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Email this10:09 am
February 17, 2013
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Top It Up said
Yeah, that Services Chart isn't very accurate. I notice Motive doesn't offer a credit card!
That's the one point I'll give you. Not exactly a benefit included in a senior package, but as long as I am able to pay the bill at my bank, I don't care where the card comes from. Is there a reason one needs a credit card form their main FI? There's a whole other set of criteria for choosing a credit card, and the provider is not high enough on the list to make it a major consideration. Never thought I'd have a Home Trust Visa, but here I am. The offerings of Oaken was never a consideration when I picked it.
10:20 am
December 17, 2016
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Rick said
Is there a reason one needs a credit card form their main FI?
Probably not, but I do have a 40+ year history with my BIG 5 (for whatever that's worth) and they do offer Visa credit cards which I much prefer over MasterCards that most credit unions offer.
I also travel overseas quite often and my BIG 5 offers Apple Pay which I use for security reasons both at home and abroad - CUs are dragging on that front.
11:56 am
December 12, 2009
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Regarding the Services Chart, I'm working on a major update to that chart. I'd hoped to have it finished in December but it's looking like it'll be early-mid April. I've made some preliminary updates to the Free Chequing Chart last summer, mainly to add Alterna Bank, clarify some information and update names (i.e., PC Financial to Simplii Financial or Canadian Direct Financial to Motive Financial). I've got another update planned for that, which I hope to publish, and also announce, in April. 🙂
In the meantime, for sundry information, I recommend checking out the individual bank websites and Statement of Disclosure/Personal Service Charges brochures. 🙂
Cheers,
Doug
12:49 pm
September 11, 2013
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Trump, BMO's seniors no-fee chequing account also limits you to 12 transactions/month.
2:23 pm
April 6, 2013
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Top It Up said
AGAIN I reiterate - Bill is correct - the CIBC NEVER had a fee-free Senior's account that offered more than 12 free transactions per month which was the CIBC 60 Plus account.----------------------------
CIBC Everyday® Checking Account
This account gives you what you need for your minimal day-to-day banking.
Monthly fee of $3.90
Includes 12 transactions each month ($1.25 for each additional transaction)
$3.90 is waived if you maintain a minimum end-of-day balance of $2,000 each day during the month
---------------------
Norman1, I know you always like to think you're right, but in this case you're DEAD wrong ... AND how do I know you're DEAD wrong, because I had one of those accounts and was forced to the "new" Smart accounts if I wanted UNLIMITED transactions ... but, it's all in the past, so who the hell really cares.
The 12 transaction limit only on the standalone CIBC Everyday Chequing Account.
On that web page you provided, click on the "Bank Accounts" in the navigation bar at the top. Then, click on "Senior Banking Offers" in the drop down menu.
The first column of the table shows that, with the grandfathered 60 Plus Advantage benefit, the CIBC Everyday Chequing Account becomes this:
|
The perfect account for your everyday banking needs. CIBC Everyday® Chequing Account No monthly fee Unlimited transactions1 Free bank drafts and money orders Interest N/A Monthly fees Transactions Sending INTERAC e-Transfer™ Receiving INTERAC e-Transfer™ Non-CIBC bank machine withdrawal2 Account inquiries |
2:40 pm
December 17, 2016
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... Just stop it. - I had the account, there were only 12 free transactions - if the account had unlimited I would never have moved to the Smart account. LIKE why would I move to an account that requires $3,000 vs $2,000 min. daily balance plus needing me to set up 1 or 2 direct deposits and 1 or 2 preauthorized pays to have the account fees waived - makes no sense. Just stop it.
Enjoy the 60 Plus Advantage with any of these accounts:
The perfect account for your everyday banking needs.
CLICK on the RED LINK shown below - THOSE are the facts of the account
CIBC Everyday® Chequing Account
3:25 pm
September 11, 2013
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I don't know anything about the past but as of today here is the link (a current, active link) to CIBC's seniors chequing account options:
https://www.cibc.com/en/personal-banking/bank-accounts/senior-banking-offers.html
4:21 pm
October 21, 2013
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I can confirm that I have had a no-fee, no-minimum, unlimited transactions chequing account with CIBC for over 10 years, and I still have it. The statement simply calls it a "Personal Chequing Account" but the arrangement was originally a seniors benefit. In December 2017, for several days the balance went below $2000 and I paid no fees. There were two months last Fall when I had more than 12 transactions, but no fees. The account is still active. I have never paid a cent for having or using this account since age 60 except once when using a non-CIBC ABM. It has also been used for Interac, also free. I've also had free bank drafts from time to time.
.
I also have in my possession a pamphlet mailed to me from CIBC re: changes effective 01 Sept 2017. It states: "all clients who had the CIBC 6o Plus Advantage benefits on their account prior to September 1, 2017, will continue to receive those benefits."
