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Seniors accounts options
February 17, 2018
5:52 pm
Doug
British Columbia, Canada
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Top It Up said
... 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.

https://web.archive.org/web/20170711114252/https://www.cibc.com/en/personal-banking/bank-accounts/senior-banking-offers.html

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  

If you were misled into switching, you could address that with them and ask for the grandfathered account back or, alternatively, the unlimited newer age free seniors account with unlimited transactions but manually negotiate with them, in writing, for you to be able to get waived fees on whatever 60 Plus Advantage gave you. 🙂

Cheers,
Doug

February 18, 2018
3:13 pm
Top It Up
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Incredibly hard to be mislead when CIBC never offered an unlimited transactions account - the best you could do fee free, was 12 free transactions.

Moving forward with the CIBC Smart Account where the

Entire monthly fee is waived if you maintain a minimum end of day balance of $3,000 each day and a recurring direct deposit or 2 pre-authorized payments each month in this account.

https://www.cibc.com/en/personal-banking/bank-accounts/chequing-accounts/smart-account.html

February 18, 2018
5:01 pm
Bill
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In any event, banks are moving away from giving people a break solely because of their age, and with good reason: the seniors of today are from the first generation in which women entered the workforce en masse and so most seniors of today, if they live in pairs, have two pensions, investment pools, rrsps, etc to draw on. First time in human history, ever. I see that banks are now targeting low-income seniors for special discounts, and that makes more sense than a blanket break for all seniors which by definition would include many well-off folks.

Here's a link to a 2015 article (not from the perennially whining mainstream fake-news media) I keep handy to remind me of how wealthy not only seniors but most of us today are, compared to all the people before us:

https://www.cpacanada.ca/en/connecting-and-news/cpa-magazine/articles/2015/october/are-you-richer-or-poorer

June 3, 2023
10:30 am
kesa
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Footnote #2: Thanks for looking up BMO's current "senior account" option, Norman. Thought I should mention Canadian Western Bank's attractive Gold Leaf Plus Package Account (essentially like Motive Financial's free chequing account but with in-branch access to CWB's branches, free cheque orders and free bank drafts).

Per http://www.cwbank.com/personal.....us-package.

Does anyone have any comments re pros/cons on CWB Gold Leaf account?

April 16, 2025
6:33 am
hwyc
GTA
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(Senior Banking) Coast Capital Unlimited Chequing Account (59+)

https://www.coastcapitalsavings.com/everyday-banking/senior-banking

April 17, 2025
7:21 am
maGIC
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Just my 2 cents
If you have a good senior’s account and you have children, depending on your family dynamics, age etc, you could consider making the account joint. Once you are gone, your child could benefit keeping the account. I have such an account with a big 5 bank.
Also, any “free account” with a minimum monthly balance booby trap is not free. $5,000.00 minimum balance at 0%. If you compare to an EQ account with auto deposit at 4%, no minimum balance. That free account is losing you the monthly interest of $16.66 and more since you need an excess amount moving in and out. Granted you cannot write a cheque, but I can’t remember the last time I needed to write a cheque. You could still have a free e-savings account and a credit card at a big 5 to navigate other things you may need a bricks and mortar bank.

April 17, 2025
11:25 am
HermanH
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maGIC said
If you have a good senior’s account and you have children, depending on your family dynamics, age etc, you could consider making the account joint. Once you are gone, your child could benefit keeping the account. I have such an account with a big 5 bank.

Once the senior is removed from the account due to death, the account ownership reverts to the survivor. However, the status also changes to that of the survivor. If the survivor is not a senior, then any senior benefit (i.e. free) also ends and a monthly fee is charged.

April 17, 2025
12:39 pm
maGIC
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maGIC said
If you have a good senior’s account and you have children, depending on your family dynamics, age etc, you could consider making the account joint. Once you are gone, your child could benefit keeping the account. I have such an account with a big 5 bank.

Once the senior is removed from the account due to death, the account ownership reverts to the survivor. However, the status also changes to that of the survivor. If the survivor is not a senior, then any senior benefit (i.e. free) also ends and a monthly fee is charged.

Thanks HermanH
That is why I said family dynamics age etc. In my case, I was 61 at the time. You are no doubt correct if survivor is under what the bank considers a senior, they will nail you for a new account with fees.

April 18, 2025
8:13 am
COIN
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Don't mess with seniors.

"Canada’s Fighting Seniors
by C. G. Gifford

First published in 1990, this book charts the emergence and rapid growth of Canada's powerful seniors' movement.

Seniors' political clout has been increasingly evident since the mid-eighties, when their protest convinced Brian Mulroney to drop his efforts to limit pension benefits. Gifford's book provides a short history of seniors' organizing and tells the personal and organizational stories of today's seniors' groups. Sections on the work of seniors' groups in the United States and Europe add a global dimension to the book's analysis."

April 18, 2025
3:05 pm
Norman1
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COIN said
Don't mess with seniors.

"Canada’s Fighting Seniors
by C. G. Gifford

First published in 1990, this book charts the emergence and rapid growth of Canada's powerful seniors' movement.

Seniors' political clout has been increasingly evident since the mid-eighties, when their protest convinced Brian Mulroney to drop his efforts to limit pension benefits. …

False. In 1989, the Mulroney government started the OAS clawback in spite of the protests.

Governments have learned how to deal with special interest groups. Others realized how privileged those protesters were when it came out that the OAS clawback was to start around $50,000 of income. That was nearly 2X what many people I knew were making working full time then! The protesters were making that much not working and collecting their pensions and investment income.

Even today, there isn't much sympathy for seriors having to repay almost all of their OAS if they earn more than $150,000.

April 19, 2025
8:45 am
COIN
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The results of the first federal election after the OAS clawback.

"The 1993 Canadian federal election was held on October 25, 1993, to elect members to the House of Commons of the 35th Parliament of Canada. Considered to be a major political realignment, it was one of the most eventful elections in Canada's history. Two new regionalist parties emerged, finishing second and third in seat count. Most notably, the election marked the worst defeat for a governing party at the federal level and the worst ever suffered by a governing party in the Western democratic world. The Liberal Party, led by Jean Chrétien, won a majority government, defeating the governing Progressive Conservative Party in a landslide."

April 19, 2025
8:59 am
COIN
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It only stands to reason that some/many/most intelligent and prudent seniors have accumulated meaningful wealth after a lifetime of hard work.

A neighbour on my street came to Canada with just the shirt on his back. He worked as a labourer, raised a family of wife and 3 kids. He now owns 3 houses (here in Toronto) which are probably worth north of $1- $1.5mm each. He's paid his dues.

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