CIBC REVISES SERVICE CHARGES
By Adnews Staff
The Canadian Imperial Bank of Commerce will introduce a new transaction fee system for their bank machine users. Scheduled to begin Oct. 1, the system will include a flat 60-cent charge for all transactions, and customers who use a bank machine will have 15 cents credited to their account. Withdrawals, cheques, transfers and automatic bill payments will all cost 60 cents, but if they are done via bank machines, debit card or telephone banking, the 15 cent credit brings the cost down to 45 cents. Monthly packages of 10, 20 or 30 transactions are also available. The new structure won't affect those who are under 19, over 60 or those who keep a minimum monthly balance of at least $1,000, all of whom already get their basic transactions free. CIBC spokesperson Heather Whyte told Adnews the move will cost the bank anywhere between $10 million and $25 million, depending on how quickly customers embrace the new setup. Currently, there are no plans to advertise the new fee structure. Advertising for CIBC is done by AOR Media Management Inc. of Toronto.