CiBC and Edulinx Horror Stories - another way CIBC is stealing from you

another way CIBC is stealing from you

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=5552
Printed Date: 23/April/2024 at 11:23pm
Software Version: Web Wiz Forums 12.07 - https://www.webwizforums.com

Topic: another way CIBC is stealing from you

Posted By: Buff
Subject: another way CIBC is stealing from you
Date Posted: 11/December/2009 at 11:21am

I paid off my CIBC loan at the end of November and have been checking my mailbox every day for that paid in full letter. I got something from them today, but instead of what I wanted, I got this:

Dear Client,

We are writing to advise you of an adjustment we are making to the service fees you were charged on the above noted CIBC account. The adjustment is the result of a review we recently conducted.

As a CIBC deposit account holder, you should not have been charged a transaction fee for pre-authorized debits to your account for loan payments on the above noted loan. As a result, on December 9, 2009, we will be crediting your account ***** in the amount of $52.10, which represents the adjustment amount between October 1, 2002 and November 30, 2009, plus interest in the amount of $7.10. Interest credited to you is considered income for the 2009 tax year.

The issue is now corrected and no action is required on your part. If you have any questions, please contact our dedicated service team at 1-800-465-2422. One of our representatives would be pleased to assist you.

Please accept our apologies for any inconvenience this may have caused. We appreciate your business and look forward to continuing to meet your financial needs.

Sincerely,

Colette Delaney

Senior Vice-President

CIBC GICs, Deposits & Payments

I didn't know I was paying those service charges, but I can't say I'm surprised.

So I supposedly get this $52.10 back, but not the service charges they hit me with for making extra payments.

And why should I have to claim that interest as income? It's their screw up, not mine.

This is the same gang of monkeys that took more than I owed for my last payment. My balance was $45.04 and they took the usual $50 payment from me. They tried to blame me for making extra payments, then eventually said I'd get a check for the $4.96 extra they took. The refuse to put it back in my account, so I'm stuck with a service charge to deposit it whenever it comes ("I don't know, probably 10-14 working days" was the answer I got).

The back of my consolidation agreement says I can pay all or part of the loan at any time with no bonus or penalty. Sure looks like I'm getting penalized.

The government has been easier to deal with for my other 3 loans, even though those were/are in collection.

Replies:

Posted By: msopinionated
Date Posted: 21/August/2010 at 4:39pm

I got the same letter, but not the same amount. When I confronted the CIBC about service charges on me paying my student loans that are no longer set up as direct deposit, they said that the letter doesn't cover those charges. Stupid, I am paying the loans to them, from their bank account, and I get service charges. I am now paying my cibc student loans through my TD bank where I have a flat rate account. Let's just say next year, my CIBC account is going bye bye when my student loans are paid in full.

Posted By: paulaffleck
Date Posted: 24/August/2010 at 4:15pm

They don't care about you enough to beg you to stay, if you choose to close your account.

Instead, you should wait until you've established yourself, economically. At that point, withdraw your business from the bank, referencing your past treatment as a student.

CIBC was the bank that treated me the least badly, and I do business with them, and consciously avoid the Royal Bank like the plague.

Banks don't care about you until you have money. Wait until you do to stick it to them.

My 2 cents.

Posted By: Radagast
Date Posted: 25/August/2010 at 2:55pm

I agree! Royal wouldn't do anything for me for years, but now that I'm a long-established customer and have a good income they have finally realised that I never have been in default and maybe they should do something to keep me as a customer.

Funny part is originally I wanted a better interest rate on my Visa... but now that I pay the balance in full every month that doesn't seem so important anymore...