$300 CIBC Chequing Smart Chequing account promo (April 1st - June 30th 2016) | CIBC | Discussion forum

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$300 CIBC Chequing Smart Chequing account promo (April 1st - June 30th 2016)
April 4, 2016
8:48 am
djino
Ottawa (Gatineau, Qc Area)
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Promo Details are listed here -> https://www.cibc.com/en/special-offers/cibc-smart.html

Please also see the Terms and Conditions -> https://www.cibc.com/content/dam/global/splash_pages/CIBC%20Smart/CIBC%20Smart%20Account%20Offer%20Terms%20and%20Conditions%20FINAL-en.pdf

CIBC Personal Accounts & Service Fees -> https://www.cibc.com/ca/pdf/personal-acct-service-fees-en.pdf

BASIC PROMO SUMMARY
- Apply online or in branch for the CIBC Smart Chequing Account
- Setup your reoccurring Direct Deposit OR setup 2 reoccurring Pre-authorized Debits to get $300 Bonus

SUGGESTED STEPS FOR BECOMING ELIGIBLE

(1) Apply for the CIBC Smart Chequing Account online. (cost is $4.95/month. fee is waived by keeping a $3000 balance + 2 PADs OR 1 DD)

(2) Make an initial deposit of $60 to take care of at least 12 months of fees (or $3000 + maintain 2 PADs OR 1 DD to waive monthly fees) + $6 (To take care of 3 months of $1 PADs)

(3) Setup your $1 PADs for any 2 Companies - The Companies listed below are the easiest PADs to setup that only require you to submit your CIBC account info online. Others not listed below may require you to mail/fax a VOID CHEQUE of your CIBC account info.
(3a) Link your CIBC account with your Tangerine and have Tangerine setup a $1 ongoing monthly transfer going from CIBC into your Tangerine account
(3b) Add your CIBC Account to your American Express online account, and have AMEX withdraw $1 every month from your CIBC Account.
(3c) Make a monthly online $1 donation to the World Wildlife Fund Canada. EDIT: I am told now, that this is a $5 Minimum PAD.
(3d) Make a monthly online $1 donation to the Christian Children's Fund of Canada
(3e) Make a monthly online $1 donation to the Calgary Humane's society. EDIT: I am told now, that this is a $5 Minimum PAD.
(3f) Make a monthly online $1 donation to Make a Wish Canada
(3g) Make a monthly online $1 donation to the Habitat for Humanity GTA
(3h) Make a monthly online $1 donation to the Winnipeg Humane Society
(3i) Add your CIBC Account to your Hydro Quebec online account. Setup $1 each month to be withdrawn from CIBC.
(3j) Other online easy PAD setups include: RoyalBank Visa, Royalbank Mastercard, Canadian Tire Mastercard, Rogers, Bell, Telus, Shaw, and WIND MOBILE (PAY AFTER Clients only).

----------------------

What's In It For You/Expected Return after fees

NO MONTHLY FEE WAIVER
$300 - For completing the 2 Pre-authorized Debits (Step 3)
-$59.40 - 12 months of $4.95 fees
--------
$240.60

IF YOU KEPT A $3000 minimum balance for 12 months
$300 - For completing the 2 Pre-authorized Debits (Step 3)
------
$300

djino

April 4, 2016
9:37 am
NorthernRaven
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The cost of the $3000 balance option would include the after-tax lost interest at whatever HISA it might otherwise be parked in. This would depend on where you have your loose cash and your marginal tax rate.

There would also be the cost of whatever bad karma is involved in taking advantage of poor CIBC... :)

April 4, 2016
9:39 am
djino
Ottawa (Gatineau, Qc Area)
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NorthernRaven said

The cost of the $3000 balance option would include the after-tax lost interest at whatever HISA it might otherwise be parked in. This would depend on where you have your loose cash and your marginal tax rate.

There would also be the cost of whatever bad karma is involved in taking advantage of poor CIBC... :)

If you have an EQ bank account, then its likely better to keep the $3000 in their to enjoy its 3% AIR (=$7.50/month before taxes).

Unfortunately, EQ isn't available for us Quebecers.

djino

April 4, 2016
10:57 am
ertyu
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Seems like you only need 1 DD or 2 PADs total, but they must happen within the first 3 months and the PADs have to happen in the same month.

April 4, 2016
11:01 am
djino
Ottawa (Gatineau, Qc Area)
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ertyu said

Seems like you only need 1 DD or 2 PADs total, but they must happen within the first 3 months and the PADs have to happen in the same month.

I believe the 1 DD or 2 PADs need to continue to recur until you receive the bonus.

And if you want the $4.95 monthly fee waiver, the 1 DD or 2 PADs need to continue to recur for the entire 12 months (in addition to the $3000 balance).

djino

April 4, 2016
6:46 pm
Loonie
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It would be best, and more fair to the charity, if you choose a charity that you already support or intend to continue supporting.
They are likely to spend money trying to retain and upgrade you as a donor.

April 5, 2016
5:23 pm
SavingIsGood
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Sorry, but this offer has way to many hoopla for my taste. Similar as 'hey bro you just won $1M. Please wire me $10K for admin fees...'

April 6, 2016
3:02 am
djino
Ottawa (Gatineau, Qc Area)
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SavingIsGood said

Sorry, but this offer has way to many hoopla for my taste. Similar as 'hey bro you just won $1M. Please wire me $10K for admin fees...'

If you want to avoid fees, keep a $3K balance. :P

djino

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