Be aware false advertising by CIBC

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Jun 16th, 2020 6:39 pm

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May 7th, 2020 1:51 pm

fairwindw1 [OP]: Newbie; Jan 17, 2008; 6 posts; 2 upvotes; Vancouver

May 7th, 2020 1:51 pm

Be aware false advertising by CIBC

Be aware, CIBC is cheating its customers by false advertising.
I signed up this offer only to find the actual rate is only less than 2%!
When I called, the rep told me the so called 2.75% for 120 days is only 1.7x% bonus rate plus a base rate, and they dropped the base rate once you sign up.
so much for 120 days!
I know banks play tricks on consumers all the time but this is going too far.
sf-yell
I am reporting this to FRFI, so beware if you sign up this offer
https://itools-ioutils.fcac-acfc.gc.ca/ ... e3cbfec1c2

7 replies

May 7th, 2020 2:46 pm

reps001: Deal Addict; Jan 6, 2015; 1403 posts; 588 upvotes

May 7th, 2020 2:46 pm

so BoC lower rate too, if it is not GIC, it may lower it as well. At least my wealth simple cash lower its rate twice.

May 7th, 2020 2:47 pm

andrew4321: Deal Addict; Sep 19, 2009; 2123 posts; 901 upvotes; Toronto

May 7th, 2020 2:47 pm

fairwindw1 wrote: ↑ Be aware, CIBC is cheating its customers by false advertising.
I signed up this offer only to find the actual rate is only less than 2%!
When I called, the rep told me the so called 2.75% for 120 days is only 1.7x% bonus rate plus a base rate, and they dropped the base rate once you sign up.
so much for 120 days!
I know banks play tricks on consumers all the time but this is going too far.
sf-yell
I am reporting this to FRFI, so beware if you sign up this offer
https://itools-ioutils.fcac-acfc.gc.ca/ ... e3cbfec1c2

Since you are not posting the offer I would assume that it is this one and you should have read it before applying for the new account. It is only you misunderstanding the T&Cs, no "cheating" or " false advertising" in this case.

May 7th, 2020 2:52 pm

reps001: Deal Addict; Jan 6, 2015; 1403 posts; 588 upvotes

May 7th, 2020 2:52 pm

andrew4321 wrote: ↑ Since you are not posting the offer I would assume that it is this one and you should have read it before applying for the new account. It is only you misunderstanding the T&Cs, no "cheating" or " false advertising" in this case.

Google search it, earliest post I can find is at Jan 13th. So much changed after that, I do not think this offer still exist.
My RBC offer seems dead too

May 7th, 2020 3:49 pm

demzie: Deal Addict; Apr 25, 2012; 1146 posts; 441 upvotes

May 7th, 2020 3:49 pm

It's the banks lol. You can't take their word for it because quiet frankly - their frontline either doesn't care, are not educated about details of their promotions or quiet frankly - just want to make the sale as that's all that matters to the banks.

You - on the other hand, should know that and do your due diligence

Koodo $40/8GB+5GB addon

May 7th, 2020 5:11 pm

llpresident: Deal Addict; Dec 3, 2014; 2348 posts; 1834 upvotes; Ontario

May 7th, 2020 5:11 pm

I'm sure CIBC aka the bank of the elderly has a GIC to sell you instead. How does 1.5% sound to lock your money in for 12 months? You'll only be down about 0.5% after inflation at the end of the year and you'll be helping the economy by providing CIBC with some cash to offset it's ill-advised residential mortgages.

Jun 16th, 2020 3:45 pm

fairwindw1 [OP]: Newbie; Jan 17, 2008; 6 posts; 2 upvotes; Vancouver

Jun 16th, 2020 3:45 pm

not the offer you mentioned. I did read all the fine prints and verified with the branch staff, too bad I didn't save the agreement. CIBC now has agreed to review this with ombudsman. But I will never bank with CIBC from now on.

Jun 16th, 2020 6:39 pm

callernamet: Deal Addict; Mar 10, 2018; 4757 posts; 1309 upvotes; does it matter?

Jun 16th, 2020 6:39 pm

demzie wrote: ↑ It's the banks lol. You can't take their word for it because quiet frankly - their frontline either doesn't care, are not educated about details of their promotions or quiet frankly - just want to make the sale as that's all that matters to the banks.

You - on the other hand, should know that and do your due diligence

I agree. Almost all banks frontline staff are no that good. It is not banks but the reps dont know the exact offer or thir interpretation is wrong.

OP your 3rd post was on Mar 10th, 2008 8:04 pm

fairwindw1 wrote: ↑ not the offer you mentioned. I did read all the fine prints and verified with the branch staff, too bad I didn't save the agreement. CIBC now has agreed to review this with ombudsman. But I will never bank with CIBC from now on.

And you will have more or less similar experience with other banks.

Tried new coffee and doughnut. Found same old stale thing. expected bill of six bucks but it was 600 million. Big mistake so the guy said don't worry it is on the house. going back to McD.

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