Seniors accounts options | Page 4 | General comparisons | Discussion forum

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

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

(Senior Banking) Coast Capital Unlimited Chequing Account (59+)

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

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.

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."

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."