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