Personal Finance

Those with a CIBC unsecured LOC - how do the statement dates work?

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  • Apr 29th, 2018 8:30 pm
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Member
Jun 28, 2011
463 posts
140 upvotes
VANCOUVER

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. Black Question Mark Ornament

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.
6 replies
Deal Addict
Mar 12, 2006
2830 posts
989 upvotes
GTA
Just make a payment a take it back out. If you're worried.
Member
Jun 28, 2011
463 posts
140 upvotes
VANCOUVER
dnyc wrote: Just make a payment a take it back out. If you're worried.
Did you mean to say 'just make a payment and take it back out?'
In any event, it seems to be some sort of glitch with their system and they'll have to discuss it with their back office and let me know.
and yes, I'll be making payments beyond the minimum.
Bank systems, yeesh! :rolleyes:
Member
Jun 28, 2011
463 posts
140 upvotes
VANCOUVER
Update...
someone finally spoke to the back office and the person who changed my payment date shouldn't have because CIBC doesn't permit changes to payment dates until at least one full billing cycle has passed.
Needless to say, this person didn't tell me this (the reason I got was that he wanted to meet my requirements).
In any event, it's all sorted out and I'll stick to my payments plans as noted previously.
Deal Addict
Mar 12, 2006
2830 posts
989 upvotes
GTA
travelandshoppingwoman77 wrote: Did you mean to say 'just make a payment and take it back out?'
In any event, it seems to be some sort of glitch with their system and they'll have to discuss it with their back office and let me know.
and yes, I'll be making payments beyond the minimum.
Bank systems, yeesh! :rolleyes:
Yeah basically to make a "payment" until you can also a real payment.
Deal Addict
Nov 8, 2017
1556 posts
894 upvotes

I just get half my pay dumped into it, and don't worry about it
Member
Feb 16, 2011
289 posts
145 upvotes
User455957 wrote:
I just get half my pay dumped into it, and don't worry about it
The mist efficient way to use a LoC is as indicated by this poster. Pay your salary directly to the LoC account and do not maintain positive balances in checking accounts. Keep your drawn balance to a minimum i.e. Close to zero i.e -$1and keep all positive balance amounts in a HSA.

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