CiBC and Edulinx Horror Stories - Pre-authorization agreement

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Pre-authorization agreement

Printed From: CanadaStudentDebt.ca
Category: Dealing with the Banks!
Forum Name: CiBC and Edulinx Horror Stories
Forum Description: Problems with CIBC and Edulinx!
URL: https://www.canadastudentdebt.ca/forum_posts.asp?TID=4614
Printed Date: 19/April/2024 at 4:37am
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Topic: Pre-authorization agreement

Posted By: paulaffleck
Subject: Pre-authorization agreement
Date Posted: 09/December/2007 at 1:24pm

Anybody who knows the answer to my question, please respond, and accept beforehand, my thanks.

I have one provincial and one federal student loan administered by CIBC. I pay two amounts, monthly.

My question: Will CIBC agree to modify my pre-authorization agreement so that my loan amounts are removed WEEKLY, rather than monthly?

The reason: I expect to save a significant amount of money over the course of repayment, if I pay weekly, rather than monthly.

Has anybody who frequents the forum had any recent experience with requesting something like this, from CIBC?

Thanks in advance.

Paul

Replies:

Posted By: Buff
Date Posted: 10/December/2007 at 10:15am

It can be done. I changed my CIBC payments from monthly to twice a month a few years ago. You have to send the request in writing (calling them isn't good enough), telling them when to start, the account to take the money from and the particular day you want it to happen. You will also be hit with a service charge for each payment as it comes out.

Buff

Posted By: paulaffleck
Date Posted: 10/December/2007 at 2:29pm

Thanks, Buff. However, after I posted the question, it turned out I could do this over the phone. Perhaps things have changed, because there will be no service charge applied to the account.

Believe me, this is one of the few times I ever have had anything not unkind to say about banks.

Thanks,

Paul

Posted By: Buff
Date Posted: 11/December/2007 at 2:50am

Another option would be to make the payments yourself each week through online banking. Set it up as a bill payment. Your payee is CIBC National Student Loan Centre and your account number is your loan number. I find this easier than dealing with their staff when I want to do anything extra.