Everyday Banking for Newcomers by CIBC

I was really surprised as I check our bank account online this morning.  To my amazement $300 was credited to our account today. The transaction detail says: Electronic Funds Transfer CREDIT MEMO $300 CIBC SMART OFFER. Thank you CIBC for this very early Christmas gift.

As I researched online to find out what the $300 for, I found out that CIBC has a special offer for their new customers who open an account for the period of May 1 to June 30, 2018. The following are the requirements to qualify for the $300 cash bonus:

1. Open chequing account
2. Provide a valid email address
3. Within the three full calendar months must set up or complete
4. At least one eligible recurring deposit (like payroll and CCB); or
5. At least two different eligible recurring pre-authorized debits (like NB Power for hydro and Bell for the internet connection)

Unknowingly, we fulfilled all the requirements. We open our account on our first day here in Moncton, New Brunswick three months ago. Then we provide our email address upon opening our account. Lastly, Fritz salary is credited to this account.

Why CIBC?

I planned to open an account on TD based on the reviews I read online by the newcomers. On the other hand, Fritz was more inclined to open a bank account in RBC or CIBC based on the recommendation of his friend who is based Winnipeg, Manitoba. I tried to book an appointment online before we fly from the Philippines with TD but the earliest vacant schedule was two days after we landed and same as with RBC. While in CIBC we were able to book an appointment on the date and time we wanted.

What are the documents needed to open a bank account?

We bring with us our COPR and passport. Our Social Insurance Number (SIN) was also asked since we don’t have enough valid Canadian Identification Card.

What was offered for the Newcomers?

We opened a joint Chequing account for me and Fritz. We availed the CIBC Smart Account for Newcomers. The privileges under this account are:

• Unlimited transactions and no monthly fee for 1 year
• Up to $55 cash back in renting a safety deposit box
• Free Interac transaction
• Free CIBC Global Money Transfer

Credit Card

The Financial Services Representative, Adam Atkinson, offered us the CIBC Aventura Gold Visa because we will earn 15,000 bonus points after our first purchase. For the first year the annual fee is waived. If we opted to switch our card to another one, we may change it after a year. He also suggested that I should get a credit card for myself so I can build my own credit history.

Even though we have a joint chequing account, Fritz and I were each given a CIBC Advantage Debit Card right after we open our account. Meanwhile, the credit card will be either picked up or delivered in our address after 4 to 8 banking days. We chose to pick up the credit card since the address we provided was a temporary address since we don’t have a house yet that time.

Fritz credit card arrived after 5 banking days. I was informed that my credit card will be mailed at our address. Seven days passed, we haven’t received yet my card. We emailed Adam and informed him that I haven’t received my card yet. He instructed me to call the hotline and request a new card. I did as instructed and I found out that I forgot to update my address. The card was mailed at the temporary address that I submitted. So I update my address and request a new card to be mailed at my new mailing address. After four working days, it was right in my mailbox.

We have a wonderful Financial Services Representative assigned to us. He is very welcoming and helpful. Even right now, he responds to our queries whenever we will email him. As of now, we are satisfied with the services offered by CIBC.