CIBC will begin charging $2 per month for paper account statements in April, as part of a slate of changes to its fees.
The hikes do not affect all customers, and those who are currently paying monthly fees will have new ways to reduce them, a spokesperson for the bank said.
“While some adjustments are necessary to reflect costs, clients should also have opportunities to reduce their fees when they choose to do more of their banking at CIBC,” spokesperson Geoff Dillon said.
The changes take effect April 1, come as growth in consumer loans and mortgages is slowing as a result of high household debt levels and new federal rules that have tightened the housing market. Details are available at cibc.com.
Customers who bundle banking services will receive some discounts and those with senior or youth accounts will continue to get free paper statements with no monthly or transaction fees.
“The $2 charge for paper-based statements is a fairly significant increase in prices for a number of customers. It will have a fairly broad impact on consumers because the vast majority will have trouble giving up a paper statement,” said David McVay, an industry consultant, who formerly worked as a bank executive.
McVay called the other changes “minor’ and added that CIBC is to be commended for keeping its senior accounts, added McVay, a former bank executive. “I give them credit for the senior plan.”
RBC raised its fees last April.
Original Article
Source: moneyville.ca
Author: Madhavi Acharya-Tom Yew
The hikes do not affect all customers, and those who are currently paying monthly fees will have new ways to reduce them, a spokesperson for the bank said.
“While some adjustments are necessary to reflect costs, clients should also have opportunities to reduce their fees when they choose to do more of their banking at CIBC,” spokesperson Geoff Dillon said.
The changes take effect April 1, come as growth in consumer loans and mortgages is slowing as a result of high household debt levels and new federal rules that have tightened the housing market. Details are available at cibc.com.
Customers who bundle banking services will receive some discounts and those with senior or youth accounts will continue to get free paper statements with no monthly or transaction fees.
“The $2 charge for paper-based statements is a fairly significant increase in prices for a number of customers. It will have a fairly broad impact on consumers because the vast majority will have trouble giving up a paper statement,” said David McVay, an industry consultant, who formerly worked as a bank executive.
McVay called the other changes “minor’ and added that CIBC is to be commended for keeping its senior accounts, added McVay, a former bank executive. “I give them credit for the senior plan.”
RBC raised its fees last April.
Original Article
Source: moneyville.ca
Author: Madhavi Acharya-Tom Yew
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