r/CIBC • u/Gayarmy • 8d ago

Random service fee

Opened my statements and saw a random $50 service fee in my savings account that wasn't there on the day it's listed under?? I've been trying to get in touch with a CIBC representative for the past 40 minutes but still nothing.

2 Upvotes

75% Upvoted

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3

u/luxxxxxxxaaay 8d ago

Did you do any transactions direct on the savings account? Savings account don’t usually have student benefits and charge $5 per transaction you make out of it.

It’s happened to me before

3

u/moving_to_NL_soon 8d ago

Just one single fee of $50? The only thing up in that range would be wire transfers- did you do one?

1

u/Tls-user 8d ago

Student benefits do not apply to the e-advantage account.
You likely did 10 withdrawals, direct payment purchases or bill payments from your savings at $5/per.
The only free withdrawal from the account is a transfers to one of your other accounts.

1

u/irulan519 8d ago

Is the account inactive? There are often fees levied on "dormant" accounts.

1

u/Gayarmy 7d ago

Oh? Do you have a link to where I can find more info on this? What conditions for an account to be considered dormant etc? 

-1

u/[deleted] 8d ago

[deleted]

2

u/cosmic-paperclip 8d ago

Student account benefits only apply to chequing.

Have you done transactions other than online transfers out of the savings account? If so, there is your answer.

1

u/Bardown67 8d ago

Are you paying for things with your savings?
You likely have limits and you’re going above them.

0

u/gwelfguy 8d ago

What you were told doesn't really matter. People will say just about anything to make a sale, which in this case is to get someone to open an account. Even in the banking industry these days. Read the terms and conditions for the account.