Personal Finance

Weird. CIBC mobile e-deposit shortchanged me 1¢.

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  • Aug 22nd, 2017 10:22 am
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Deal Expert
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Mar 23, 2009
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Toronto

Weird. CIBC mobile e-deposit shortchanged me 1¢.

I wrote a cheque for $xxxx.17 and tried to deposit it into my CIBC account. For the first time I got a warning message that the system sensed the cheque was $xxxx.17 but that I had requested a deposit for $xxxx.17. This was weird since it was the exact same amount, right down to the 17 cents, and I doubled checked it. So I deposited the cheque despite the warning message and then the deposit turned out to be $xxxx.16.

Strange. Has anyone had this happen before? Not that I really care about the 1¢ but it's still rather odd.
9 replies
Deal Fanatic
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Dec 27, 2009
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Victoria, BC
No, I've never had that happen. I do mobile deposits with PC Financial and RBC. Hasn't happened so far.
Deal Expert
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Mar 23, 2009
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We will see if CIBC’s back office cheque clearing dept. fixes the 1 cent discrepancy. :)
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Mar 9, 2012
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EugW wrote: We will see if CIBC’s back office cheque clearing dept. fixes the 1 cent discrepancy. :)
Otherwise, you'll be on the phone with them like a true RFD'er.
Why can't we all just get along?
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Nov 28, 2013
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London, ON
jeff1970 wrote: Otherwise, you'll be on the phone with them like a true RFD'er.
well a penny from EugW.. and penny from someone else.. etc adds up.

They would probably send EugW to collections for a penny. so why should a customer forgive them .

I kept getting letters from mbna because of a penny i owned them - and even a late payment statement which cost them 55cents to send me a letter to remind me about the 1cent.
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Jul 18, 2016
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EugW wrote: I wrote a cheque for $xxxx.17 and tried to deposit it into my CIBC account. For the first time I got a warning message that the system sensed the cheque was $xxxx.17 but that I had requested a deposit for $xxxx.17. This was weird since it was the exact same amount, right down to the 17 cents, and I doubled checked it. So I deposited the cheque despite the warning message and then the deposit turned out to be $xxxx.16.

Strange. Has anyone had this happen before? Not that I really care about the 1¢ but it's still rather odd.
Losing a penny is silly, however there is no good reason why they aren't accurate.

You wrote a cheque, so it was hand written? I wonder if the system simply failed to understand your handwriting. However, why would it state the correct amount? Yes,despite the penny, I'd be questioning this too.
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Mar 23, 2009
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bewiseman wrote: Losing a penny is silly, however there is no good reason why they aren't accurate.

You wrote a cheque, so it was hand written? I wonder if the system simply failed to understand your handwriting. However, why would it state the correct amount? Yes,despite the penny, I'd be questioning this too.
Yes that was the weird part. Handwritten, but their system initially showed the right amount, and then complained about it.

To further add to the confusion, the withdrawl amount at my original bank has shown up, and it's at $xxxx.17, yet my CIBC account still says it was $xxxx.16. I'll give it a couple of days to see what happens.

Or maybe it's a real-life wannabe Richard Pryor in Superman skimming cents off cheques to make himself rich.


sk1001 wrote: well a penny from EugW.. and penny from someone else.. etc adds up.

They would probably send EugW to collections for a penny. so why should a customer forgive them .

I kept getting letters from mbna because of a penny i owned them - and even a late payment statement which cost them 55cents to send me a letter to remind me about the 1cent.
Funny you should mention that. I paid off my line of credit at CIBC a while back, only to discover that a small amount of interest had accumulated, all of 2 cents. So I happened to be in the area of a branch and walked in, told the teller of the situation, and handed her a nickel. She then smiled and handed me back the nickel and fixed the 2 cents owing. My change for a nickel would be 3 cents, or rounded up to 5 cents, which is why she just handed me back the nickel as nobody deals with pennies anymore. :D

So, if CIBC bilks me for that penny now, I'm still 1 cent ahead with them! ;)
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Jul 18, 2016
2014 posts
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sk1001 wrote: I kept getting letters from mbna because of a penny i owned them - and even a late payment statement which cost them 55cents to send me a letter to remind me about the 1cent.
Silly automated systems. I had an issue with advertising with YP.ca. I decided not to go ahead with their service after reading the bad reviews. As a result, I still have a credit for 57$. In other words, they owe me $57. Despite this, every month I get a bill in the mail, with a return envelope, requesting that I pay the bill. A bill for NEGATIVE $57 - money that they owe me! I wonder if they'll eventually send this NEGATIVE $57 bill to collections? :) :) I wonder if they'll eventually get their act together and send me the $57? I guess I should be pushing the issue, however for the sake of only $57, I am enjoying the comic relief. Every month they demonstrate their incompetence and show me why I was right not to use their services.
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Feb 29, 2012
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Richmond
Since tracking down any imbalance in the system costs money, I suspect that banks like CIBC have a rule that imbalances under a certain amount at every level in the system get fixed automatically every month. There are probably lots of minor errors that accumulate to hundreds or thousands of dollars per month at higher levels, but it would probably cost something like $100 to track down each individual one. Wouldn't make sense. That's why those fractional-penny rounding schemes could have worked.

It's common to have that credit-balance billing situation occur, where they keep sending you a monthly bill for a while showing the credit balance. Most of them have a rule where they will close your account and send you a cheque for the balance after a few months. But some don't. For example Telus does, but Koodo (Telus-owned) doesn't - go figure!

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