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Email this8:09 pm
October 21, 2013
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Gotta love those grandpas!
I don't foresee an external transfer limit and definitely not an internal one, but, if there is, you can just write a cheque, which will have no limit, and deposit through app.
9:10 pm
March 8, 2018
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Loonie said
Sorry. I hadn't seen HISAhopper's last post when I replied earlier.
Yes, a transfer to any kind of personal savings account should work, provided there is no fee for transferring out from it to external.Meanwhile, back at the ranch...
it's 11:02 pm on Bay St and I still have no interest for July.
It looks encouraging, I will try open a CIBC bonus savings account
9:47 pm
October 27, 2013
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Loonie said
Meanwhile, back at the ranch...
it's 11:02 pm on Bay St and I still have no interest for July.
It should be there in the morning.... one business day after end of the month.
10:03 pm
October 21, 2013
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Tuesday was one business day after the end of the month. Now, it's early Wednesday, and still nothing.
2:18 am
May 20, 2016
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Interest paid and it's 2.4% in total.
7:57 am
September 24, 2019
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Good morning Loonie and all,
Well Yahoo!! I got my interest this morning. Interest paid date was 31 July 2020 and I received the 2.4%.
Hope you get your this morning Loonie. If you don't, phone them.
1:51 pm
October 21, 2013
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Yes! Interest came in about 5:30am today, Wed Aug 5, in two lumps, but it was accurate for 2.4% rate.
I was glad to see it but I think there is no good excuse for such a long delay. This is the first time I've had an interest-bearing account at a major bank for quite a few years. I had no idea they were all so clumsy and out of date.
Anyway, it's better than haivn to wait til the end of a promo for your obnus interest like some, or end of year like some other, or trying to interpret some complex formula where you alwayas lose like yet others.
And, as an added bonus, I have now logged in so many times looking for this elusive interest that I have my login and PW thoroughly memorized!
8:15 pm
October 21, 2013
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I just noticed this on my CIBC chequing account:
"Jul 31, 2020 Branch Transaction E-TRANSFER NETWORK FEE $1.50"
I don't know what it's for. I don't even understand how a "branch" transfer can be an "e-transfer". Wouldn't a branch transfer necessarily involve a human being?
This is an account where the service charge ($29/mo.) is rescinded for seniors.
Does anyone know what this fee refers to?
9:09 pm
April 6, 2013
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Loonie said
I just noticed this on my CIBC chequing account:"Jul 31, 2020 Branch Transaction E-TRANSFER NETWORK FEE $1.50"
…
Looks like the $1.50 for an Interac e-Transfer.
10:07 pm
September 24, 2019
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Hi Loonie:
I have never had a charge/fee from my eAdvantage Savings Account. If you did an interac transfer from your account that might be why the fee. I only transfer in and out funds to my e-advantage savings from my chequing account. I understand there will be a fee otherwise. If this wasn't the case, phone them to get it cleared up. Their telephone reps are pretty nice as well as knowledgeable. They might even cancel the one fee if you tell them you didn't understand about the fee. They aren't as stubborn about transactions as on-line banks seem to be.
10:24 pm
October 27, 2013
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Loonie said
Tuesday was one business day after the end of the month. Now, it's early Wednesday, and still nothing.
It is? Monday was a stat holiday I thought. If so, one business day would be today (Wednesday). BMO posted today for July 31.
12:54 am
October 21, 2013
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I think we count differently. Monday a stat holiday, which brings us to Tuesday. Therefore in my view Tuesday is one business day after end of month. Interest did not arrive within one business day after the end of the month. It arrived Wednesday, the second business day after the end of the month.
Not worth arguing about. It was not timely compared to other FIs I deal with, and I was really surprised at this weak performance from CIBC. All my other accounts had reported in by early on Saturday, four calendar days earlier.
1:11 am
October 21, 2013
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Norman and Alexandra,
This is a joint chequing account.
You have reminded me, now that I think about it, that spouse did an interac transaction a few weeks ago where we RECEIVED money. Perhaps that is the problem. I will have to check on the date but I guess it must have been in early July. Seems a while ago now.
I have never used Interac so it simply didn't register with me that this is what it might be.
No good deed goes unpunished. The only reason we received this interac transfer was because we were doing someone a big favour and he owed us money as a result!
We'll have to remember to use another bank for these in future, although we use it rarely.
