Reasons not to use CIBC...

[48Highlander]

Anyone with a CIBC bank account might want to check this out:

Ridgeley, W.Va. â ” Canadian Imperial Bank of Commerce has been faxing confidential information about hundreds of its customers to a scrapyard operator in West Virginia for more than three years, and he can't get them to stop.

Wade Peer says he has been overwhelmed since 2001 by internal CIBC fund transfer request forms containing the social insurance numbers, home addresses, phone numbers and detailed bank account data of several hundred bank customers.

"Had I been a bad guy, I could have got credit cards in their name, I could have assumed their identity. I could have transferred money out of their bank accounts and they'd never know that it happened," Mr. Peer said from his 12-hectare scrapyard in the rolling hills of West Virginia.

He said the fax traffic from CIBC prevented him from communicating with his customers and forced him to shut one of his businesses.

Full article:

http://www.theglobeandmail.com/servlet/story/RTGAM.20041126.wxcibc1126/BNStory/Business/

 

[Sh0rtbUs]

good on Wade Peers, not everyone would so easily pass up an opprotunity such as this..

I know the thought of hundreds of thousands of dollars in my account would have me tempted....

 

[ramy]

yeah thats kinda sad. I am a CIBC client and its unbelievable how they dont seem to care to act even though its been 3 years.

I guess its all about the $$$ these days..

 

[Big Foot]

So CIBC gives out confiedential info and RBC just steals your money and gives really bad interest rates? Man, banks these days...

 

[X Royal]

If this really happened then I definitely would not be happy if I was a customer. But then I am not impressed with banking in general(domestic and foreign). I would like more than one source but I tend to believe it.
As for the business owner closing one of his businesses because of this, it is a cop out. To stop the faxes all he had to do was change his fax #. A lot cheaper than closing a business.

 

[ramy]

X Royal  I seen this story on the news today too. I believe it was CBC not too sure though ...

 

[X Royal]

Thanks ramy. As I said I tended to believe it. My main point was that as a business owner if he was not smart enough to just change the fax # then the business had more problems than this. Changing a fax # is far cheaper than closing a business.

Best Wishes

 

[CrimsonSeil]

And thought i was going to make an account at CIBC. Now I think i'll be going to TD instead. Trusted TD =)

 

[X Royal]

I have been a longtime customer of Canada Trust( over 25 years). When Canada Trust and TD Bank merged a few years back we were promised the same good service that Canada Trust had given us. When both previous places had branches close to each other one or the other closed. Now more customers at each branch. In most cases if you are now at a former TD branch you don't have the advantages of the former Canada Trust's extended hours and overall less branches are available with extended hours. This was and is the case in Southern Ontario & may be different in other places.
This being said we still have the option of longer hours than most banks offer even if you have to go to another branch.

Best Wishes

 

[Cpl4Life]

I have been a longtime customer of Canada Trust( over 25 years). When Canada Trust and TD Bank merged a few years back we were promised the same good service that Canada Trust had given us. In most cases if you are now at a former TD branch you don't have the advantages of the former Canada Trust's extended hours and overall less branches are available with extended hours.

I was also with Canada Trust when they merged, and heard the same lines as you.  But at no time did I buy the bull crap they were feeding their clients, to me it was obvious from the start the extended hours wouldn't last.  I'm still with them only because I despise the other big banks out there even more than I did the TD.

 

[Scratch_043]

I have a TD account, but I find that I don't use it much anymore, since I got a PF financial account.

 

[X Royal]

Bang on Cpl4Life.

Best Wishes