What?! That is wrong. They give about 6 days to send the money. Call them and send email. It does not make any sense
CIBC GIC is better
- Thread starter kk2018
- Start date
ok. I sent email and got reply to ignore the date of expiry and send the money to cibc. I sent the money to cibc a couple of days before and wondering how long it will take further to get acknowledge from CIBC. and another thing. where I will get gic received. is it on email or in the app?
They take from 2-4 days usually. Upload the swift receipt your bank gave you in the CIBC GIC portal as proof of transfer.
Will there be any issue in paying gic amount on friday as saturday is bank holiday.
If I submit application for opening account on thursday then will I get instruction letter on friday, if I didn't get instruction letter on Friday then payment can be made only on Monday and deadline will be Thursday. Will this cause any issue in receiving money at cibc before Thursday.
Or is it recommended to pay on monday by submitting application on Saturday, then instruction letter on Sunday, payment on Monday and deadline Saturday
If I submit application for opening account on thursday then will I get instruction letter on friday, if I didn't get instruction letter on Friday then payment can be made only on Monday and deadline will be Thursday. Will this cause any issue in receiving money at cibc before Thursday.
Or is it recommended to pay on monday by submitting application on Saturday, then instruction letter on Sunday, payment on Monday and deadline Saturday
Either of the options is good. Just make sure you are well inside GIC deadline. Also if you choose inr as currency then they will give you Indian bank account to deposit into. So that can be done even if bank is closed or not, IMPS RTGS etc.
Don't thing this can happen as every key information like account number and account title should match similar to conventional banking norms.
For those who are choosing CIBC, beware that there are some really incompetent people working at this bank who will give you a taste of how pathetic a bank could be. I had opted for the student deposit program and not GIC since mine was non SDS. When I activated my account at a CIBC branch here in Canada, the rep assigned to me opened a GIC, even though my welcome letter clearly stated that it was a student deposit a/c and not GIC. So instead of being able to access the entire amount which I had transferred in escrow, CAD 8K was put on hold. My mouth ran dry arguing while the rep and then another colleague of hers tried justifying how it was 'just procedure' and how it was not their fault. I had to finally get the branch manager involved to get the GIC cancelled by the following day so I could access the funds.
I thought it was all sorted but about two weeks later, I saw that another hold had been placed on my funds! It took another round of phone calls and a flurry of emails to get the hold removed. Apparently this time, it was some overenthusiastic chump in their back office who assumed that I should have a GIC and put a hold on my funds.
Now would you believe me if I told you that I had my account blocked, and on this occasion it was not a partial hold but my entire account was FROZEN, yes FOR THE THIRD TIME CIBC HAD MANAGED TO SCREW THINGS UP for me!!! Apparently the activation form that I had signed on the first day was never even sent to their back office and CIBC just froze my account without even telling me!! How did I know this? Well I was shopping for groceries and my card just declined and I had to leave all my shopping behind and come out. I had to visit the branch once again to sign the same form twice and this time it was another rep who did a lot of sweet talking to convince me that it was all unintentional.
Apparently all banks in Canada can be equally incompetent and I suspect they take people who are on a temp residence visa for granted for obvious reasons. So if you are going to be using CIBC, know that there are a lot of incompetent people working there and make sure of all the details in any transaction you make with them. Assume that things can go wrong and once they do, it can keep going wrong until they harass the wits out of you.
I thought it was all sorted but about two weeks later, I saw that another hold had been placed on my funds! It took another round of phone calls and a flurry of emails to get the hold removed. Apparently this time, it was some overenthusiastic chump in their back office who assumed that I should have a GIC and put a hold on my funds.
Now would you believe me if I told you that I had my account blocked, and on this occasion it was not a partial hold but my entire account was FROZEN, yes FOR THE THIRD TIME CIBC HAD MANAGED TO SCREW THINGS UP for me!!! Apparently the activation form that I had signed on the first day was never even sent to their back office and CIBC just froze my account without even telling me!! How did I know this? Well I was shopping for groceries and my card just declined and I had to leave all my shopping behind and come out. I had to visit the branch once again to sign the same form twice and this time it was another rep who did a lot of sweet talking to convince me that it was all unintentional.
Apparently all banks in Canada can be equally incompetent and I suspect they take people who are on a temp residence visa for granted for obvious reasons. So if you are going to be using CIBC, know that there are a lot of incompetent people working there and make sure of all the details in any transaction you make with them. Assume that things can go wrong and once they do, it can keep going wrong until they harass the wits out of you.
Hi,
I have been facing the same issues with Scotiabank. Are you planning to open an account in CIBC and close the one you have in Scotiabank ?
Hey
I opened my bank account in Scotia bank for my GIC but they rejected my wire transfer due to a minor mistake. After the rejection I applied at CIBC and got my GIC within a day after they received my money. I still have not received my refund from Scotia bank. Their service is horrendous. I would advice you to open an account at CIBC
Hello everyone . i will do rtgs from my own name. the problem is the my account i will use have account number asssume x but the account number i used while registering account on cibc was y. both are same bank by the way. will it give problem?
Having been here for nearly 4 years, I can tell you that they all suck in their own way. Those who recommend one over another are definitely looking out for their own interest.