Personal Finance

CIBC Hospital Cash Fraud?

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  • Aug 20th, 2013 10:39 pm
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Deal Addict
Jun 4, 2006
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Markham

CIBC Hospital Cash Fraud?

I am wondering if anyone here experience something like this.

I just found out for the past 1 year, CIBC charged me on something call hospital cash every month.
I have no idea what it is and how they managed to process it without any agreement. I am going to call them after Family Day.

I am pretty sure I did not agree to any insurance plan from CIBC and I always say no when the CIBC sales call me. Even they offered me some 1 month trial period for some insurance product.

Does anyone know where I can send a complaint regarding this because this is the same as robbing someone and I think they probably did this to a lot more CIBC clients.
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Never heard of it before now, but this is what it is apparently. Not something I would pay for:

http://www.cibc.com/ca/insurance/health ... nefit.html

Didn't you notice this every month over the course of the year? Not sure how you just found out now that they'd been charging you this for a year.

Usually when I call CIBC about something they give me a sales pitch about some insurance product (e.g. credit card insurance). I always say no. If it ever appeared on my bill, I'd be calling them immediately as I'd notice it that month. Not sure how easily you can dispute something when it took you a year to notice you were paying it.
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Sep 3, 2006
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hellohowru wrote:
Feb 19th, 2011 9:17 pm
I am wondering if anyone here experience something like this.

I just found out for the past 1 year, CIBC charged me on something call hospital cash every month.
I have no idea what it is and how they managed to process it without any agreement. I am going to call them after Family Day.

I am pretty sure I did not agree to any insurance plan from CIBC and I always say no when the CIBC sales call me. Even they offered me some 1 month trial period for some insurance product.

Does anyone know where I can send a complaint regarding this because this is the same as robbing someone and I think they probably did this to a lot more CIBC clients.

So you don't know for certain whether or not you signed up for this insurance but they're 'robbing' you and it's 'fraud'? Perhaps you should turn the hyperbole and just call CIBC to inquire?
[OP]
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Jun 4, 2006
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I am 100% sure that I didn't sign up for it because I always say no to any insurance plan from the banks.

I got to admit its partially my fault that I didn't check my online bank statement in detail that's why I find out this crap too late.
I called CIBC but they told me to call the insurance department, I will request for proof that I signed up for this crappy plan. Let's see what they will response
[OP]
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jcon wrote:
Feb 19th, 2011 10:37 pm
So you don't know for certain whether or not you signed up for this insurance but they're 'robbing' you and it's 'fraud'? Perhaps you should turn the hyperbole and just call CIBC to inquire?

If I did sign up for it why would I not know what it is? Even when banks offered me trial period for their insurance plan, I would always say no because I know it is a strategy to lure you in and you will forget to cancel it later.
I am posting this to see if anyone got the same problem.
[OP]
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Jun 4, 2006
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sillysimms wrote:
Feb 19th, 2011 10:32 pm
Never heard of it before now, but this is what it is apparently. Not something I would pay for:

http://www.cibc.com/ca/insurance/health ... nefit.html

Didn't you notice this every month over the course of the year? Not sure how you just found out now that they'd been charging you this for a year.

Usually when I call CIBC about something they give me a sales pitch about some insurance product (e.g. credit card insurance). I always say no. If it ever appeared on my bill, I'd be calling them immediately as I'd notice it that month. Not sure how easily you can dispute something when it took you a year to notice you were paying it.

Ya, I don't check my statement in detail that's why they kind of got me.
I will ask for proof that I signed up for this hospital cash insurance but I am pretty sure they won't have any proof because I never signed up for this.
So is there any weird insurance charge ever appeared on your bill before?
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May 30, 2005
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hellohowru wrote:
Feb 20th, 2011 2:56 pm
Ya, I don't check my statement in detail that's why they kind of got me.
I will ask for proof that I signed up for this hospital cash insurance but I am pretty sure they won't have any proof because I never signed up for this.
So is there any weird insurance charge ever appeared on your bill before?

If they call you about it, and you don't say no, they'll take that as a yes and sign you up.
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Jon Lai wrote:
Feb 20th, 2011 4:46 pm
If they call you about it, and you don't say no, they'll take that as a yes and sign you up.

exactly
1 more proof banks are evil
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Dec 11, 2005
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ccyk wrote:
Feb 20th, 2011 5:22 pm
exactly
1 more proof banks are evil

To me it is proof the government is evil, not the banks. A corporation will try to make money any way it can, that is it's mandate by law, doing so does not make it evil. Rather, it is supposed to be up to the government to regulate corporations to prevent this kind of nonsense from happening. But no, the do not call list has exemptions for EXACTLY this kind of thing, up-sales. Those regulations should be repealed.
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Aug 19, 2013
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I just discovered this ridiculous charge on my account as well; I had seen it in the past, but always assumed it was one of CIBC's many, many useless and expensive monthly fees; part of the reason I stopped dealing with them. The woman on the phone said that I can cancel and when I asked what will happen to the money I invested in this, she offered me a maximum refund of $50. WOW. I've been apparently 'signed up' for this 'coverage' since 2006... 7 years worth of monthly payments and they offer me $50??!? That's just a slap in the face. For real. I've opened an investigation to find out if (which I doubt) I actually agreed to this nonsense 7 years ago. What a joke...

Just one more reminder of why I don't bank with CIBC any longer... :(
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GlassGun13 wrote:
Aug 20th, 2013 6:59 pm
I just discovered this ridiculous charge on my account as well; I had seen it in the past, but always assumed it was one of CIBC's many, many useless and expensive monthly fees; part of the reason I stopped dealing with them. The woman on the phone said that I can cancel and when I asked what will happen to the money I invested in this, she offered me a maximum refund of $50. WOW. I've been apparently 'signed up' for this 'coverage' since 2006... 7 years worth of monthly payments and they offer me $50??!? That's just a slap in the face. For real. I've opened an investigation to find out if (which I doubt) I actually agreed to this nonsense 7 years ago. What a joke...

Just one more reminder of why I don't bank with CIBC any longer... :(
I'm not a fan of these credit card insurance things, but just like the poster that started this thread back in 2011...hard to feel sorry for you if you don't review what you are paying. If you've been paying this since 2006, it is something that should have been questioned a long, long time ago.
When your mind says give up, hope whispers "one more try"
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