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

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

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.

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.

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

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.

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.

dougjp said
Fee is eliminated altogether as of today.   

… Congrats