If you bank with CIBC or use the Investor’s Edge platform to buy/trade stocks/ETFs, you may have also noticed: the customer service is absolutely lousy/dead and the online forex link doesn’t work all day (yesterday, at least, the forex link wasn’t working). So what about CIBC?
Let me cut to the chase here. No bullshit!
I have been using the CIBC Investors Edge platform for a long time (over 5 years). I understand there is a pandemic and delays may occur. That suits me. But what’s wrong here is that even after trying to contact CIBC for the entire last week I still can’t speak to a representative or find one to resolve my issues. Pathetic!
And I have a real problem here. In fact, basic functionality does not work properly.
The main problem is: I cannot convert my Canadian dollars to US dollars. And this happened all day yesterday.
When I log into my Pro-Investors account (online, on iPhone or Mac), the message clearly states “We’re sorry, but foreign exchange is not available online”. So what do I do now? What will the rest of us do? Just pray and wait? We are talking about CIBC, one of the premium banks!
Today alone, I probably would have tried calling CIBC at least 10 times.
I lost some of the good trades I could have participated in without this problem. Now who will reimburse me for the losses? Think about how big this problem is, with thousands/millions of people using the Pro-Investors platform to trade, every day and not blogging to worry.
Go CIBC! You can’t do this to us.
The worst part is, I’ve been trying to reach them by phone for a few other issues as well, for a week, but absolutely no response. Nobody answers the phone. This happens at CIBC, CRA, etc.
Like I said, delays are okay, people understand, but even after hours no one responds or responds.
If this is the case in the future and paying trading fees, I will prefer to move my investment account to Questrade or Wealthsimple Trade.
It’s just that I’ve been doing business with CIBC for a long time now, so it’s more of an emotional connection. But what is happening is downright ridiculous.
Remember that unlike Investor’s Pro, Wealthsimple Trade does not charge any fees to trade (buy/sell stock ETFs), whether $1 or $1 million.
Additionally, Questrade provides this excellent platform, much better than CIBC.
The only advantage where CIBC wins is among the banks: per transaction, it’s $6.95 CAD (buy or sell, $6.95 per transaction + Sec fees), while with TD and RBC, it’s $9.95 per transaction in commissions.
And the reason I’m writing this post is pretty simple: there are a ton of people posting on Reddit and other forums looking for help.
So this post is addressed directly to them, you are not alone, even I am experiencing the same thing. So let’s wait until things are resolved soon (hopefully). I also sent CIBC an email with screenshots.
Thanks for reading! Let me know your comments below.