8:49 pm
April 6, 2013
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Loonie said
I can confirm that I have had a no-fee, no-minimum, unlimited transactions chequing account with CIBC for over 10 years, and I still have it. The statement simply calls it a "Personal Chequing Account" but the arrangement was originally a seniors benefit. In December 2017, for several days the balance went below $2000 and I paid no fees. There were two months last Fall when I had more than 12 transactions, but no fees. The account is still active. I have never paid a cent for having or using this account since age 60 except once when using a non-CIBC ABM. It has also been used for Interac, also free. I've also had free bank drafts from time to time.
…
That makes sense. The "Personal Chequing Account" is one of the six accounts on page 21 of CIBC's Personal Account Service Fees booklet (September 1, 2017) that the CIBC 60 Plus Advantage benefit transforms into a no monthly fee, unlimited transaction account:
Benefits No Longer Offered
CIBC 60 Plus Advantage®
Clients who enrolled in CIBC 60 Plus Advantage prior to September 1, 2017 continue to qualify for the following benefits6:
• On the CIBC Everyday Chequing Account, free transactions◆, no monthly fee, free online cheque viewing and free record-keeping including paperless2, monthly statement, quarterly statement or monthly statement with cheques imaged3
…
• On the CIBC Personal Chequing Account, CIBC Waive Account, CIBC Investor’s Rate Account, CIBC Daily Interest Savings Account and CIBC Regular Savings Account, free transactions◆, no monthly fee and free record-keeping including paperless2 option. Benefits are not available on the CIBC Chequing Savings Account or the CIBC EverydayPlus Account. (Note: these accounts are no longer for sale.)• Free bank drafts and money orders*
• $5.00 off the annual rental of a safety deposit box (any size)
For all accounts: interim statement $4.50 each ($5.00 each for the CIBC US $ Personal Account).
10:28 pm
October 21, 2013
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I think CIBC 60 Plus Advantage was/is not actually an account per se (although there may have been an account with a similar name) but a benefits package for seniors, applicable to various accounts over time. Looks like I still have it. Looking back, I see that I had the "Personal Chequing Account" prior to turning 60.
I'm not sure when they stopped offering the CIBC 60 Plus Advantage package to new seniors, but it was several years ago. The rest of you may have missed it entirely, and you certainly can't get it now.
And that was my point, eons back (see #1 above), that the banks are giving worse deals to seniors now than they did previously.
4:56 pm
December 17, 2016
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Even Loonie is backing away from her earlier statements about whether it was account related or just a Seniors Addendum to the account.
We need to remember there was a time when banks didn't charge for Debit Card use.
8:11 pm
April 6, 2013
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Loonie said
I think CIBC 60 Plus Advantage was/is not actually an account per se (although there may have been an account with a similar name) but a benefits package for seniors, applicable to various accounts over time. Looks like I still have it. Looking back, I see that I had the "Personal Chequing Account" prior to turning 60. …
That's the impression I had as well from the CIBC booklets.
One kept the same eligible accounts one had before enrolling in the CIBC 60 Plus Advantage. But, the fee structure of the accounts was improved after enrollment.
I think the CIBC 60 Plus Advantage was open for enrollment as late as August of last year. Unfortunately, it is now closed to new seniors.
8:21 pm
April 6, 2013
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Rick said
Most of these posts are about the big 5. … Don't mean to be harsh, but if you are using a big 5 (6) bank, there's a good chance you are probably one of the loyal customers that has been with them since 1867 and has little or interest in new fangled internet banking and are already getting screwed on interest rates, so why would they worry about a monthly fee? Surely the bank that gave me my first $800.00 mortgage in 1901 wouldn't take advantage of one of their most loyal customers! I'm 60 and have been looking at seniors packages since I became eligible at 57, and I haven't seen one that came with decent interest rates and a package of options that came close to offering what I have already for free. I'll keep looking, and jump on it per OP, but I don't think it exists.
Probably won't find it among the Big 5 banks. They aren't really that interested in those looking for leading interest rates with free banking. They have more than enough large depositors who are more concerned that their deposit is available when needed than about the interest paid.
9:18 pm
October 27, 2013
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Rest assured the focus is not on today's seniors, at least not those at advanced ages. There is a stickiness about senior seniors staying with what they know best so the banks can continue to squeeze them. Savvy seniors will manage their transactional activities accordingy.
The big banks are however interested, and likely edgy, about fintech in general. They are putting a lot of effort into re-shuffling their business model to mitigate the upstarts siphoning off much of the business. After all, today's millennials become the HNW accounts 10-20 years from now.
3:42 am
December 17, 2016
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There are a lot of variables and nuances for why people, including seniors, stay with and have full service accounts with BIG 5 banks. Quite frankly there is hardly any difference between storefront BIG 5s and storefront credit unions.
