If you bank with CIBC or use the Investor’s Edge platform to buy/trade stocks/ETFs you might have noticed this as well – The customer care is absolutely crap/dead and the online foreign exchange link doesn’t work for the entire day (yesterday at least he forex link wasn’t working). So, wassup CIBC?
Let me get straight to the point here. No BS!
I’ve been using the CIBC Investor’ edge platform for a long time now (5+ years). I get that there is a pandemic going on and delays can occur. That’s ok with me.
But, what’s not OK here is that, even after trying to contact CIBC for the entire last week, I still can’t speak to a representative or get hold of one to resolve my issues. Pathetic!
And I have a genuine problem here. In fact with the basic functionality not working correctly.
The prime issue is – I am not able to convert my Canadian Dollars to the US. And this happened the entire day yesterday.
When I log in to my Investor’s Edge account (online- using iPhone or Mac), the message clearly says “We’re sorry but the foreign exchange is not available online”. So what do I do now? What will the rest of us do? Just pray and wait? We’re talking about CIBC, one of the premium banks!
Today alone, I might have probably tried calling CIBC 10 times at least.
I’ve lost some of the good trades I could have entered if not for this issue. Now, who’ll reimburse me for the losses? Think about the scale of this issue, with thousands/millions who use Investor’s Edge platform to trade, every day and who don’t blog to fret.
Come on CIBC! You can’t do this to us.
The worst part is I have been trying to reach them over the phone for a few other issues as well, and for the past one week, but absolutely no response. No one answers the phone. This happens at CIBC, with CRA, whatnot.
Like I said delays are ok, people do understand, but even after hours, no one answers or responds back.
If this is the case going forward, and paying the fees to trade, I’ll rather move my Investment account to Questrade or Wealthsimple Trade.
It’s just that I’ve been banking with CIBC for a long time now, so it’s more of an emotional connect. But what is happening is outright ridiculous.
Remember, unlike Investor’s Edge, Wealthsimple Trade doesn’t charge any fees to trade (buy/sell stocks ETFs) whether it’s $1 or $1 Million.
Also, Questrade provides this excellent platform, way better than what CIBC does.
The only advantage where CIBC wins is amongst the banks – per trade it’s $6.95 CAD (buy or sell, $6.95 per trade + Sec fees), whereas with TD and RBC it’s $9.95 per trade in commissions.
And the reason for me writing this post is quite simple, there are a ton of people out there posting on Reddit and other forums looking for help.
So this post goes straight to them, you’re not alone, even I am going through the same thing. So, let’s wait for things to be resolved soon (hopefully). I’ve sent CIBC an email as well with screenshots.
Thanks for reading! Let me know your comments below.
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Sagar Sridhar is a personal finance blogger from Canada. His genuine passion for personal finance coupled with his unique style of writing is what stands out. Professionally, he is a computer engineer, agile certified and has a master’s degree in Project Management. His writing has been featured or quoted in the leading Canadian publications such as Credit Canada and many other personal finance publications. While he is juggling between his day job and blogging, he is the main author on this blog and has miles to go before making the final pit stop.