Toronto Dude (torontodude) wrote,
Toronto Dude

CIBC Mortgage, The worst mortgage advisors in Canada

A while back a wrote about my experiences with the worst bank in Canada, but really that wasn't the only problem I had with CIBC at the time. The whole problem with my credit card was happening while I was still having issues at the same time with my CIBC mortgage. But surely there are incompetent employees in all fields and organizations, and the actions of one shouldn't cause us to label an entire bank to be the worst. However in this case, all my interactions with CIBC mortgage employees showed the lack of knowledge by those CIBC mortgage advisers.

The story started years back when I was shopping around for a mortgage. At the time, I found out that CIBC was giving very low rates compared to the rest. I went and met up with a CIBC adviser "Ali" at a Toronto branch who was fairly nice and helpful. I don't like taking long time making decisions, so we wrapped up the decision and signed up for a new mortgage with CIBC. The process to get the paper work done took long, really long. We had to go back few times to sign new contracts, because they kept making mistakes in the filing documents!

Few months later, were were looking to get a HELOC, we were assigned a new adviser there, John Serna who was helping file for that. Things couldn't have been more complex, we had to return many times to sign the contract, because they kept making mistakes on the forms that we had re-do them all over (See a pattern there?). Finally, we received our HELOC. While doing these talks the adviser was asking me to get a CIBC credit card, I told him that I wasn't interested in getting the card, I already have many that I don't even use.
Surprisingly, few weeks after I received a card in the mail! Without my permission. I am sure it is illegal to do a credit check and issue a credit card request without my signature or at least my approval!! I kept trying to get them to correct the situation, I was sent to the credit card department then and they refused to correct the situation, they only offered to close the card (which would have a negative impact on my credit history) so I gave up in the end and left it there.
Fast forward few years later, we were appointed a new adviser, Atussa Samandari, so I was happy that at least I got rid of the worst adviser I thought I had at the time.... but no! after dealing with her few times it was quite clear that Atussa was not much better than the others. We went to meet up with her and discussed few items, and we asked that there are certain corrections to be made to our accounts, months go by and nothing changed.
A while after, our mortgage renewal date arrives, CIBC offered to renew our mortgage ahead of time waiving the penalty. That was a little attractive since getting out a very expensive rate at the time was a good idea, so it was worth renewing with CIBC. We agreed upon a given mortgage rate with Atussa and we left, weeks go by and no answer, I kept calling them and finally I get the word that they wanted me to close certain credit cards (not the ones owned by them obviously, even the one that they issued for me without my permission!). In this process Atussa gets sick, so now my only contact there is her assistant, Stephanie, who I managed to talk to few weeks after, she told me that the rate is now higher because its been weeks since they agreed to that rate!! I told her that the delay was all because of them; we were the ones waiting, but she didn't care, I finally get to speak with Atussa who was not sympathetic at all, she made up another excuse for the rate increase.
After having waited months for the process, there was little to no advantage for us to renew with CIBC, the mortgage term was getting to an end, so we decided to just switch our mortgage and get rid of that terrible bank once and for all.
I walk down to my local bank, and sure enough they give me a rate that is even better than the one CIBC wouldn't even honor anymore. Story closed.
I guess the best thing of this story, is we no longer deal with CIBC and their incompetent employees.

Tags: cibc, the worst bank in canada
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