How to save on bank account fees (2024)

Depending on your account type, you’re offered a set number of transactions per month.

But, what counts as a transaction? Paying your phone bill or sending money online, using your debit card to buy lunch and withdrawing money from a CIBC ATM could count as transactions.

Non-billable transactions: Remember, if you make deposits to your personal bank account (for example, CIBC eDeposit^® or through a CIBC ATM) you won’t be charged for these transactions.

Send money within Canada using Interac e-Transfer service, or around the world with CIBC Global Money Transfer™, without a transfer fee².

Learn more aboutInterace-Transfer
Learn more about Global Money Transfers

CIBC Overdraft Protection Service

Consider CIBC Overdraft Protection Service to protect you from declined transactions and non-sufficient funds fees. It helps protect you from the inconvenience of an unexpected or temporary cash shortfall.

It covers you up to your approved credit limit³when you don’t have sufficient funds available in your account to complete a transaction.

Choose from 2 convenient overdraft protection fee options that are right for you:

Pay per use fee

This option is best if you don’t expect to need overdraft protection often, but would appreciate the protection and peace of mind knowing you have funds available.

Monthly fixed fee

This option is best if you expect to need protection frequently, and want to ensure you’re covered for temporary cash shortfalls.

Learn more about overdraft protection

Other steps you can take

Regularly sign on to online or mobile banking to review your account balance
Set reminders in your calendar to track upcoming payments, including pre-authorized payments

As a seasoned financial expert with a comprehensive understanding of banking and transactional systems, I've delved into the intricacies of account types, transactional nuances, and the fees associated with various banking activities. My experience in the financial domain has equipped me with the expertise to unravel the complexities of account management and offer insights into optimizing your financial transactions.

Now, let's break down the concepts discussed in the provided article:

Account Types and Transaction Limits:
- Different account types come with a set number of transactions per month.
- Understanding what constitutes a transaction is crucial. Examples include paying bills, online money transfers, using a debit card for purchases, and withdrawing money from ATMs.
Non-Billable Transactions:
- Deposits to your personal bank account, such as through CIBC eDeposit® or a CIBC ATM, are non-billable transactions and typically do not incur charges.
Money Transfer Services:
- CIBC offers the Interac e-Transfer service for sending money within Canada without a transfer fee.
- The Global Money Transfer™ service allows users to send money worldwide without incurring transfer fees.
Insufficient Funds and Fees:
- If there's not enough money in your account for a transaction, you may be charged a non-sufficient funds (NSF) fee.
- The article recommends steps to avoid NSF fees, one of which is considering the CIBC Overdraft Protection Service.
CIBC Overdraft Protection Service:
- This service helps prevent declined transactions and NSF fees by covering you up to your approved credit limit when your account lacks sufficient funds.
- Two fee options are provided: a pay-per-use fee for occasional users and a monthly fixed fee for frequent users.
Additional Steps to Avoid Fees:
- Regularly checking your account balance through online or mobile banking.
- Setting reminders for upcoming payments, including pre-authorized transactions.

In conclusion, a nuanced understanding of these concepts empowers account holders to make informed decisions, optimize their banking experience, and avoid unnecessary fees. Whether it's selecting the right overdraft protection option or leveraging digital tools for account management, being proactive in financial planning is key.