Consumer Complaints and Reviews
This has been the worst banking experience of my entire life. CIBC and President’s Choice are banks that do not care about current or previous account holders. They do not care about their customers. They only see dollars and cents not people. They claim that they scheduled to close my account on September 21. They did not close the account until November 14. During that time they did not send me a letter. They call. They did not give me any opportunity to withdraw the money. What they did was they all close the account. They took all the money. They told me they put it on the check and they told me that the check would be mailed out to me. They also told me I would have to wait 5 to 7 business days to receive the check. They did not send a check by a rush order mail delivery. They did not send the check in the secure manner to which I would have to sign for it. They did none of that.
They stole my information which I don't believe they should have anymore and the way they were able to get my information was by blackmailing me into doing so. They would not give me any information in regards to my account unless I submitted my SIN, copies of my passport, copies of my credit card and my bank card information. They were no longer privy to when our business relationship came to an end. Now I have to wait 5 to 7 days to get access to my money which was extremely inconvenient because now I have no money. I am not able to go to work. I'm not able to get to buy food. I am not able to do anything that requires money because they know I am stuck on the 15 having to order checks so that I can mail some checks out to my landlord which means it's going to be late and I'm going to be penalized for that.
My recent order of cheque books was intercepted and used by an unknown individual who was able to withdraw some thousands of dollars from my account. I contacted PC Financial, who assured me that the funds would be returned and that no more cheques would go through as they would put a "stop" on my account. A couple days later I was reviewing my account and noticed I did receive the reimbursement from the bank but that another cheque was processed by an unknown individual. When I contacted PC Financial again to ask why another cheque had gone through they weren't able to give an explanation. I then asked when would I receive another reimbursement for this blunder and I was told a few business days.
A few business days later I call back as a reimbursement has not yet been received. The agent again says to wait a few more business days. A few business days later I get a call from PC Financial. I speak to a supervisor who tells me I need to sign an affidavit and have it signed by a notary public and return it to the bank before I can receive my funds.
I question him as to why this is necessary and the only answer I receive is this is the process. I then inform him that this doesn't seem right to withhold a customer's money from them for something they made an error on. In response I was told they were sorry and wished there were something they can do. I tell them I have rent and bills to pay but it goes on deaf ears. Now logically I will have to wait at least 10 business days due to this, causing me to miss my rent payment and several bills, in turn affecting my credit as well. Thank you PC. My advice. Avoid banking with PC Financial. They do not support you when it really matters.
This is just to caution people to get full disclosure about what conditions will be placed on a PC loan. We went into a PC Pavilion as long-time customers with zero debt asking for a line of credit secured against our paid-off home. We went through five different people/departments and asked in good faith upfront at every step if we could use the loan to renovate our house and to create a rental suite. After many meetings and phone calls, the final document still contained clauses that disallowed renovations or rentals without the bank's written approval.
Sadly, it wasted a lot of man-hours because no one at PC was upfront about how we could or could not use the money. Our previous line of credit from PC Financial issued a decade ago did not contain any intrusive stipulations on how we used the money. BOTTOM LINE: It wasn't until after dealing with 5 levels of bureaucracy that we found out we couldn't use the PC Secured Line of Credit for the purpose we wanted it.
Getting a mortgage with PC bank was worse than pulling teeth! Our mortgage specials never answered his phone or replied to my emails. He never cc-ed my girlfriend (who was also on the mortgage), on any correspondence. They did not send paperwork to my lawyer until THE DAY OF OUR CLOSING despite the fact that I reminded my mortgage specialist every day for a week leading up to the closing day that the closing was coming up. As a result we were not able to close that day and incurred penalties. Finally the mortgage rate they ended up giving us was higher than the one we originally agreed on. I brought this to the attention of my mortgage specialist. It has now been over 2 weeks and our rate is still wrong (we will be making our first payment today). Absolutely terrible experience, will never use them again.
Worst customer service. Had issue with my auto insurance, the way they dealt with it was horrible. Called back a couple days ago and how they communicate with me was as bad as before. The lady on the phone even lied: stating I had multiple conflicting address on file but I only had one address. When asked for the reason of my cancellation (I called in twice), both agents refused to tell me, just stating it was cancelled (I'm not sure if this is a company policy). Finally received my cancellation letter and it says I gave false information, and breach of contract (someone else drive my car). Which did not make sense at all. I have been living alone for years. Feeling extremely helpless now, it's going to be on my record for 5 years. I wish I could find a way to resolve this but it takes at least 30 min wait everything I try to call them. Very disappointed.
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There's a TONNE of fine print, but read it ALL folks!!! After accidentally ordering the incorrect model of an item, and immediately correcting the order, a hold was nevertheless put on a large sum on my PC MasterCard by the vendor for the original order. Vendor issued a number to prove first transaction was cancelled, but PC would not accept this from me as it apparently needed to come from Vendor. Vendor tried, but could not get through to PC to provide this number. Pended transaction caused account to go over limit when valid transaction was processed, then guess what??? PC raised my annual rate of interest to 25.95% on the full balance! (Held account for three years, with no missed or late payments).