Entities like online HISA credit unions don't offer chequing accounts which means you can't use your Debit cards for cash withdrawals in foreign countries - is that a big deal, well it is a big deal if you travel a lot. Those same online entities don't offer services like Apple Pay - is that a big deal, well it's a big deal to me. Those same online entities don't offer credit cards (there are a few that do, like Hubert) - is that a big deal, pretty sure that's a big deal for almost everyone.
And just this past week I picked up a Prepaid Visa card from my BIG 5 bank - very handy addition in that it provides all of the standard theft/lost and alert protections of regular Visa cards PLUS doubles as a cash withdrawl instrument without incurring the immediate 20-25% interest that regular cards do. Very convenient and practical for travel - carry it with a minimum balance and separate from other cards and reload it from your account, online, when needed - is that a big deal, well it is for me.
Bottom line, people got a lot more going on than just sitting at home counting buttons and collecting AirMiles for that new set of coffee table coasters - and they'll go with whatever financial institution that best serves their overall needs.
4:57 am
September 11, 2013
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I like that big banks physically exist across the entire country, I can actually go there. What if we have another financial crisis, or just some fi's get into financial difficulty, and coincidentally some online fi's websites go down and their phones aren't being answered (blocking telecomm can provide a great way to hide from people, we all know that)? Maybe this latent, peripheral thought is not just mine and that, along with the fact that there's comfort in the longevity of the big banks, is another reason big banks remain attractive to many people.
7:06 am
December 17, 2016
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Funny you should mention all that, Bill.
Talking about weird financial institutions, let’s talk about Ideal Savings, an online spin-off of Carpathia Credit Union and an entity at which I have a sizeable placement. Ideal has a website BUT you really can’t do anything on that website except check current rates and do a preliminary sign-up, at which point you then have to send them your initial deposit through the mail.
If after your account is set-up and you want to sign-in, you do so through Carpathia’s website HOWEVER you can’t do anything on that website except check your account, that’s it, nothing else.
If you’re not into pushes and pulls and you want to do something else with your account you have to send them an email through an unsecure mail system and wait for their reply. You can phone them but you have to leave a message with Ideal’s proviso that they will return the call within 2 business days.
And then the topper, while you truly believe you are investing with Ideal, it’s their parent company Carpathia CU that issues the T5s.
And Ideal doesn't issue Debit cards.
Good thing I'm a savvy senior BECAUSE not only is Ideal Savings a long, long, long way away from being a full service institution - they might even be a bit scary.
9:32 am
April 6, 2013
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AltaRed said
…The big banks are however interested, and likely edgy, about fintech in general. They are putting a lot of effort into re-shuffling their business model to mitigate the upstarts siphoning off much of the business. After all, today's millennials become the HNW accounts 10-20 years from now.
Fintech is no threat to the big banks. Many of the fintech companies hope that some of the big banks will become one of their big customers.
If using a blockchain saves an upstart backoffice expenses, then one of the big banks can start using one as well to get the same advantage.
The banks do seem to know who their best customers are. It is not high net worth people who generate zero fees. They won't be missed much if some upstart lures them away.
It is similar with those looking for 3% on savings accounts. It makes no sense for the large banks to pay 3% plus CDIC insurance premiums for savings deposits. Because of their strong credit ratings, institutional investors and large businesses will put short-term money into their 30-day bankers acceptances at around 1½% per annum. No CDIC insurance premium needs to be paid because the acceptances are not CDIC insured.
9:58 am
April 6, 2013
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Bill said
I like that big banks physically exist across the entire country, I can actually go there. What if we have another financial crisis, or just some fi's get into financial difficulty, and coincidentally some online fi's websites go down and their phones aren't being answered (blocking telecomm can provide a great way to hide from people, we all know that)? Maybe this latent, peripheral thought is not just mine and that, along with the fact that there's comfort in the longevity of the big banks, is another reason big banks remain attractive to many people.
The big banks may not be the best for big savers. But, the banks do serve their borrowing customers well. I think those are the banks' target market.
I've read stories of borrowers who only got lame excuses and uncompetitive rates when trying to get car loans, mortgages, and lines of credit from their credit union. Having drank heavily the credit-unions-are-for-members Kool-Aid, one person was shocked after he approached one of the "profit hungry" banks afterwards and got the car loan he needed, the mortgage for his home, and the operating line of credit for his business.
After that, I don't he minded an extra $10/month in transaction fees on his chequing account with the bank.
1:57 pm
October 27, 2013
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The big banks are watching fintech closely. They don't want to lose the millennials who will be their biggest clients of services someday with business loans, auto loans, various credit and pay mechanisms, etc. throughout their career lives. So they are adopting and embracing things like Apple Pay and Interac email transfers, etc, etc.
They really have no need to cater to seniors, especially the older demographic. And the point of my earlier post.... all this discussion about the squeeze of senior's perks doesn't matter (or really affect) their business. The rest of us 'savvy' seniors know how to stick handle around the limitations. I have yet to pay an account service fee, albeit I sometimes end up paying a $1 Interac email transfer fee (no more costly than writing and mailing a cheque).
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