Open letter to CIBC Canada on Bank Fee’s

Just wondering why you have an outdated bank fee’s schedule? I come from Australia, and i pay $5 a month to use my account (thru ANZ). I get Unlimited transactions, from an ATM, or thru Debit. I get charged more it i go in to talk face to face with people. Seeing you just reported a 884 million dollar profit. Couldn’t you do something better on bank fee’s? I understand that you want to make lots of money, but do also understand that i, and many of my friends also want to not give it to you. Unfortunately i need to keep my money in a bank. The hiding under the mattress theory has been proved time and again to be wrong. I am seriously considering switching to another bank, because of the fees.

Thanks,
Luke

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2 Responses to Open letter to CIBC Canada on Bank Fee’s

  1. Sara says:

    Yeah I’m sure your letter was the selling point to the CIBC board. I think that’s pretty sketch.

  2. Hi Luke,

    After reading your blog, I feel you have brought up an extremely relevant point and, after careful consideration, we are going to be eliminating all fees on CIBC bank accounts!

    Fees have always been a sticking point in our organisation, but when you brought up the profit vs fee ratio – well, that was all the information we needed to convince our board.

    Thank you Luke, and look forward to our fee-free bank model which should be implemented in the next 3 months.

    Kindest Regards,

    Gerald T. McCaughey
    President and CEO, CIBC

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