15k miles for opening CIBC flat fee checking
 

Has anyone found a way to get out of paying the $12.95/mth fee for the chequing account?

I currently have a BMO chequing account that costs $25/mth, but is credited back to me by keeping a minimum balance in it.

I've had the CIBC unlimited checking account for two years now. I wish I could miles for having it. Reward new customers and shun exsiting customers.

Mods please edit title to read: chequing. :p

You are not 'checking' anything.

As long as the Queen is still found on the rear of our coins.... :eek:

They had the same offer last year but only 10K...

Note that you have to do more than open the account (which would be easy and probably worth 15K even if you had to keep it for a year).

I don't recall them requiring the closure of another account last time, though it's possible. The way the banks are competing (e.g. iPod for moving to TDCT), it's almost worth keeping a few accounts somewhere like ING or something! I'm not likely to closemy prime TD account just for a few Aeroplan points. (You can close one account and transfer the auto-payment from a different account).

=aw

You should note that it may cost you $15 - $20 (or more if you have had you bank accuont open for less than 90 days) to transfer a bank account balance using the "Balance of Transfer" form used in the "Express Switch" program.

BTW, CIBC's Unlimited Chequing Account doesn't allow you to waive the fee it you maintain a minimum monthly balance. At TD and BMO their accounts/plans do.

*unless your a Super Elite the 15,000 aeroplan points isn't worth much more than US$150.

I think 15K could be worth more than that, if you're lucky. Not much, but maybe 2c/pt. I should not that I'm not going to bother chasing this promo. Though I might be tempted by TD's promo, if I weren't a customer -- which is ironic because the 1GB iPod Shuffle that TD is offering, is only 11500 Aeroplan points from FutureShop!

The $13 may not be waived, but note that TD requires a $5000 minimum balance to waive their $25 (and if you hit $4999.99 for even a day, you're out $25). I think TD gives you more for your $25 than CIBC does for $13. If CIBC offered to waive the $13 for a $5000 minimum balance, it wouldn't be worth it -- you could lock that $5000 in a GIC at 5% and earn $20/mo.

=aw

I've heard from someone that works with CIBC that CIBC will be coming out with a NEW CHEQUING account. One where you earn Aeroplan Miles everytime you use your debit card, or Pre Auth payment comes out your accound. Fee is going to be slightly higher, but will be waived if you have three or more services with CIBC.
This is just what I heard, I cannot guarantee this, so take it with a grain of salt.

The $20/mth you get from a GIC is taxable, so you're only left with $10 after you share with the gov't. Aeroplan points are not taxable. I was using BMO for my chequing account because of the various ways to earn Air Miles (direct deposits, automatic withdrawals, etc), but they changed their policy starting this month. No Air Miles except for every $40 spent at merchants using your debit card which I never use because I charge everything to my credit card. So I'm looking for someone who wants to BUY my loyalty with incentives. May end up going to President's Choice for their points. And I refuse to pay fees for the privilege of letting a bank hold my money.

I was just surveyed by CIBC,asking a lot of questions about various chequing account options with Aeroplan miles, would I choose X account, if I got points for deposits, withdrawls, online transactions , etc etc etc. I figured from this, that they were looking seriously at such an option possibly with points bonuses for minimum balances etc.

MG, I take your point about taxable income (more like $11 net but close enough). I'm happy to keep my $5000 tied up with TDCT because of the features they offer beyond free chequing.

That said, the 4% from PC on the Hippo account is tempting, as is ING's 4.25% until Aug 31. The other day Scotiabank emailed me about a 4.85% 2yr GIC (pretty good for a bank considering TDWaterhouse and BMO InvestorLine are only offering 4.9% on 2yr). I guess interest rates must be expected to keep going up! :(

=aw

I tried last years offers and still have my aerogold visa and my bonus saving account but closed my unlimted checking after about 4 months, a little more than the 3 month minimum. I would sugggest that you open the account in the beginning of the month since I got hit with the fee when I opened an account on the 27th or about $2.50 a day.

As a loyal TDCT trust customer who uses TD as my primary bank, I am a little pissed off with the iPod promotion since TD customers do not really qualify.

I left a sizable chunk of cash in my USD TD account for 5+ months when I got busy and forgot to move it into MM and I received only .25% interest or about $4 a month. Also we am getting dinged significantly on fees on our business accounts despite leaving some chunk of floats in our C$ and US$ checking accounts and getting no interest. It was a bit galling to be told that we did not qualify for the promo :(:td: I had to really kick butt to get some fees waived and they are giving iPods away to entice other banks customers. Someone I know transferred a minimum account just to get the iPod and resold that for a profit and those are the type of people they are attracting partially where TDCT is taking their existing good customers for granted.

Yeah, that's always the way. The service I get from TDCT is so good (especially my branch, which I rarely visit but they remember me nonetheless) that I'm willing to forgive a lot.

I think it's $8K or $10K minimum to get fees waived on my C$ business account, I have very little activity so I'm on a cheap plan. I actually closed my U$ account and opened a new one in my name (with lots of documentation that I'm just holding the company's money) which isn't earning much interest but is saving me $8/mo for just sitting there (the service charge on the business account). It also earns interest the business account didn't, but the balance is small enough that I don't count that. If I get a significant inflow of U$ to the business I'll have to go back to the $8/mo but for now it's worth it.

I'm tempted to go for the iPod Shuffle from CIBC. I remembered I have a near-stale ING account and a near-stale Amex Bank account with <$100 in each, I could close one of those and transfer one automatic payment to a CIBC account, earn the 15K and buy an iPod Shuffle. Sure 11K is an expensive redemption but it's still a better return on my effort than TD is offering. And if I did the iPod purchase as soon as I received the 15K, I might even kid myself the deal was for "a free iPod Shuffle". ;)

=aw