BS: Canucks: CIBC sucks!

Subject: BS: Canucks: CIBC sucks!
From: gnu
Date: 20 Jul 11 - 02:36 PM

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.)

PS... the arrogant bastards!

Subject: RE: BS: Canucks: CIBC sucks!
From: Q (Frank Staplin)
Date: 20 Jul 11 - 02:43 PM

What are the policies at the other banks? What are their rules with regard to necessary payments?

Subject: RE: BS: Canucks: CIBC sucks!
From: GUEST,999
Date: 20 Jul 11 - 03:05 PM

IMO, CIBC is the worst of the banks I've encountered. They--from a branch level--seem to refer every damned thing to Toronto. I agree with you, Gnu. As a bank, they do not really care about their customers. However, people keep dealing with them so they will keep getting away with their crap.

Subject: RE: BS: Canucks: CIBC sucks!
From: gnu
Date: 20 Jul 11 - 03:37 PM

BNS takes the coin from the next lowest interest bearing GIC account as a matter of policy (it's just locical). I don't know what the other banks do. As for minimum payments, that is calculated under the income tax act.

999... I tried to buy some GICs at CIBC a few years ago. I would not tell them my annual income. Buddy took my cheque anyway. He called back the next day and said CIBC would not sign the contract without the info. I said I would be along shortly to collect my cheque... no can do as it's been cashed... then, we have a contract... nope... I'll be along to pick up your cheque to me... nope... took a while and cost me $350 interest by the time I was reimbursed. And buddy didn't even apologize!!!

I didn't say a word to buddy as he was Mum's financial advisor but I could have had him squirming in front of the CGANB and got my money back with interest. Yes, just a penny but I wanted it.

And I gave up on BoM 30 years ago after they added two service charges that were not incurred. I asked them to produce the paperwork and they couldn't. They put the money back in my account. I asked for my accounts to be closed and I wanted my cash immediately. I had to wait for the manager to come out and ask me why I wanted to close the accounts. At least 40 customers heard my explanation because it was very loud and laced with, ah, er, colourful adjectives.

I deal with a credit union but BNS pays the best rates for GICs so that's where the bulk of my pension money is. And, they are helpful and courteous... so far... give them time?

Subject: RE: BS: Canucks: CIBC sucks!
From: Sandy Mc Lean
Date: 20 Jul 11 - 03:49 PM

I don't use CIBC but I suspect that the bloodsuckers at other banks treat customers in a similar fashion. They only exist to bleed as much as possible from the depositor and always put shareholders above customers. The legal crap is written by people in the hire of the bank so they are unlikely to protect anyone else's rights! It is your mother's money and she should be free to move it somewhere else but I bet the fine print is loaded with penalties for doing so as well!
I was always a firm believer in the Credit Union movement, but sadly they are getting more and more like banks. A pity!

Subject: RE: BS: Canucks: CIBC sucks!
From: gnu
Date: 20 Jul 11 - 04:15 PM

Yes, the CUs are and I assume it's $$$ that is driving it. The $$$ of the big banks. Same as Coops closing do to poor management... the big $$$ infilotrates the executives and... yaeh, conspiracy theory but the only other explanation is that the management is incompetent so????

As far as penalties go it USED to be the case that such penalties and fees for transfer of RRSPs and RIfs and the like were prohibited by law. Dunno if that has changed.

Subject: RE: BS: Canucks: CIBC sucks!
From: GUEST,999
Date: 20 Jul 11 - 04:37 PM

Laws are changed at the behest of big money.

Subject: RE: BS: Canucks: CIBC sucks!
From: gnu
Date: 20 Jul 11 - 04:46 PM

Yes 999.... but, yer bank must notify you I should think. Hmmm... if it's a federal law change maybe not?

Subject: RE: BS: Canucks: CIBC sucks!
From: GUEST,999
Date: 20 Jul 11 - 04:47 PM

"There are two kinds of criminals: those who have a million and those who want a million."

Subject: RE: BS: Canucks: CIBC sucks!
From: gnu
Date: 20 Jul 11 - 04:55 PM

Just a million? A misdemeanor these days. >;-)

Subject: RE: BS: Canucks: CIBC sucks!
From: Little Hawk
Date: 20 Jul 11 - 05:09 PM

All the damn banks are out for themselves and are scalping their depositors, but I agree that the very worst of them is the CIBC, and I will not do business with them. I'm presently doing business with Royal Bank, TD, and Bank of Montreal.

Subject: RE: BS: Canucks: CIBC sucks!
From: gnu
Date: 20 Jul 11 - 08:55 PM

Well, here's another point. I can go to the BNS and CU websites and view the current rates of financial instruments but not so for CIBC. I dunno about the other guys, but I can track day to day what those banks can do for me. If I wanna know what CIBC can do for me I gotta leave a message and they will get back to me when they feel like it.

And one more thing. I noticed all Mum's instruments come due (mature) at year end or on another odd date (end of Canada's fiscal year) and not in the fall??? All of mine are in late October and I took slight losses years ago to make that happen. Why did her financial advisor not advise her that her maturity dates do not coincide with the best time to negotiate renewal? She is sittin and shittin on less than half the rates I have... but who knows what I will get just before the Canada Savings Bonds are issued in November???

Sigh. The fuckers got ya comin and goin and they only care about the rich gettin richer. Them cruise missiles are expensive!

Subject: RE: BS: Canucks: CIBC sucks!
From: Beer
Date: 20 Jul 11 - 10:35 PM

Well I canceled my two accounts at the CIBC because nothing inside the bank or mailed were in English. Not one f...ing printed word in the bank in English. The sorrow I have is one of the tellers is a close friend, but the one next to her won't speak English to me. So one particular day i went in pissed and asked a new teller to cancel my accounts. I gave her my card so she could get the information she needed. She then turned to the bitch for help. She ten told the new girl to cut the card. I jumped in and demanded it back and that I would destroy it. The bitch said in English "Oh give it to him". First time i heard her speak in English. She was wrong in giving it back to me because as I understand it the card does belong to the bank.

I then went to our local Casse Popular (casse desjardian)where it is known as a French service bank and can read all the posters that are up as well as the news letters. I got a little pissed off last week when they said they were going to charge me for a receipt i asked for , so what do they do! They set up an appointment with me so that someone can come to my home and work out the best plan for our company ADDA Music Works. I think I will be with them for a while. I think that they are much like a Credit Union.
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Subject: RE: BS: Canucks: CIBC sucks!
From: Crowhugger
Date: 20 Jul 11 - 10:56 PM

Charging for a receipt?!! That's truly bizarre...next thing we know the LCBO and grocery stores etc will charge for receipts too, good grief! What's left of my mind boggles.