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May 27th, 2012

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01:14 am - 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.

(12 comments | Leave a comment)


Date:December 13th, 2012 03:46 pm (UTC)

CIBC Mortgage is the worst. Agree completely.

It is very frustrating to deal with CIBC Mortgage. They said mortgage will send to lawyer on Tuesday but Thursday the lawyer received none. Even I had tried Main Office, branch Manager, mortgage adviser,Senior Finance Representative. They are liars but look professionals.For example look at the following message, which never get done.

I was attending a whole day meeting at the head office with limited access to my e-mail and phone.

I keep trying to call you back but your phone is busy all the time

I will send you a signed copy via e-mail shortly.


Roman Rung

CIBC Mortgage Advisor

Retail and Business banking

Cell: 416-726-0555

Tel: 1-888-410-8766

Fax: 1-888-751-7280

33 Yonge Street, Floor 7


Date:June 15th, 2013 09:14 pm (UTC)

Re: CIBC Mortgage is the worst. Agree completely.

I agree. Not only the advisors, persons in responsible positions like Area Manager also. I have some email correspondence with an area manager which prove the statement.
Date:July 10th, 2014 03:34 am (UTC)

Fuck you

You pieces of shit are morons.
If you were shopping around for rates, why did you go with a "very expensive" rate?
Also, this early renewal story is bullshit.

The credit card story is also bullshit.

"Heloc" is a term used at TD, so I wouldn't be surprised if you are a TD employee.

And guess what?!?!
The whole fucking world doesn't revolve around you.

If they wanted some credit cards closed, it's because you have shitty credit and shitty income.

Get a better paying job, pay your fucking bills in full, and you won't have any issues.

Stop complaining and get a life.
[User Picture]
Date:August 2nd, 2014 09:20 pm (UTC)

Re: Fuck you

Hey! truth hurts does it? You must be a CIBC employee, because you are as ignorant as the rest of that establishment.

1. When you take a fixed rate, it might be low at some point, but it won't be the same when the rates keep dropping. Rates change, don't worry, I don't expect you to understand this.
2. HELOC, most people call it HELOC, there is something called Google, so in your browser type google.com then enter "CIBC HELOC" and see what you get... yep CIBC HELOC page:) And no I am not a TD employee, but TD is a much better bank than CIBC, in fact any bank in Canada is better than CIBC.

3. My credit history is perfect. So if closing one small credit card is your assessment, you fit quite well with the rest of incompetent CIBC employees

4. I need a job? hahaha.... You have no idea who I am, and no I don't need a job... yep, not all people need jobs... I know, it's hard for you to even understand what that means, but since you work for CIBC, I don't expect you to.
On the other hand, you need a real job but it must be tough to find one when you work for CIBC, most employees won't hire incompetent workers.

5. This is my personal journal, so yes it does revolve around me.... and no, I don't expect you to understand, as you clearly are incapable.
If you don't like a journal, why leave a comment? why read it in the first place?

Edited at 2014-08-02 10:07 pm (UTC)
Date:October 24th, 2014 07:03 pm (UTC)

CIBC Mortgage... LOL

OMG, I read your blog and it was like I looked in the mirror... I was with the CIBC for 17 years and I left back in 2010 because I had the same type of garbage and delays done to me.

I was in transition between selling my existing home and buying another one. My financial advisor entered the details, even wrote me a letter for the real estate agent handling the purchase of my new home, that I was "approved". (Funny that she was not allowed to do so and she did it anyway... I still have it today... )

Days passed and nothing... The Montreal branch was constantly communicating with the Toronto head office because I was persistant and still nothing.

They would come back each time with requests to close this credit card and that credit card (whatever didn't belong to CIBC). The funny part is that the sale of my then home, gained me a 51% downpayment on my new home and the new mortgage would have been only $9,000 dollars more than my existing one (never missed a payment - always paid on time - all the right stuff ) AND I would have paid off all of my credit card (including the ones they wanted me to close.)

In the end, I went over to a new lender - but I almost lost the purchase of my existing home because of these delays.

*** in the weeks following and because of my persistance to find out why, I was eventually told that my mortage was approved, that they tried to contact me by phone yet, they never received my call back, to proceed.

"Of course not, why would I call them back - it was too late. I was already with another lender - VERY SATISTIFIED TODAY.


Oh and a little extra information: " I was also told that a reason for the delay, is that they were contemplating because my mortgage value was NOT high enough - I was only looking for $97,000. IMAGINE THAT I was an IMPERIAL CLIENT and they still treated me like I was nothing.
[User Picture]
Date:October 25th, 2014 02:14 am (UTC)

Re: CIBC Mortgage... LOL

Thanks for sharing your story.
You are right, it is very similar to my situation. Ironically, they ask you to close credit cards for other banks while they push their own cards, and in my case... issue me a card without my permission.

Avoid CIBC like the plague, that's all I have to say.
Date:November 10th, 2014 03:40 pm (UTC)

Re: CIBC Mortgage... LOL

I have been with CIBC for 20 years, they have help me and my family with the house and cottage up north, no issues, Atussa is great,
[User Picture]
Date:November 14th, 2014 03:23 am (UTC)

Re: CIBC Mortgage... LOL

Hi there,
I am glad that its been working well for you, I recommend you check out other banks, you might change your mind when you find other banks that provide better rates and service.

As for Atussa, she was the opposite of great.
Best of luck
Date:April 6th, 2015 06:10 pm (UTC)


i hear you i had same problem with yahoo is Milton Ontario .
Date:May 15th, 2015 10:56 pm (UTC)

Re: mario

Do not waste your time with CIBC staff are not competent. Never had any issues with my other properties dealing with Scotia until I thought I would try CIBC as they were trying to win my business over....BIG MISTAKE
[User Picture]
Date:July 25th, 2015 01:36 am (UTC)

Re: mario

Yes, unfortunately, cheapest is not always the best. They just try to drag you in, then you are stuck in their incompetence and end up losing more money.
Date:January 12th, 2016 01:34 am (UTC)

CIBC advisor

I am deeply concerned for clients of CIBC whom might be scammed by the "Bad Apples" that work for the bank's best interest and their own commissions rather then the client's. CIBC has no regulations and their policies change all the time. Documents are altered, signatures are forged, numbers are fudged by these "Bad Apples" and their inside help. Paperwork involving mortgage/loan applications, approvals, consent forms and schedules can be signatured and submitted to CIBC insiders without the customer verifying, signing or having witnesses to any documentation. A mobile mortgage specialist can do this all by himself. Papers and reports can be changed at any time. My concern is that CIBC acknowledges that their mobile mortgage advisors are a separate group of companies outside of CIBC's mandate, therefore information cannot be provided to individuals who have mortgages and other accounts at a CIBC branch location. When there is a question or an issue you have about your finances CIBC's lodges a step by step process that takes close to a few years, ( I am guessing it depends on your mortgage term) and then the Ombudsman of CIBC and their group of companies resolves clients concerns by closing all their accounts. This is not to say all mobile mortgage advisors are "Bad Apples", many don't have the years of experience it takes to qualify as one. The experienced "Bad Apples", dodge your questions, belittle you, threaten you and lie because they can. They know who to to prey on. Be aware of these advisors they have nothing to lose, and will jeopardize your whole life for their own pat on the back and financial gain, after all they work for the bank that you think you can trust. This is a bank to stay away from.

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