Bank Deals

[Kim]

CIBC just sent me an offer for free $1000 accidental life insurance. I have to give them my and my spouses birthdates and sign. Hmm I don't really need it BUT it's free??? Should I go ahead?

I saw on the TV last night that BMO will match a $25 deposit into a youth account. So that is a free $25.00 if your looking to open an acct anyway. They also mentioned that on their website they have tools for teaching your children about money - I may have to go and check that out.

Oh and I'll have to go change my signature as I am so happy that there is no IV to do yay!

[Toronto.gal]

All banks offer this, hoping of course, that you'll also elect the additional coverage offered at a premium & if you were to do that, the $1K would not be free at all. :rolleyes:

Keep in mind it is only AD&D coverage [Accidental Death & Dismemberment], not life insurance.

The bank already has your personal information, so no harm taking a free benefit, just make sure you don't have to buy more if you don't want to.

[justin.nc]

oh, They also mentioned that on their website they have tools for teaching your children about money.
This is very interesting, I'll find out more about it.


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[the-royal-mail]

What fees will you have to pay to maintain this youth account? Remember that accounts must be active or they flip to dormant status after 6 months. The bank knows this, so they are basically investing $25 to condition you to open and maintain yet another account.

I like to operate on a clean slate, as a friend once told me. Great advice. Less is more. There's no free lunch. You may be signing yourself up to junk mail or something else that isn't obvious right now.

Why do you need to change your signature?

All of this sounds like a lot of hassle for little/no real benefit to you.

[Kim]

In response to above

I once had to do image verification every time I posted ( past the regular minimum amt of posts ) so I had a funny signature about it. The Admin fixed it for me so I changed my sig. on CMF.

Oh and maybe it is more trouble than its worth - but it was marketed as a bank "deal" and so I thought I would post it just for interest sake. :)

[the-royal-mail]

Not a problem, Kim. I'm a critical thinker. When I hear of things like this, I want to first understand the motive and the WHY. You never know what's behind the scenes. Banks are famous for nickling and diming us. Their smart bean counters have figured out a way that this $25 would make money for them, I am positive. You tweaked my curiosity as to their motive, that's all. :) I'm not at all offended that you posted this.

Never knew about any minimum post thing but I do remember that image thing. I think that was around the time that WWW$ddxxqio64j was trying to join us, remember that? :)

[Rico]

CIBC just sent me an offer for free $1000 accidental life insurance.

For a second there, I thought it was insurance for an unplanned pregnancy! :p

Anyway, hey if it's free, why not take it? However, if it's like the policy my sister-in-law's mother signed up for, it'll only pay out if death is accidental (death from natural causes, disease = 0 payout).

[HaroldCrump]

IMHO, life insurance of $1,000 is essentially useless, free or not.
Might as well sign up for a real insurance policy, if you need one.

[the-royal-mail]

Harold makes a very good point. Maybe by giving you this "free" $1000 thing, people who say "might as well take it if it's free" may well be putting themselves on a spam list, so the bank can later call you and upsell to a meaningful policy for one low low monthly cost/fee. It will be an exercise in marketing. At least that's my hunch. LOL.