CIBC LOC and interest charges added to principal - what other banks do this?
I have a LOC with CIBC which I'm paying off and their practice is to add the interest owing onto the principal at the time of the statement date and they charge interest on the interest added to the principal amount.
Am I missing something? To me, it sounds like a way to get more money from me but I can't imagine the other banks not doing something similar, except for not adding the interest to the principal amount.
Do other banks do the same thing as CIBC with their LOC?