E-transfer fee increase to $3.00?? | CIBC | Discussion forum

Please consider registering
guest

sp_LogInOut Log In sp_Registration Register

Register | Lost password?
Advanced Search

— Forum Scope —




— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

sp_Feed Topic RSS sp_TopicIcon
E-transfer fee increase to $3.00??
October 12, 2020
1:40 pm
frugal lady
Member
Members
Forum Posts: 79
Member Since:
February 20, 2013
sp_UserOfflineSmall Offline

Just logged into my chequing account and noticed an etransfer fee of $3.00 for a an e-transfer I did September 30th. Anyone else notice an increase from $1.50 to $3.00?

October 12, 2020
2:19 pm
KamWest
Toronto
Member
Members
Forum Posts: 26
Member Since:
December 20, 2019
sp_UserOfflineSmall Offline

Simplii unacceptable, there are other options where e-transfers are free though.

October 12, 2020
3:30 pm
Norman1
Member
Members
Forum Posts: 3454
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

Interac e-transfers are still $1.50 each to send, according to "Additional Account Fees and Transactions" table in Additional Service Fees.

Are you sure the $3 is just for one e-Transfer?

October 12, 2020
3:34 pm
Adam1
Member
Members
Forum Posts: 26
Member Since:
August 28, 2019
sp_UserOfflineSmall Offline

By now, I think e-transfers should be free anywhere, at the least, only counting as a debit transaction towards any monthly limit, if any (like withdrawals and bill payments).

RBC, one of the big banks, only charges a dollar if you send an e-transfer from a SAVINGS account. Their basic, lowest monthly fee chequing account includes UNLIMITED e-transfers that don't even count towards the 12 debits per month. So it's truly unlimited, unlike BMO who is somewhat misleading by saying they include unlimited e-transfers with all of their chequing accounts, however with the basic one, it's not really unlimited for e-transfers because it counts towards the monthly limit of 12 transactions.

To add to this: e-transfer cancelation fees are ridiculous, sometimes up to $5. I don't think those should even exist. I believe TD charges $5 for canceling, shame on them. You can just purposely answer the e-transfer security question wrong and then you should be able to reclaim the money for free. RBC only charges $5 to reclaim if you let it expire (30 days) without anyone accepting it. For CIBC, it's $3.50 I think. Shout out to Scotiabank for not having any e-transfer cancel fee. For BMO it's $5 if you cancel a day or more after sending it.

I just found out that Simplii charges $3.50 to cancel an e-transfer, like CIBC, but for Tangerine I can't say for sure, though it's very likely they don't charge any fee (like Scotiabank). For Simplii, you can bypass the stop payment fee by entering the security question correctly then declining the transfer, answering it wrong several times until it locks you out, or letting it expire.

Adam

October 13, 2020
10:53 am
Loonie
Member
Members
Forum Posts: 6442
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

CIBC has been reversing the $3 e-transfer fees on our statements, upon request. This may be because of our Senior status; not sure.

October 13, 2020
1:47 pm
RYAN
Member
Members
Forum Posts: 6
Member Since:
May 18, 2016
sp_UserOfflineSmall Offline

Adam1 said
By now, I think e-transfers should be free anywhere, at the least, only counting as a debit transaction towards any monthly limit, if any (like withdrawals and bill payments).
 

Motive Financial charges 1$ for each e-transfer. So I stopped to use it with MF.

October 13, 2020
2:40 pm
KamWest
Toronto
Member
Members
Forum Posts: 26
Member Since:
December 20, 2019
sp_UserOfflineSmall Offline

 

Motive Financial charges 1$ for each e-transfer. So I stopped to use it with MF.  

Wrong account

Motive Cha Ching Chequing has free e-transfers but lower interest.

I selected this account because of the free e-transfer. I keep all cash in savings until I need it so the interest on the chequing account is irrelevant.

October 13, 2020
2:46 pm
Dean
Slocan Valley, West Kootenays, British Columbia
Member
Members
Forum Posts: 403
Member Since:
January 12, 2019
sp_UserOfflineSmall Offline

frugal lady said

Just logged into my chequing account and noticed an etransfer fee of $3.00 for a an e-transfer I did September 30th. Anyone else notice an increase from $1.50 to $3.00?  

