Those with a CIBC unsecured LOC - how do the statement dates work?
I just opened an account with CIBC and got an unsecured LOC. I borrowed from it when it became active (Aug 14) and then about a week later (Aug 22), I called the customer service line to have my payment date changed from the 1st of the month to the 15th.
That seems to have thrown a monkey wrench into things as now their system is saying a statement won't be generated until October 23?!?!?
I've spoken to a few different CSR's and two supervisors and I get mixed answers.
Essentially, my payment will be due November 15 (based on the statement being send out October 23) and it will be back dated to when I borrowed. (Aug 14)
I've never encountered this with a LOC as I've always had the minimum payment due each month and not back dated for two months owing.
Granted, it's a new account and calling in to change the payment date are considerations.
I do not want CIBC to come back and say that I've defaulted on payments - I'll be making payments at the start of each month to pay off my LOC (more than the minimum) so I would think that would prevent the bank from claiming 'default'.
Is CIBC's system out of whack?
I'll be meeting with my account manager on Saturday and I'll discuss this with her.
That seems to have thrown a monkey wrench into things as now their system is saying a statement won't be generated until October 23?!?!?
I've spoken to a few different CSR's and two supervisors and I get mixed answers.
Essentially, my payment will be due November 15 (based on the statement being send out October 23) and it will be back dated to when I borrowed. (Aug 14)
I've never encountered this with a LOC as I've always had the minimum payment due each month and not back dated for two months owing.
Granted, it's a new account and calling in to change the payment date are considerations.
I do not want CIBC to come back and say that I've defaulted on payments - I'll be making payments at the start of each month to pay off my LOC (more than the minimum) so I would think that would prevent the bank from claiming 'default'.
Is CIBC's system out of whack?
I'll be meeting with my account manager on Saturday and I'll discuss this with her.