(Thanks, r. :)

Reader r. writes:

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Hi Hobie, Just wanted to give you and your readers a heads up. I was unable to copy links to CIBC wed pages.

Google search - CIBC banking changes effective April 1 2016. turned up many links to what they are doing as well as new running rules regarding currency exchanges and associated accounts Non interest bearing. terms and conditions. closure of accounts not used after 6 months etc.

basically all clients accounts monthly charges will increase, some accounts are being done away with, Minimum balances have been increased and will catch a lot of people off guard. ABM use now included as bank transaction for monthly fee. over 12 transactions a month will now cost you 14.95 in bank fees to pay your bills. from 1.25 per transaction prior to April.

One link explained all foreign currency rules. giving the banks total freedom to use your money at their whims when they felt obliged to. without notification. and close any accounts without transactions for 6 months. specifically mentioned NIB accounts. as well as others, upon exchange currency conversion to CAD based on buy sell rates however the bank has the right to use your exchanged money and hold it and trade it when they feel it is right to do so regardless of exchange date with client.

What I got out of this is they will exchange your currency at current buy sell rate, give you deposit on paper for what ever terms you agree to. hold your exchanged foreign currency until rates rise and exchange it for their profits while charging you fees on your accounts. knowing full well your money cannot be touched.

The young family and single parents in Canada need to know that each bank transaction whether it be by phone, internet, at bank, ATM by cheque over 12 transactions per month will now cost them 14.95 each and every month. unless they carry a 2,000.00 dollar day balance deposit and have at least 2 cheque deposits made to their account. 179.40 dollars a year. minimum.

People need to start using cash again, pay your bills in person to utility companies in cash stop using ABM's cheques, electronic payments, phones, even on line purchases through pay pal credit cards. all cost you more in the end.

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