PC MasterCard assures me their right to do this is buried somewhere in something I signed when applying for the card. They MAY review the interest rate, if requested to do so, six months after said transaction date. I will be LONG gone by then, and they can save their terms of service for the next unsuspecting idiot who comes along. READ folks, READ!!!
Some money was debited from my account in error. I spotted the error and immediately paid cash in to correct the mistake as my mortgage was coming out in two days. Unfortunately cash takes three days to clear, yes CASH. My mortgage bounced and now I have a lovely $80 penalty to pay. The service in the bank was poor, they basically just shrugged their shoulders. I have banked in both the UK and Canada and have never experienced such a shabby service. Don't be fooled when you sign up for so-called "free" banking, you will pay more fees and penalties than you would with a $15 a month account. This however would be a good account for a child to have until reach an age where they are slightly more serious about banking.
I have never had a worse experience with a bank in all of Canada and USA until this: I sent my NEW landlord rent by Interact E - Transfer thru PC Financial online banking days ago! My receiver correctly answered the security question / password and it was accepted, but the money did not go into her account. She just kept getting an error. She called PC Bank and spent 2 hours back and forth, with the reps blaming me, blaming her (Saying she isn't doing it correctly) and then making up other ridiculous excuses. I called several times and got different excuses and that they were going to escalate the issue to their security department. I tried reclaiming the transfer and it wouldn't work. They told me it won't until the department lifts the block. I did everything correctly with the transaction and so did the receiver, but PC bank screwed everything up.
I'm extremely angry. They are holding my $1,000 hostage and not giving me any details at all as to why this happened. I don't have other money to pay my rent. They are telling me that it could take another 4 business days for me to get my money back. This has got to be the worst bank in North America. Don't even think of signing up with them. I will be moving all my accounts away from them. This is completely unacceptable. I will see what legal actions I can take against PC Financial and CIBC after this. I need to pay my rent, and for this to happen when I have a new landlord, this could cause me to lose my place. They need to be sued. This is 100% unacceptable. I wonder if it is even legal for them to hold my money like this. Money that was in my own account. Not on hold, but money that is supposed to be available to me.
My sister passed away in May 2014 and as the executor of her will I contacted all the appropriate financial banks/institutions that she was involved with. PC Financial was the first. They sent me a letter of instructions listing the required documentation (original copies of death certificate, will, Letter of Direction, signed copy of Declaration of and indicating that I could bring it to one of their in-store pavilions), which I did in a matter of a few weeks. The agent took the documentation and said all would be fine. Not hearing anything from them I called their Customer Service in July who did not have the documentation. I spoke to a Supervisor who indicated they were reviewing the matter.
In August I spoke to another Supervisor only to find that I was stalled time and time again, spent hours on the phone, numerous calls to find out that they were not satisfied with the documentation. Meanwhile, I had no problem settling the estate with Scotia Bank, Tangerine and Investia with the same documentation. I spoke to my lawyer who assured me that the documentation is all in order. So I waited and waited.
On January 26, 2015, I called to see what the update was, and after a long phone call was assured the documentation was in order but to send a letter advising where the estate funds should be sent. I sent the letter the next day, and mid-February, received a letter back asking for all the documentation again! It was the same letter I received in June 2014! I called them again on Feb 23 and yet another Customer Care Supervisor, is now saying they don't have the required documentation. What is wrong with the supervisors at PC Financial!? I will never open a PC Financial account for myself and recommend anyone to avoid doing so, or to close all accounts with them. Tangerine has much better service.
I switched banking to PC Financial a few years ago because of the no fee banking. If you want to transfer money from one account to the other it takes 24 hours. When you call them, you're on hold for a long time. They would not let me wire money to my family in another country. They are stingy with credit card increases. They have far too much control over my money. Not the best way to bank. I've gone back to a regular bank where I can do what I want, when I want.
I mistakenly sent $7800 to my wife's private PC MasterCard. After noticing the mistake a few days later, I called her PCMC account and asked them to transfer the money back. They said they couldn't, and I would have to call my PC Bank for a charge reversal. I called my PC Bank and was told they would do it and it would take 3-4 weeks. (This was borrowed money I would pay interest on!) After 4 weeks and no reversal, I called my bank and they told me they hadn't heard from PC MasterCard. They sent another reversal to PCMC and said to call back in a week.
