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  1. #1
    Pimp Duck popdawg's Avatar
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    January 18th, 2005
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    Take off eh?
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    3,249
    Stay Away From Cibc Small Business
    They have a "new system" to deal with accounts that are inactive and/or overdrawn.
    Barely 10 business days since last activity on the account and because I had an account balance that was less than $5 overdrawn the account was closed. This is what I get for letting the weather dictate my travel plans. I knew I should have gone down to the states and did my banking. ( I deposit US checks there and deposit the money into my CIBC accounts when they clear in a day or two. That CIBC waiting period to clear US checks is a killer) Windstorms, snowstorms, downed trees and downed powerlines be damned.

    Their support doesn't know their ass from a hole in the ground and can't seem to get info from the branches.

    The branches don't have anyone with an IQ higher than a puddle of piss on the floor. Well, that's not true. There is one poor lady there who is pretty damn competent, but sadly shes not the one running the place and she has no authority.

    From her boss: "I uh, I'm not sure why this account was closed. We can open you a new one."
    Will that help me receive the direct deposits already initiated?
    No.
    Then do you think that will help?
    Nooo.
    So, do you think I want a new account?
    Probably not?
    Probably not, no.


    Merry Christmas yon wayward direct deposits. Glad tidings on your voyage to wherever you end up. Least I know one of the companies will get a check out to me the moment the payment shows as not completed, they are good like that. CJ isn't bad either, but with mail the way it is for the holidays, it's going to be a while.

    Mook, thy name is CIBC


    PS ... can't wait for the follow up call from the branch manager this afternoon.
    This is bound to be amusing.
    ================================================================
    Been away, now I'm back. Not as much, but I'm back & starting from scratch. Where I was, was fantastic. Where I am now, less so. Things have changed, become harder. So have I. Game ON!!!
    ================================================================

  2. #2
    ABW Ambassador
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    November 25th, 2005
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    639
    PopDawg,

    Nice to hear that I am not alone in my dislike for CIBC. They seem to want to drive all of their customers away. I tried to stay with them as long as I could but the service at TD Canada Trust is just way more better. Comparing CIBC to TD is like comparing Air Canada to WestJet - one hires old goat-like front line staff that can't say yes while the other hires young, happy to serve you, can't say no types.

    Let's not even discuss the antiquated CIBC web application...

    CD

  3. #3
    Outsourced Program Manager e-Gazer's Avatar
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    January 18th, 2005
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    Toronto, Ont, Canada
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    1,605
    I've been an RBC client for YEARS and have 5 accounts w/ them in total. I am VERY pleased w/ the level of service I receive from them - even on sending them a scathing letter once for a mistake I made myself (which I didn't realize until later - oops) they were completely courteous and professional and the service rep resisted the likely temptation to tell me where to shove it. LOL Gotta give them credit for that!

    I highly recommend them. I also bank with ING and while I've had a few issues w/ them over the years, most of the time they're great to deal with considering they don't have a brick and mortar presence (in most locations). And their interest rates are generally better than the big 5 banks...

    I almost forgot - I have an RSP/Mutual Funds account w/ TD Waterhouse and I know TD Canada Trust to be in general a very professionally run biz. Only prob w/ them is they do WAY too much direct mail in my opinion - at one point I felt like I was getting mail from them (that I wasn't even interested in) once a week - I didn't have time to even read it 90% of the time. But if that's the worst complaint - big deal. Throw out the DM pieces you don't want - the products & services offered and how they conduct business far more important.

  4. #4
    Affiliate Manager
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    January 18th, 2005
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    Los Angeles, California
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    I don't know that it's any better with US banks. Here they wouldn't tell you you're overdrawn until your next statement, but they'd be racking up overdrawn fees daily until you cover it, so the amount you're in the hole would just get bigger and bigger every day.

    Bank owners declared war on working people a very long ago. It takes a keen eye to stay on top of the games they disclose in their 6-point nanosquint type at the bottom of the statement, and most of the rules they profit by are concealed under the broad disclaimer of "we reserve the right to change the rates and fees on your account at any time...."

    How many times did you take your senator to lunch this month? Your banker's lobbyist has probably already done that at least once -- with your money.
    Richard Gaskin
    Developer of WebMerge: Publish any data feed on any site
    http://www.fourthworld.com

  5. #5
    Resident Genius and Staunch Capitalist Leader's Avatar
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    January 18th, 2005
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    Bank owners declared war on working people a very long ago. It takes a keen eye to stay on top of the games they disclose in their 6-point nanosquint type at the bottom of the statement, and most of the rules they profit by are concealed under the broad disclaimer of "we reserve the right to change the rates and fees on your account at any time...."
    US banks vary all over the board in terms of service just like the Canadian ones seem to. Some will even charge you for breathing if they can get away with it. Others have eliminated most fees.

    My bank doesn't pull any malarkey of hiding overdrafts. But then, I check my balance on a regular basis, not wait to see if some overdraft notice will show up! Due diligence prevents many ills. It takes about 2 weeks for them to send out a notice, but the automated phone line updates daily.

    And, they don't charge "by the day" for overdrafts at my bank. It's per bounce. And, if there aren't many bounces in the account's history, they will even cash the dud check on spec rather than turning it back (they still charge the bounce fee, but it saves the embarrassment of having the recipient know that your bookkeeping sucked)!

    As for the fees, they send out a new fee chart in advance of every change.

    Their practices are the same for personal and business accounts. I think their bus. accounts have some charge if I deposit a ton of (paper) checks/month, or write a lot of paper checks in a month, but that doesn't effect me--almost all my activity is electronic, and e-transactions are free there.

    I don't want to name my bank on an open forum (phishers will have to work harder than just reading this post!), but I will say that if you have accounts at a sucky bank, start shopping around!
    There is no knowledge that is not power. ~Hemingway

  6. #6
    ABW Ambassador parentsworld's Avatar
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    January 18th, 2005
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    Calgary, Alberta, Canada
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    I've had awesome luck with TD Canada Trust. They've never held a US cheque - but always cleared them immediately and for no charge. If you have to open a new account... it might be worth looking at.

    I've been with them over 16 years now and have nothing bad to say. (CIBC, Royal... don't go there with me. Hate them with a passion!)

  7. #7
    Newbie
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    July 21st, 2005
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    Td will hold cheques. As the numbers get bigger, they put longer and longer hold times on them...

  8. #8
    Member geoffmarcy's Avatar
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    July 6th, 2005
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    Toronto, ON
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    TD Canada Trust
    TD held a US check that was only $400 for 16 business days in January!!! However, most recently they let another go through right away. I think more than anything it is the relationship you have with the bank teller, or the mood they are in that day. I guess, it's like with any business - your view of the entire company is mostly dependent on the experiences you've had with the few people you actually interact with there.

    Geoff Marcy
    [B]geofferson marcy[/B]
    [I]affiliate manager[/I]
    [URL=http://www.advaliant.com]www.advaliant.com[/URL]
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