7:40 am
April 6, 2013
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Usually accepting an Interac e-Transfer is free.
According to page 17 of CIBC: Personal Account Service Fees (January 1, 2020), it is sending and requesting that are $1.50:
| Interac e-Transfer | |
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|
|
|
10:15 am
April 6, 2013
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Loonie said
I just noticed this on my CIBC chequing account:"Jul 31, 2020 Branch Transaction E-TRANSFER NETWORK FEE $1.50"
…
This is an account where the service charge ($29/mo.) is rescinded for seniors.
…
The only $29.95/month CIBC account I found is their CIBC Smart™ Plus Account. That account includes unlimited Interac e-Transfers.
Only $4.95 of the $29.95/month is waived for seniors under their CIBC Smart™ for Seniors plan. The full fee may be waived not for being a senior but for having $6,000 in the account or $100,000 in CIBC deposits and mutual funds.
Check to see what account that is exactly. The $1.50 charge could be a error.
1:58 pm
October 21, 2013
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It's a "Personal Chequing Account", not Smart. As I recall, the account is no longer offered. Neither is the refund for seniors, which was a separate provision, I think.
The monthly service charge (refunded) is $29.00, no cents; it was $17.75 last month, so must have just gone up. That's an increase of almost 40% for anyone who actually pays it (but inflation is very low, right?)
. It's printed on every statement in two separate consecutive lines.
Upon further investigation I see that my spouse did make an interac payment on July 2 which I didn't know about. The Reeived payment was in June.
It's all very confusing since the statements for this account are issued on the 19th of the month. So the fee which was processed on July 31 appears to refer to a transaction on the previous statement.
Anyway, we phoned CIBC. We were told that the fee would be automatically reversed on Aug 15! I have no idea why this needs to take 2 weeks or why they need to enter it in the first place. I guess I should be grateful that it will at least appear on the same statement as the charge, although well over a month after the initial transaction.
So now all I have to do is wait around until Aug 15 to see if they really do rescind this fee.
It seems to me that CIBC has more than one problem with getting its computers up to date. Here's a concept: Just ELIMINATE THE FEES! That's what their customers want, it requires no maintenance, and nobody will be calling in to complain about it or question it! The competition is leading the way.
Sorry for taking up your time with this cofusing situation.
2:40 pm
February 1, 2016
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Received the following notice by email June 1:
I hope this is readable --- and helpful.
[on edit]
Here is link to CIBC explanation of Interac fee reimbursement
2:41 pm
September 24, 2019
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Hey, its entertaining Loonie............not to worry. I enjoy your communications!!
Right now, because of the promotional rate I have the e-savings with CIBC.
Normally though I just have a regular chequing account with them. In six months or so, if they won't give me another promotion, I'll close the e-savings account. Then if they give another great promotional rate down the line, I'll ask if I can receive it again.
For quite awhile they were charging $7.70 per month on my chequing account. I see last month they upped the rate to $8.95!! Quite the increase. They charge the fee at the end of each month first then the same day they refund it. Of course I get it back because I have been grandfathered in. If one was to close their account though and then open another one; they would still be charged a fee I believe but it would be a "reduced" seniors fee. So I'll never close the account.
Cheers!
6:26 pm
October 21, 2013
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thanks to both of you.
That email is very helpful, rodeworthy. I wasn't signed up for their email at the time. With your prompting, spouse NOW recalls having received it! It gives me confidence that the reversal actually will take place. If it took covid to get them to do what they should have done long time ago, so be it.
Something in the back of my head is now suggesting that the fees are related to the number of transactions. I had a busy month, so that may account for the difference rather than an increase in the fees per se. Since I don't have to pay it, I don't usually pay much attention. Mine also gets reimbursed the same day.
I have no plans to close the chequing account either as this is the first problem I've had with it and, as you say, it won't be replaceable.
The savings account, at 0.1%, has no enduring value for me either I suspect someone will be calling me from CIBC offering to help me with "investments" before the promo is over.
6:49 pm
October 21, 2013
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the link I posted earlier for the 2.1% offer appears to be dead, but it is still available at
https://www.cibc.com/en/special-offers/fall-savings-promotion.html?utrc=S232:100&&gclid=EAIaIQobChMIgNmn_PuH6wIVia_ICh2uDgX5EAAYASAAEgJtWfD_BwE&gclsrc=aw.ds
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