CIBC Holds Things Back

I’ve dealt with CIBC for over 40 years, but while the individual people are usually nice and friendly the corporate policies dealing with customers have become almost draconian. The “Imperial” part of the name seems to be taking precedence as the level of service to the common person has drastically fallen.

In the last 35 days I have experienced four service failures from CIBC.

  • eDeposit was down on their mobile app
  • Deposit was down on their ATMs
  • two deposits where they failed to deliver the notice of held funds being released

Today I made a deposit and CIBC decided to hold over 50% of it. I should receive notice of held funds being released by Feb 6 (8 business days maximum). We’ll see if CIBC can deliver the notice this time.

I’ve been depositing cheques from the same party into the same branch for 13 years. There has never been an issue with the cheques. I think I’m going to have to switch to wire transfer instead just to get around the hold policy.

According to CIBC’s policies and agreements, CIBC is not liable for any failure on their part. So if you are depending on CIBC to deliver you are SOL with they fail. You are solely liable even if CIBC was the cause.

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