CIBC Visa = Slow, BMO MasterCard = Fast

[DaVibe]

So I've been using a BMO MasterCard for some time ... I'm a student, so I'm often using my card and getting cash back (through paycheques, things I sell, etc) so I often walk into the bank to make an in-person payment.
When I do this, its instant and goes into the account immediately. I sign for it and I can spend that same money 10 minutes later (which I regularly do).

I recently got a CIBC Visa and let me tell you, all the different.
I called Customer Service to ask about the fastest payment and I was told that in person at a teller would work best and you have to request that it goes in immediately.
I put a payment in and ask for this service, all this paperwork, copying of my I.D., 15 minutes later they say its gone through right away, so I spent the money I put in about 30 minutes later.

I get my statement and find a $20 overlimit fee, not to mention a statement (not including the payment I made) so the statement is all out of whack from what I was expecting. Apparently, even when I ask for it to go in immediately and they take all your information, it's not immediate.

I made a payment at the bank today and I wanted it immediately. I was told to call customer service about it and they'll help me.
I called and he told me to fax the receipt in. $2.10 cents later, it's gone through and Mason from CIBC (literally, as I'm writing this post) has called me to tell me that it's gone through, immediately and I can use the funds.

Why do I have to go through ALL THIS hassle and all this poor customer service (they charged me $20 for what? I MADE THE PAYMENT!) when BMO does it in 5 minutes.

I hate this CIBC Visa. Complete crap. Warning to all students, don't use it.

[dav1209]

call them up and tell them....they will give u a credit and fix that for u
So I've been using a BMO MasterCard for some time ... I'm a student, so I'm often using my card and getting cash back (through paycheques, things I sell, etc) so I often walk into the bank to make an in-person payment.
When I do this, its instant and goes into the account immediately. I sign for it and I can spend that same money 10 minutes later (which I regularly do).

I recently got a CIBC Visa and let me tell you, all the different.
I called Customer Service to ask about the fastest payment and I was told that in person at a teller would work best and you have to request that it goes in immediately.
I put a payment in and ask for this service, all this paperwork, copying of my I.D., 15 minutes later they say its gone through right away, so I spent the money I put in about 30 minutes later.

I get my statement and find a $20 overlimit fee, not to mention a statement (not including the payment I made) so the statement is all out of whack from what I was expecting. Apparently, even when I ask for it to go in immediately and they take all your information, it's not immediate.

I made a payment at the bank today and I wanted it immediately. I was told to call customer service about it and they'll help me.
I called and he told me to fax the receipt in. $2.10 cents later, it's gone through and Mason from CIBC (literally, as I'm writing this post) has called me to tell me that it's gone through, immediately and I can use the funds.

Why do I have to go through ALL THIS hassle and all this poor customer service (they charged me $20 for what? I MADE THE PAYMENT!) when BMO does it in 5 minutes.

I hate this CIBC Visa. Complete crap. Warning to all students, don't use it.

[DaVibe]

call them up and tell them....they will give u a credit and fix that for u

I did and she told me no (over the telephone).
I'll give you the run down. I made a payment on a Saturday (now before anyone says that's not a business day and all of that, I've made many payments with BMO on Saturday's that go through immediately as well ... I've been told by the bank tellers that it doesn't matter what "Day of service" the bank is on, dealing with your credit card company is completely different).

So ... Saturday at 9:30AM I was sure to be there for the bank opening to put a payment in first thing. I asked specifically that it go through right away so I could use my card the same day (I said within the next 1 hour).
I signed a few forms, they took my SIN Card, my Driver's License and photocopied it for records and she reassured me that it would go through immediately.

I buy my goods.

I'm looking at my online statement through the week, it says the statement was sent out Monday and the payment went through on the Tuesday.
So not only did it NOT go through first thing on Saturday, it did NOT go through first thing on MONDAY but it took ANOTHER DAY and went in on the Tuesday.
I also told CIBC I didn't have to use THAT card and I could have made my payment towards another card. I chose THAT CARD because of the rewards program I have with it (CIBC Optimum Visa, better than my MC that I have no rewards on). Now I have to pay a $20 fee because I went over?
I MADE THE PAYMENT! I went over because they didn't put it through, even though I was told several times it was immediate!

I'm really not happy with CIBC's service right now.

[jerryhung]

Call to cancel, you might get free $25-$50 :)

Call CIBC VISA until you get your $20 back (it will suck though, to tell the story many times)

Have you tried depositing it into VISA using ATM? I wonder if that'll be immediate

Really (if you can), don't use it so close to the limit, it's not good for your credit score either. or don't live paycheque to paycheque

[monty613]

I'm looking at my online statement through the week, it says the statement was sent out Monday and the payment went through on the Tuesday.
So not only did it NOT go through first thing on Saturday, it did NOT go through first thing on MONDAY but it took ANOTHER DAY and went in on the Tuesday.
I also told CIBC I didn't have to use THAT card and I could have made my payment towards another card. I chose THAT CARD because of the rewards program I have with it (CIBC Optimum Visa, better than my MC that I have no rewards on). Now I have to pay a $20 fee because I went over?
I MADE THE PAYMENT! I went over because they didn't put it through, even though I was told several times it was immediate!


