:: Big Banks. They exist for one thing – to increase the profits of their shareholders. I’ve complained about the continuing decline in CIBC’s customer service before on this site. Recently, I received the latest “Changes to Personal Deposit Accounts and Services” flyer, which lists, among other items, the usual upcoming fee hikes. It includes gems such as:
- Waive Account: CIBC will waive your monthly fee and transactions fees if you maintain a minimum monthly balance of $1,500 – previously it was $1,000.
- Want to withdraw cash outside of Canada? Go ahead, but CIBC will charge you an administration fee of 2.5% of the amount withdrawn, converted to Canadian currency.
The flyer notes that “At CIBC we are committed to providing you with a full range of products and services that help you do the things that matter.” What that doesn’t seem to include is saving money. The type of savings account I had for 20+years, that actually earned interest, was shut down by CIBC last year.
A few days later, Keith sent a note advising that CIBC is closing five of its southside branches, and consolidating their operations at one large, flagship building in a high traffic area. From the 09 April 2004 Edmonton Journal:
This move “reflects changes in the way customers do their banking and their other shopping,” said CIBC communications director Rob McLeod.
“We are moving out of small shopping areas where the potential for growth is limited, into areas where the customers already do much of their shopping.”
It is interesting to note that the one branch on the southside not being closed is in Riverbend, one of the wealthiest areas of Edmonton. Coincidence? According to McLeod, similar flagship branches were opened in eastern Canada, with a very positive response. But I think Keith has it right when he says:
Gone will be the concept of neighborhood banking or staff that you even recognize when you transact your business…I can’t even laugh anymore when I hear talk about how these changes are improving “customer service”.
Long gone indeed.