When no reversal appeared after the week, I called my wife's PC MasterCard and was told there would be no reversal, and all future purchases on her card would immediately come off the balance until it reached $0.00. This, of course, I said was unacceptable, and all of a sudden they said they could do the reversal. They would do a charge back to my bank for the now $4700 balance on her account. It would take approximately 2-3 business days. It is now a week later, and still no money in my account, although her PC MasterCard balance is now $0.00 rather than -$7800! After many calls, and even 1 call to a supervisor, I am completely frustrated as they had my money for over a month, while I'm paying interest on it.
Beware! I recently booked some airline tickets with a company and charged it on President's Choice master card but had a transaction declined through no fault of my own. The transaction showed approved on my end. The PC Master card security dept systems, not a human, saw the purchase as fraud and declined it later but not when the purchase was made. This travel purchase was tied into another and when we found out about the problem we requested to cancel all the purchases but were told we would have to speak to a supervisor. Someone would call in 15-30 minutes but no more than an hour for sure.
We waited, no one called. We tried back and waited on hold for 2 hours that day. We called three times the next day and had to go through 2 different service people in 2 different depts all three times and were promised a supervisor would return our calls. None ever did. Everyday the same routine until day 4 when we spoke to a Supervisor who was as everyone was sympathetic and agreed this was a terrible mistake and said he would help then disconnected. Never heard back at all.
We escalated to the executive level but as we have found out now they agree with you and then blamed us for the problems. This has been a nightmare. We have lost our vacation and are on the hook for $1400 on tickets we can't use. Had we got any calls back from our numerous call to PCMC customer service maybe we could have cancelled or changed flights but after 48 hours we are ripped off.
I want my husband to show active on our mortgage. I already made the change with land titles. I find it unbelievable that they will not change it. I am not paying or doing out paperwork to make changes that are already made. I have faxed in a copy of the new land title. I don't know why something so simple has to be complicated. Why should I pay $150 more in fees or do more paperwork? They have caused me nothing but stress and frustration. I wish I never switched my mortgage with them. It has been a nightmare experience!
I recently refinanced my property and left PC Financial to go with FirstLine Mortgages. My early closure fee was stated to be $3,775.29 and I acted on that, being that the numbers stacked up to bring me to a favorable outcome. So I called them on the 9th December 2010, obtained the above information and closed on the 15th December 2010. The figure above was given to be effective until 1st January 2011. So all was fine, just that everything was subject to change.
And I understand that federal changes came in to play in between the 9th to the 1st of January 2011, correct? Not quite, they proceed to slip in a penalty of an extra $5000 because I dropped below 18 months to maturity, which was never mentioned. So within 6 days, they encroached a penalty, but no one sees it on the screen, especially the professional mortgage adviser. Surely they know their policies and should ethically advise accordingly, instead of saying, "You should have read your contract and term and conditions! It’s not an ethical behavior to slip a fee in and hope no one notices!
Can you point me in the right direction as how to take legal action? Where do I stand? Your help and advice is appreciated. I'm approximately $5000 down.
I had home and auto insurance with PC. My auto insurance increased (March 16th 2010) and I was told that in May 2010 when my home Insurance is due for renewal my auto will reduce by 15%. In April 2010, I received a letter from PC indicating an increase of my home insurance as well. Upon inquiring, I was told that PC couldn't get a better price. So I decided to cancel both my auto and home insurance with PC effective on May 16th and was told I will be refunded $61.00 (I paid PC $259/month auto insurance). Instead, I cancelled the insurance on April 21st 2010 and was assured that I will be given a refund in excess of $200 but this didn't happen, PC instead give me the $61.00 only. After complaining, the agent said he will speak to his manager and get back to me. He didn't so I called and was told that I was charged for 4 days insurance and cancellation fee amounting to $198.00 in total. This is blatant robbery. Can something be done about this? $198.00 out of $259 is too much for a cancellation fee. Thank you so much.
In August/2006 I obtained a PCF mastercard & purchased balance protection insurance. I was 63 years old at that time. I am currently on extended illness leave from work with a severe heart condition & nervous breakdown. I contacted PCF & informed them that I needed to request my insurance coverage & was sent the appropriate forms with instructions to have both my employer & doctor complete & return, which I did.
I was appalled to learn that in fact my balance protection coverage expired at age 65 but at no time previously was I made aware of this policy. PCF now claims that I was originally mailed a brochure to this effect which I never received. They did re-send one last month.
I am a retiree of CIBC which owns PCF & I am very disappointed with the manner in which I have been treated. My premium has "not" decreased & I am now told this is because I am still covered for accident & dismemberment which I already have ample insurance for this purpose. I received correspondence April 21st, 2009 from E. Gray, Manager Customer Care & addressed to V. Wheeler (how unprofessional) advising that they had refunded partial premiums of $685.10 & K. King states today they are not prepared to make any further compensation. my credit card balance in approximately $7000.00 which I am now liable to pay.
This is in my opinion very poor treatment of a senior citizen, especially considering our aging population. I firmly believe Presidents Choice dropped-the-ball here & I please ask your assistance in resolving this matter.
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