CIBC Backtracks After Sneaky “Cash Advance” Fee Exposed

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In this episode, we discover how CIBC's brand-new $5 cost on e-gift card purchases as a "cash advance" charge triggered outrage among customers, resulting in a backtrack and consumer refunds for charges in between September 29, 2023, and February 29, 2024, after public and media pressure.

Also in this episode:
Tesla reveals layoffs of over 10% of its workforce, showing a slump in sales and a tactical shift in the middle of stiffening international competition.

We talk about the Canadian government's brand-new mortgage guidelines meant to aid first-time homebuyers but potentially leading to more market instability and unexpected effects.

Alberta's population surges by over 200,000 in 2023 due to high migration, bringing both economic benefits and significant infrastructure difficulties to the province.

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CIBC Backtracks After Sneaky "Cash Advance" Fee Exposed

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About the Author: Richard Money

20 Comments

  1. Bank fees in Canada are just out of control. That is just one more reason why I no longer invest in any of the big five Canadian banks.

    1. @@tidyif you don’t like the big five banks, you can go with the 6th, National banks. Don’t like the 6th, go with equitable bank, tangerine, and ton of credit unions. Lots of options available, ask google, it’s not that hard😂

    2. I’ve been with EQ bank for 4 years now and have almost no complaints. I keep my TD chequing account simply as a jump off account to pay my TD cc. When I find an alternative to those two, I’m leaving TD completely.

    3. @@Sarah1R1 I am still with one of the big 5 because of a legacy account opened over 30 years ago and pay no fees because I maintain 1500.00 balance and I use their safety box as well. I heard great reviews of EQ bank and they even pay interest on account balance. Just curios, can’t you just add your TD cc as a payee at EQ and make payments?

    1. Just bought a used Mazda cx5 gas. Your biggest dislike or regret? I might go hybrid next time but I’m not ready to make the jump to full EV just yet.

    2. For long drives you require multiple stops to charge. Infrastructure is weak. Broken charging stations. Electricity is on the rise. Loss range during winter months. Going up hill drops battery range fast. Running heat or air conditioning results in battery dropping fast. Just not worth the inconveniences.

  2. Tesla is not citing declining sales and increased competition as the reason for the lay off.. why do you claim this?

    1. Maybe because it’s true? Did you even pay attention to how bad the sales were Q1? Did you miss the fact that Tesla’s earnings date is next week, and that Elon needs something to tell investors when the earning report is worse than expected?

  3. 1) you blatantly schitton a good policy… 2) you pump a banks product right in your video, showing whose side you’re on 3) you never once recommend CREDIT UNIONS that get people away from these gouging banks

    YOURE PART OF THE PROBLEM

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