Permit me a brief rant. On Monday of this week, I call CIBC Visa to request that they fax me a Visa statement from 2003. Why I can’t see my own data online from 9 months ago is beyond me–they only show 3 months online–but I digress.
The guy on the phone from CIBC Visa assures me that they will fax my statement later this week. He checks and they’re ‘on Feb. 18’ in the faxes. They’re five days behind on their faxing? What kind of organization are they running? Fine, I say–I’ll have it by Friday.
Friday comes, and, of course, I’ve got no fax. I call them back and politely enquire as to the status of my fax. The clerk on the other end has no information about it. Was it requested? Has it been sent? Was it mailed instead? They have no records at all–not just for me, but there’s apparently no system to track these requests. I ask to speak to her supervisor. Always go up the food chain.
I talk to her supervisor, politely explaining my situation again. I request that, given the fact that I’ve already waited five days for data about my card usage, they expedite this obtuse faxing process. No joy. She says she’ll put my request back in the queue, and that I might get my fax on Tuesday. Seven business days to get a single page of information from nine months ago! I could’ve had it delivered by horse and buggy from Toronto in that time!
I then placed a feature request with the supervisor, suggesting that they develop a feedback loop that enables her staff to actually monitor the progress of these types of requests. The response I got was the most dead, apathetic ‘yes, good idea’ I’d ever heard.
In short, CIBC Visa are half-wits and I’m not optimistic about getting a fax on Tuesday. Note to self: hold onto your Visa statements–they’re apparently like gold.
DarrenBarefoot.com 
I can’t say any better for CIBC student loans. For three years they mailed my tax forms regarding the interest I paid on student loans to an old address. Every year I would have to call several times to request it manually be sent to my current address. When I finished paying the loan, they sent forms to this same old address that I needed to send to the government informing them I was done repaying my loan. In my ignorance, I had no idea I was expecting such forms. When I returned to school recently, I was denied student loans because apparently I wasn’t done repaying the old loan. It took me several months to straighten it out, and an unfortunate clerk at CIBC suffered the loss of my temper. The only other time I gave CIBC my business was to open a bank account when I was 17. They said I needed a parent’s authorization to have a debit card. I don’t think I’ll be banking with them again.
But whom do you suggest? Bank of Montreal charges ridiculous monthly rates for their so-so service… Royal Bank are snobs like I’ve never seen… Bank of Nova Scotia doesn’t have many machines around… Toronto Dominion you say? Their primary customers are single moms on welfare so they assume you r just another one of those and don’t treat you any better… Gosh I got bitter…
I too hate CIBC, though I still have an account with them. I have a coworker who hated it there too and left. I’m considering moving everything to VanCity. They actually have decent hours and I find them very friendly and helpful!
Vancity. I have their electronic account, which is $6/month (I think, may have gone up). Unlimited free debit transactions, unlimited free ATM transactions (on the exchange network), access to their very, very good online statements (including scans of cheques you wrote).
If you use any traditional services like teller transactions, or use other ATM exchanges, they charge you big time, but I don’t, so no worries.
Funny, I normally don’t do commercials…
President’s Choice Banking.
No fees, free cheques, free mastercard, better savings rate, and all the online information you want. Make deposits and withdrawls at any CIBC or PC ATM. I have been with them for 5 years and have not needed to enter brick and mortar bank since.
I even had an NSF cheque and explained to the first person I got on the phone. She accepted my excuse and waived the fee.
I was with CIBC, got an interest charge for dipping under a certain level for one day, switched the next day and have never looked back. Very happy indeed.
PC Banking actually makes use of CIBC for most of its banking services. I guess you can call it CIBC with PC customer service. While that might be nice, if you want to put the screws to CIBC as I did with the Bank of Montreal, you should probably look to a credit union (assuming you are eligible to join one).
For savings, I highly recommend ING Direct. My credit union and ING Direct allowed me to leave the Bank of Montreal far behind, and I’ve never looked back.
I’ve always found the service at credit unions to be much better than what the banks are offering. On the rare occasions when I’ve had reason to complain, they’ve dealt with the situations quickly and with little fuss.
Can you online bank with ING? I have a savings account with them too, but find it harder to make deposits, transfers, etc. I don’t use them very much so I don’t know what they offer now.
ING has the same interest rate as the savings account with President’s Choice, but with internet banking I can monitor it better.
As for credit unions and their personal customer service, do you really go into the bank that much? I haven’t dealt with a bank employee
(in person) in the last 5 years and on the phone in the last year.
You can online bank with ING Direct. You log into their website at http://www.ingdirect.ca/ using your account number and password. You get access to your savings account, mortgages, lines of credit, etc.
ING’s greatest disadvantage, however, is that they are not a chequing bank. I believe their charter prevents them from being so in Canada. Credit Unions have no problem with chequing, and most of them offer online banking as well.
Thanks for the info James Bow.
For those of you that are at a Credit Union you might want to check into the “perks” the employees get. Such as $5000.00 Christmas bonuses, tailored designer “uniforms” My sister-in-law works at a Credit Union and after seeing what she gets every year I would NEVER be a Credit Union customer as those are my dividends that they are giving to their employees as gifts and not the customer that is entitled to it.
CIBC does do some strange things but I will stick with them.
I used to work for RBC, guess where?
The whole banking system in Canada is being downsized. My department, or the one I used to be with, is closing down, and almost everything is moving to Toronto. Staff cutbacks are the reason for this incomptence.
Don’t yell at the frontline staff, their hands are tied.
Darren you mentioned that you could only see your online visa satement for the last 3 months. I can’t find any online statement, how would I get my online statement information?
What a boring story. Blogs should be reserved for things that people give a rat’s ass about, not your bland experiences. If you’re going to write about everyday goings-on, at least make it funny.
CIBC ruins lives. Seriously. I know first hand of people that have suffered the effects of CIBC’s negligence and ugly logo. Time to make a change CIBC… Canada’s waiting.
I agree…credit unions are amazing!
I too was with CIBC and decided to switch after the warm welcome I received when I joined a credit union…
I walked by MemberOne Credit Union here in Toronto one day…and wondered if I had to work for WS&IB to join…turns out anyone could!
Opened an account there, and couldn’t be happier!
Yes, they may only have one branch, but the service is just exceptional! Fees are reasonable too; if you don’t need to visit the teller to take out money, you’ll pay a lot less than what you’d pay at any of the big banks.
I highly recommend it…