So, Mum gets a letter with her RIF statement about changes to how the CIBC handles RIFs. A LOT of small print - a LOT! Took me 20 minutes to read it and I read contracts and legalese at high speed.
All was "regular" and "innocuous" and very tedious... until (paraphrasing)... if an account has insufficient funds to make the annual minimum payment, the balance will be taken from a GIC account chosen "AT THE SOLE DISCRETION OF CIBC". Do you believe that???!!!
I was incensed! I called the financial advisor and asked nicely (yes, nicely) if that was correct. He said yes but it would be taken from the lowest interest bearing GIC account in the portfolio. I said that would be a good policy because if that didn't happen a financial advisor could lose his professional status with the CGANB and be sued and the bank could be sued. Silence on the other end of the phone. I suggested that such be put in writing since CIBC took enough time to write "AT THE SOLE DISCRETION OF CIBC", even if they added "unless directed in writing by the client to do otherwise."
Just one more way the bank can dupe the elderly out of their hard earned cash if they are willing to take the chance. Bastards!
Jesus put his money in the CIBC! (With apologies to Jimmy Flynn.)