At TD, the fees they charge us to send an Interac e-Transfer is $0.50 for each transfer of up to $100, and $1.00 for each transfer of over $100.

Link : https://www.tdcanadatrust.com/easyweb5/messages/tip_message3.jsp#:~:text=Send%20Money.&text=The%20fee%20to%20send%20an,business%20account%20is%20%241.502.

'Carpe Diem'

      Dean

sf-cool " Live Long And Prosper " sf-cool

October 13, 2020
4:28 pm
rodeworthy
Member
Members
Forum Posts: 60
Member Since:
February 1, 2016
sp_UserOfflineSmall Offline

frugal lady said
Just logged into my chequing account and noticed an etransfer fee of $3.00 for a an e-transfer I did September 30th. Anyone else notice an increase from $1.50 to $3.00?  

CIBC has been charging a $3.00 E-TRANSFER NETWORK fee for some months. The fee is refundable for account holders aged 65 or older. Typically I will see a credit for these fees in the next statement after the fee was applied. I believe the 65+ policy was announced June 1/20.

The last $1.50 e-transfer fee we had (we don't do many) was Nov. 29/19.

For an e-transfer on August 12/20 we were charged $3.00 on August 31/20 and it was credited back on Sep 15/20.

October 14, 2020
11:22 am
frugal lady
Member
Members
Forum Posts: 79
Member Since:
February 20, 2013
sp_UserOfflineSmall Offline

Norman1 said
Interac e-transfers are still $1.50 each to send, according to "Additional Account Fees and Transactions" table in Additional Service Fees.

Are you sure the $3 is just for one e-Transfer?  

I have double checked and you are absolutely right - I had two etransfers in September. Thanks

October 14, 2020
12:38 pm
hwyc
GTA
Member
Members
Forum Posts: 276
Member Since:
September 30, 2017
sp_UserOfflineSmall Offline

I now wonder if Loonie (#5) & rodeworthy (#9) are talking about the same fee afterall ? When the "me-too(s)" come forward, I was lead to believe an undocumented fee increase.

October 14, 2020
5:22 pm
rodeworthy
Member
Members
Forum Posts: 60
Member Since:
February 1, 2016
sp_UserOfflineSmall Offline

hwyc said
I now wonder if Loonie (#5) & rodeworthy (#9) are talking about the same fee afterall ? When the "me-too(s)" come forward, I was lead to believe an undocumented fee increase.  

Could it be that CIBC is charging more for those who will recover the expense via their 65+ policy? That would make it look like a sweeter deal for the seniors. Has anyone been charged $1.50 per e-transfer since June 1/20?

In all cases, the entry on our statements is for "e-transfer network fee" including the previous $1.50 and for the newer $3.00 fees.

October 14, 2020
7:17 pm
frugal lady
Member
Members
Forum Posts: 79
Member Since:
February 20, 2013
sp_UserOfflineSmall Offline

rodeworthy said

Could it be that CIBC is charging more for those who will recover the expense via their 65+ policy? That would make it look like a sweeter deal for the seniors. Has anyone been charged $1.50 per e-transfer since June 1/20?

In all cases, the entry on our statements is for "e-transfer network fee" including the previous $1.50 and for the newer $3.00 fees.  

Yes since June 1, 2020 I have been charged $1.50 per e-transfer at the end of the month (Etransfer network fee) and then reimbursed for the charges on the 15th of the month following (CREDIT MEMO ETRAN FEE DISCOUNT (Month) AUG.
(I am a senior)
Like myself, are you sure in the months charged $3.00 that you did not have 2 etransfers?

October 17, 2020
7:39 pm
rodeworthy
Member
Members
Forum Posts: 60
Member Since:
February 1, 2016
sp_UserOfflineSmall Offline

frugal lady said

Like myself, are you sure in the months charged $3.00 that you did not have 2 etransfers?  

Whoops! You are correct. The $3.00 was a total charge for all eTransfers for that month. We use eTransfer to pay dentist. Our usual practice is to combine payment for both our visits and pay once, but this time our appointments got split up. We did have two charges. Mystery solved. Another senior moment - sorry.

October 20, 2020
9:38 am
dougjp
Member
Members
Forum Posts: 197
Member Since:
January 9, 2011
sp_UserOfflineSmall Offline

Fee is eliminated altogether as of today. sf-smile

Please write your comments in the forum.