Investing

CIBC IE unknown deposit

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  • Oct 28th, 2019 2:00 pm
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[OP]
Jr. Member
Oct 23, 2006
133 posts
42 upvotes

CIBC IE unknown deposit

on the 15th, CIBC IE made a deposit into my RESP with the description

Adjustment
CASH TRANSFER C$ FUNDS
C$ FUNDS AS OF 10/11/19 DCS SETTLEMENT

Anyone have an idea what this is in reference to?
12 replies
Jr. Member
Jun 17, 2018
122 posts
96 upvotes
Hamilton, Bermuda
DCS might stand for Disputed Claim Settlement.
Did you file a complaint recently or anything of that nature?
[OP]
Jr. Member
Oct 23, 2006
133 posts
42 upvotes
gparadis01 wrote: DCS might stand for Disputed Claim Settlement.
Did you file a complaint recently or anything of that nature?
thanks for the thought but havent filed any dispute or claim
Deal Fanatic
Aug 17, 2008
5445 posts
4842 upvotes
What did they say when you called them?
[OP]
Jr. Member
Oct 23, 2006
133 posts
42 upvotes
CIBC first level and team manager had no idea. Suggested I should spk with any trader who may know
[OP]
Jr. Member
Oct 23, 2006
133 posts
42 upvotes
xgbsSS wrote: Why?
because they may reverse it - IMHO the same reason we dont attract attention to deals
Deal Addict
User avatar
May 11, 2014
4627 posts
5501 upvotes
Iqaluit, NU
hellohello wrote: because they may reverse it - IMHO the same reason we dont attract attention to deals
Disgusting.
I'm all for deals but if the money isn't supposed to be mine, I'd rather them take it back .I'd rather a good conscious than a few dollars.

Besides, if the money wasn't yours to begin with, CIBC could just as easily reverse the deposit leaving you in the same position. Actually worse. If you decide to spend the dollars and they reverse the charge, your cash position could be negative and you now owe interest or forced to liquidate to reverse the negative balance.
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[OP]
Jr. Member
Oct 23, 2006
133 posts
42 upvotes
xgbsSS wrote: Disgusting.
I'm all for deals but if the money isn't supposed to be mine, I'd rather them take it back .I'd rather a good conscious than a few dollars.

Besides, if the money wasn't yours to begin with, CIBC could just as easily reverse the deposit leaving you in the same position. Actually worse. If you decide to spend the dollars and they reverse the charge, your cash position could be negative and you now owe interest or forced to liquidate to reverse the negative balance.
no. no. thats not what i was referring to.

of course if it isnt mine then its not mine to keep. And actually had a colleague who had over 100k deposited into their bank account and I had told him to let bank know, he didnt and sure enough two weeks later they took the funds back.

My fear and what I have seen in the past is where the bank will reverse based upon a technicality but client is truly entitled, but client is powerless. I was hoping someone here would know so that I could determine if I was truly enttiled to the deposit.

But you are right and thanks for the distinction. I will call in and find out what this is all about
Deal Addict
Jan 27, 2016
1486 posts
837 upvotes
Edmonton
what a silly thread, call them and find out your answer. It's like me posting about a weird transaction on my visa statement...
[OP]
Jr. Member
Oct 23, 2006
133 posts
42 upvotes
CIBC says that it may be residual transfers from when I transferred the RESP in to CIBC or residual dividends from Genworth but uncertain what it is and will have to get back to me (interesting: rep says that its showing as a deposit but is coded as a chargeback)

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