CIBC takes steps to support customers with cash flow issues

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 “What is my bank doing to help with cash flow issues during this time of crisis?” 

The Canadian Imperial Bank of Commerce (CIBC) released a memo to their clients on March 17, 2020, answering many people’s questions about the inevitable financial struggle that will hit many across the globe. Cash flow solutions are being offered to those in need. 

Here is what they sent:

Supporting our Clients

Our team understands the current environment and we recognize COVID‑19 is rapidly changing our normal routines. Recognizing the financial challenges that the current situation is creating for some individuals and families including business owners, we are introducing assistance for clients impacted by job loss or other circumstances. Clients in financial hardship can contact their CIBC Advisor or call 1‑87‍7‑45‍4‑90‍30 to discuss options to improve their cash flow over the short term by reviewing their payment obligations. Our team is standing by and ready to help you.

Whether it’s meeting your banking needs or discussing your long-term financial goals, we have plans in place to be here for you when you need us. We’re ready to serve you in a range of convenient ways.

We are taking steps to serve you safely and responsibly.

Your health and safety and that of our team members is important to us. We have put new proactive, precautionary measures in place with a view to help keep everyone safer and help flatten the spread curve of COVID-19. To lighten foot traffic and minimize exposure to you and our team, we are closing select banking centres in some locations, along with reducing hours of operation at all of our remaining centres. A complete list of locations that remain open can be found here.

We want to thank our team for continuing to provide excellent service and advice to our clients during these unprecedented times. While they take care of our clients, we are taking care of them by ensuring that any employee affected by these temporary service modifications will continue to receive full pay.

Should you need to visit a banking centre, please go to CIBC.com for the nearest locations and updated hours available to you. We are taking extra steps daily to clean and disinfect surfaces in our locations, provide alcohol-based hand sanitizers, and follow protocols recommended by public health agencies to keep you and our team members safe. Of course, if you’re feeling unwell, we ask that you stay home and instead give us a call, visit us online, or use our mobile app.

Connect with us in any way that suits you best

 Use our online and mobile banking platforms, and Telephone Banking 2‍4/‍7. Our virtual presence will provide you with secure, convenient ways to manage your money at a time and place of your choosing. You can remotely check your accounts, transfer funds, pay bills, monitor and manage your investments, and send money in Canada, and globally with Global Money Transfer.

 Our ATMs remain available 24/7 to access your funds and conduct transactions at any time.

 You can find more information related to banking with CIBC during this challenging time on our COVID‑19 site, including answers to questions about your travel coverage and how your current or future plans may be affected.

 

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2 COMMENTS

  1. CiBC is Not offering any assistance to customers that are presenting financial hardships , this news looks like it just a marketing strategy for them to look good.
    I contacted them yesterday afternoon to advise that I had read the email sent by the Laura Dottori-Attanasio ,CIBC Group Head, Personal and Business Banking and as well under the news room on the CIBC website, the CIBC Vice president had posted the same type of news about helping the customers in financial hardship affected by the COV19. I contacted them to inquiry on how can they assist me with my credit payments or if they are providing flexible payment options.
    I need some payment arregements for my credit card because my company just contacted me to let me know that I have to stay home and I don’t have an option to work from home , my work advise me that I will have to go under the insurance to get pay, they would not pay me directly , so as we know getting pay under insurance its much lower than getting pay directly from work , so I explained this to the CIBC advisor , she put me on hold many times consulting her managers and all she could say is that unfortunately nothing they can do at this time, again I advise her of what was in the news and what CIBC was offering due to COV19 , again she put me on hold for almost an hour , and then she came back with the same answer that they haven’t been inform of any process to assist the customers with the payments and unfortunately nothing they can do and they can not offer a flexible payment arrangements option or help me at this time, I told the CIBC advisor I am worry because my next payment due date is coming soon and I don’t want my credit to be impact, she said ” just pay whatever you can ” but she can not do anything about my credit getting impacted if I dont pay the minimum amounts , my minimum payment it’s not low at this time , so its going to be hard to take care of this and I am worry because CiBC is not helping in anything regarding offering options to help customers that are financially affected , this is why I am saying the news that they released it just to make them look good but is just fake news because again they are not helping us and they should.

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