From Calgary? Get $400 (kind of) from CIBC!

CIBC has started a promotion, only eligible at their Calgary branches. You have to open a chequing account and complete some “tasks” to get $400. This promotion ends April 30, 2015. There are a number of restrictions and requirements in their terms and conditions:

First, you must not have held a CIBC chequing account on January 5, 2015. Per the T&C, if you’ve closed an account before that time, you should be eligible.

Second, you must open a “(i) CIBC EverydayPlus™¹ Chequing Account; (ii) CIBC Unlimited®² Chequing Account; or (iii) CIBC PremierService®³ Account.” Note that all these accounts incur a fee. The cheapest is the CIBC EverydayPlus account, which carries a $9.95/month fee. You must open your account at one of the eligible branches (see ‘Schedule A’ to the T&C)

Third, you must register your account for online banking, and within three months of opening your account, either do an online bill payment or send an Interac e-Transfer. You will be granted a $100 credit in your account.

Fourth, within three months of opening your account, you must either (1) have a recurring direct-deposit into the account, or (2) two recurring pre-authorized debits from the account. You will then receive a $300 credit in your account.

The $100 and $300 credit will occur within 12 weeks of completing the required tasks.

If you’ve engaged in the similar offer for the Tim Hortons VISA card, you will not be eligible for this offer.

Note that you must keep your account open for one year. Per the T&C:

Each of the Rewards are subject to the condition (the “Rewards Condition”) that the Eligible Client’s Chequing Account must remain open, active and unconverted for at least one (1) calendar year from the month end of the month during which the Chequing Account was opened. Failing this, such Eligible Client (each, a “Disqualified Rewards Client”) will not qualify for the Rewards. If Rewards have already been provided to a Disqualified Rewards Client, CIBC reserves the right, in its sole and absolute discretion, to charge the client’s Chequing Account or send an invoice to the Disqualified Rewards Client for, $100, $300 or $400 CAD (based on the amount provided).

If you close your account within the first year, even after receiving the credits, CIBC can invoice you for the amount credited. This makes the promotion less interesting, as unlike credit card churning, it’s hardly “free money.” If you go for the cheapest chequing account at $9.95/month, you will have $119.40 of fees for that year. Think of the promotion as having a free year of a CIBC chequing account + $280.60 of cash inducement.