Simplii No Fee Chequing: no monthly fee, and the overdraft charge

No Fee Chequing

These amounts are in Canadian dollars. They come from Simplii's No Fee Chequing page. Monthly fees at large Canadian banks lists packaged accounts next to this one.

Simplii says there is no monthly fee, with unlimited debit purchases, bill payments, and withdrawals, and free access to more than 3,400 CIBC ATMs. Sending, requesting, and receiving an Interac e-Transfer is listed as free. A welcome cash offer on that page is not a fee. Do not treat it as one.

Overdraft protection is optional and, Simplii says, only on this account. A monthly charge of $4.97 applies only when you use the service, plus interest of 19% a year on the overdraft balance. Simplii says that rate can sit on the overdraft balance and that rates can change. Extra costs for special requests are in the Products and Services Agreement. This page does not copy a figure that the account page did not print.

Find a fee on the statement

A monthly plan fee should not be the line you are hunting. An overdraft charge of $4.97 is a different line, and it shows only in a month you used the service. Write the date, the printed name, and the amount. A Canadian dollar statement stays in C$.

A $4.97 overdraft charge in one month is $4.97. Twelve months of that charge would be $59.64. The result is arithmetic. It is not a quote from Simplii, and it is not money Simplii has agreed to return.

What to ask Simplii

Use the phone number on the statement if it is printed there. Simplii lists 1-888-723-8881 on the account page. Ask whether overdraft protection is on the account, and whether you were overdrawn on any day that month. Then ask Simplii to review the charge. They can say no.

Expenvo can list a bank fee that is already on a statement. It does not call Simplii.

Questions

Does Simplii No Fee Chequing have a monthly fee?

The account page says no monthly fee, with unlimited debit purchases, bill payments, and withdrawals. Match the account name on your statement.

When is the $4.97 charge billed?

Simplii says the $4.97 monthly overdraft charge applies only when you use overdraft protection, plus 19% a year on the overdraft balance.

Will Simplii remove a charge it already billed if I ask?

They might, and they might not. Asking is a request. Nothing on this page says Simplii has to waive a charge already on the statement.

Sources

• Simplii No Fee Chequing

Related guides

• Monthly fees at RBC, TD, Scotiabank, BMO, and CIBC
• How to waive a CIBC monthly fee
• Canadian bank fees on a statement