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The worst bank In Canada - Toronto Dude

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November 4th, 2011


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11:41 pm - The worst bank In Canada
This is the first part of a series I will be writing about the my experience with the worst bank In Canada. Not surprisingly I just tried to Google "The Worst Bank In Canada" and about eight of the results on the first page showed nothing but the infamous CIBC!
Perfect I said, I am not alone on this.
My experience with CIBC starts a while back when I first immigrated to Canada. And I thought that I should not go to that bank again! The years have passed by and somehow I drifted towards having CIBC accounts, unfortunately. But my initial feelings with this terrible bank were not misplaced and CIBC did not take long to prove me right!
I used to have a Citi-Master card for about 10 years, and was quite happy with that card, not only because of the awesome features and rewards that card has, but I personally think it is the best card you can ever have in Canada, with features like purchase protection, price protection (Yes, when the price drops, CITI would actually pay you the difference!) and zero annual fees how can you go wrong?

Well few months ago I received a letter from CIBC that they have acquired CITI bank master card portfolio and now my card will become a CIBC master card. Don't worry they said in the letter, everything will be seamless and all I need to do is wait for my card arriving in the mail. And while they say that my card will remain the same, they already made two important changes; no more price protection (Because this feature is not offered by CIBC cards) and the card is no longer a no-fee card, but hey! as a valued customer CIBC will waive the annual fee for the first year.... yes they are doing me a favor by starting to charge me then waiving it for the first year! I do feel special!!!

But I know banks are usually full of incompetents employees, so I thought to be pro-active. One of the great features at CITI bank was the ability to pay my credit card automatically, no this is not the same as the one when you have to fill forms etc., you could login online to the mastercard site and setup the payment amount (in full or just amount due), the dates you would like the payment to occur relative to the statement date, etc. And you can adjust these on self-serve bases, which is perfect since dealing with computers is far more pleasant than dealing with a bank customer service rep that don't know what is offered at their bank (trust me, this is the case with probably 90% of bank employees). Anyway, back to the story, so I thought there might be an issue with the auto payment, so I should call the bank and I did. I was assured by the customer service rep on the phone that all will be transferred correctly including the automated payment and all I need is wait for my new card. Back in August, the regular payment went through so I was happy that things were working, but then the payment was never applied to my master card account, basically the funds just vanished from my bank account. So I called again to explain the story. (For one reason or another, every time I call CIBC I get put on hold for at least half an hour, just in case their customer service was great!), the Rep told me that there is a delay in processing autopayments and I shouldn't worry, the payment will be applied. The next month it did go through, and the payment was backdated to the date it was withdrawn from my account, what a relief!
I waited and one day my new card arrived in the mail in September, so I call to activate the card and I asked the customer service rep (Aaron) again about the automated payment which was slightly delayed at that point. Aaron searched for a little and he told me that I needn't worry, since the payment did go through in the previous cycle it should work this time around, there might be a slight delay however just like the previous cycle; which seemed believable so I stopped there. He did promise to follow up himself to make sure that everything was working fine.
The story doesn't end here! continue reading here

(8 comments | Leave a comment)

Comments:


From:(Anonymous)
Date:April 22nd, 2014 08:17 pm (UTC)

CIBC=Canadian Incompentant Bank of Commerce

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Stay Away from this garbage bank.
Garbage Bank! Garbage Service
Garbage Bank.

The Top Garbage Bank in the world
[User Picture]
From:torontodude
Date:April 23rd, 2014 03:03 am (UTC)

Re: CIBC=Canadian Incompentant Bank of Commerce

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That's very funny title. Thanks for the laugh.
From:(Anonymous)
Date:July 16th, 2014 12:03 am (UTC)

Re: CIBC=Canadian Incompentant Bank of Commerce

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yes.
CIBC is also an idiot bank !!!!! stay away from CIBC.

Canadian Idiot Bank of Commerce.
From:(Anonymous)
Date:July 16th, 2014 12:05 am (UTC)

Re: CIBC=Canadian Idiot Bank of Commerce

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If you want to get more troubles, go to CIBC(Idiot Bank)
From:(Anonymous)
Date:April 14th, 2015 03:04 am (UTC)

Re: CIBC=Canadian Idiot Bank of Commerce

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Worst and if you want to find your money continue to disappear from your account and to find out that your account maintenance fees went from what you setup to a rocket amount with out your apocalypse then go to CIBC
From:(Anonymous)
Date:February 9th, 2017 06:41 am (UTC)
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CIBC is without doubt the worst bank in Canada! Misquoted our mortgage prepayment penalty by 1000% resulting in us selling a property to get out of a mortgage we are still paying almost 3 years later. Then when my wife's father passed away and she recieved the proceeds of the sale of his assets in Korea, because she moved them to a bank offering higher interest, they accused her of money laundering in a disjointed mess of an investigation. One in which they proved completely incapable of dealing with international documentation (official Korean documents are in Korean. Who knew? Oh that's right, EVERYONE... except CIBC) or advising their clients how to provide documentation that they are (ie. Verified translation services used by Competent banks who have a clue about international transfers). Then after multiple meetings, several no-shows by the manager, and my wife providing all necessary documentation to prove the legality of her funds and transfers, despite ample in person opportunities, they ended a 15 year banking relationship with an anonymous, unsigned form letter demanding she close of all her "high risk" accounts and never do business with them again. Done and Done! Good riddance!
[User Picture]
From:torontodude
Date:February 12th, 2017 12:30 am (UTC)

Congratulations!!

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Trust me, you did not lose much by cancelling them.
In fact you have gained so much, competent people that will take care of your money instead of the grossly incompetent CIBC workers.
From:(Anonymous)
Date:April 8th, 2017 12:46 am (UTC)

RE: Congratulations!!

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We didn't cancel. They demanded closure (which was a relief because I have been trying to get my wife to cut ties with their systematic incompetence) because my wife is Asian and they weren't making enough money off her. So they decided to pretend to give a shit about illegal foreign transfers by closing our accounts and flagging our totally, verified legal transfer (not plural. One easily explained transfer) instead of going after the Gangsters and embezzlers they are getting rich off of. Months after getting reported to the government as money laundering we have not heard a peep from the feds, because we didn't do anything wrong and even the feds saw through their pathetic attempt to use my wife as their token Chink to distract from all the illegal money they happily accept. Racist, corrupt, thieving pieces of human garbage.

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