Log in

No account? Create an account
My first experience with CIBC - the worst bank in Canada - Toronto Dude — LiveJournal

> Recent Entries
> Archive
> Friends
> Profile

Toronto Apartments for Rent

November 8th, 2011

Previous Entry Share Next Entry
07:46 pm - My first experience with CIBC - the worst bank in Canada
When I first immigrated to Canada, I knew very little about the banking system here. So I arrive with some cash in my pocket to keep me going for few days, and a draft cheque from an RBC (UK branch) for 10K. A great old friend of mine picked us up at the airport and took us to a hotel. He told me that he banked with CIBC, so he took me the next day to his branch so I can open a new bank account and cash my cheque. When I went into CIBC I was treated like an outcast! They refused to open a bank account for me because I did not have a permanent address in Canada! I told them that how can I possibly have a permanent address if I have just landed the day before. In fact I cannot rent an apartment because I don't have a bank account and cannot cash the cheque the I brought with me! Anyway, they told me that they would not be able to help and basically left me out hanging on the street looking for a way out! Thankfully I went to a different bank and things were sorted out within minutes!

After I settled in Canada and found a decent paying job, I decided to buy a car. Again due to my initial ignorance of the banking system here, I did not know much about credit history and how it works. So I walked in to a car dealership and I asked to lease the car. After few days I was told that the dealership would not be able to lease me the car since I am a new immigrant and had no credit history, they recommended I try to get a car loan from a bank.
So I walked into a CIBC branch in a downtown Ottawa location and I explained my story. The rep there told me that it should not be a big deal to get a car loan even though I had no credit history. He proceeded to process my application until he stoped at one point and told me that he cannot continue because my credit file is not clean, it actually had a credit check on it (From the car dealership) which would count as a negative point. He told me that he could not help me anymore.
I was a bit at a shock especially that I actually explained my story to him before he processed my application. And in fact he made my credit file worse since now not only it has another credit check, the second made by him!
So from that day on I realized that CIBC is the worst bank in Canada and I should avoid that bank, since it employs incompetent people in branches across Canada, not just in Toronto.

(1 comment | Leave a comment)


Date:December 6th, 2011 09:23 pm (UTC)

CIBC - Cannot Inspire Banking Confidence

Totally agree. Its almost as if this bank goes out of its way to be difficult. I have heard many horror storiers about the CIBC. I will NEVER bank with them again.

> Go to Top