My passbook fee will increase from $2 to $2.50/month; account fee of $3.90 per month (everyday chequing) will not change. I consider myself fortunate the rates did not change last year. Doing my part to keep my local branch in service, I guess.

    For those of you keeping a minimum balance in your everyday chequing to get the fee waived, you will be paying a monthly charge.

    Discontinuation of certified cheque service on cheques drawn on personal accounts. Then what do personal banking customers do instead? World money orders?
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  2. #2
    Mastermind Shwa Girl's Avatar
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    Maybe opt out of getting a passbook and print transactions at the CIBC machine.
    Maybe use a PC Financial account. PC Financial allows you to use CIBC machine and their own. Less fees. Plus bonus interest sometimes.

    Also you can try asking them to waive the passbook free when you switch over. We tried this at the local branch and they said No. We called the toll free customer service line and they said yes. They mailed confirmation of the fee reversal.
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    Glad my fees won't be changing, just got a Student LOC with them to pay for my car. This is the reason I don't do my main banking with the "Big 5" directly, all these changes seemingly every month! PC and Meridian Forever!!
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  4. #4
    Dancing bean paste bun Ciel's Avatar
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    Quote Originally Posted by Shwa Girl View Post
    Maybe opt out of getting a passbook and print transactions at the CIBC machine.
    Maybe use a PC Financial account. PC Financial allows you to use CIBC machine and their own. Less fees. Plus bonus interest sometimes.

    Also you can try asking them to waive the passbook free when you switch over. We tried this at the local branch and they said No. We called the toll free customer service line and they said yes. They mailed confirmation of the fee reversal.
    The ATM machine prints on pages that look as about as large as two bankbook pages together. I had not known that calling could work to reverse the book charge. But to staff credit, one or two have tried to suggest I go without the bankbook to save money but I want the book. I cannot do online banking as yet so like having a hard copy of my transactions and do need counter service and this branch is close to my usual grocery stores.
    2017-Year of the Rooster

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