Sounds like it was processed like a bill payment? At most banks if you make a bill payment on the weekend it's processed the next business day, and from there it could take 24-48 hours before it's processed by the company.

I bank with TD, and before that I banked with BMO, and I have never heard of filling out paperwork to pay off a credit card directly at the branch?! TD allows me to do it online myself instantaneously as well...

[DaVibe]

Well I would do it online but apparently in the bank is the fastest ...
And in this case, I had cash in hand so I needed to see a teller. I just can't believe that I paid Saturday, it never went through that day, didn't go through on the Monday (that would have been fine even) but it goes through Tuesday and by then, the purchases have gone through and obviously puts me over the amount.

[Crowbarfoot]

Paying a CIBC visa through CIBC online banking will allow you to credit the visa right away. The balance and the transaction on the Visa will take 2 business days to update the payment BUT your available credit will reflect the payment right away.

If you are over your limit on the card and you make a payment it normally will take 2 days for that payment to be available.

So, if you are not over your limit and you make a payment, as a bill payment or a transfer you can use that payment amount right away.

~C

[DaVibe]

Well, I wasn't over the limit but obviously spending what I wanted to, would put me over, so I went to the bank early Saturday morning to put an immediate payment through which I thought would go into the account immediately. Then, I could use the card to purchase what I wanted to later that day.

That's what I did. Then on my statement, I've obviously gone over because the payment was delayed or didn't go through when they told me it would or SOMETHING ... and because I went over, they put a $20 fee on it.

What bugs me the most is if I went to BMO to do this, I wouldn't have had the problem but I chose the CIBC Visa because of the Optimum Program it has with it ... I got about $10 in points but I have to pay $20 in the overlimit fee ... definitely NOT worth it and I would have never gone with the CIBC Visa if I knew the service would be like this.

Edit: Crowbarfoot, it almost sounds like you're saying that it'd be faster for me to deposit the cash at my bank (Bank of Montreal) to then online transfer a bill payment to the CIBC Visa and that will go in faster then the actual teller?

Regardless, I'm going to be phoning CIBC ... again ... because I shouldn't have to go through all of this when I want to pay off my damn Visa.

[YLSF]

You should call and cancel your CIBC card if you are having so many problems.. Doesn't sound like it is worth the hassle for a few dollars in points!

[nolookingca]

Edit: Crowbarfoot, it almost sounds like you're saying that it'd be faster for me to deposit the cash at my bank (Bank of Montreal) to then online transfer a bill payment to the CIBC Visa and that will go in faster then the actual teller?.

No, I think he meant that if you have a CIBC account, you can pay it (or "transfer" it as TD calls it) into the VISA directly.

[DaVibe]

Well, I just got the card so there's no point in me cancelling it right away, but when the time is right, I plan to. This service sucks.
I have a TD Visa as well, though I haven't tried to pay yet, I don't see the same set of problems existing. I think this is some crazyness between CIBC's policies and Visa.

[gq_fuzion]

for CIBC visa... if you deposit cash intop your Visa (a payment), it should reflect on your available credit immediately... not on the balance tho

only thing i can think of is the teller holding your payment... but doesn't make sense for a cash payment


if you made the payment through another institution however, you would have to wait until the payment was processed...

[DaVibe]

for CIBC visa... if you deposit cash intop your Visa (a payment), it should reflect on your available credit immediately... not on the balance tho


Well, I don't think EITHER took place, since my balance was out of whack, causing me to go over the credit limit and my statement is all wrong, since I made a payment before the statement was sent out (but what they gave me now doesn't reflect this).

It's just a BIG SURPRISE since I don't have this problem with my MasterCard, so this is all new to me. I'm use to it being instant, no questions asked.

[alvisblue]

Your BMO card can give your 0.5% cashback with no annual fee.
Just login online and choose to switch the reward program.


Well, I wasn't over the limit but obviously spending what I wanted to, would put me over, so I went to the bank early Saturday morning to put an immediate payment through which I thought would go into the account immediately. Then, I could use the card to purchase what I wanted to later that day.

That's what I did. Then on my statement, I've obviously gone over because the payment was delayed or didn't go through when they told me it would or SOMETHING ... and because I went over, they put a $20 fee on it.

What bugs me the most is if I went to BMO to do this, I wouldn't have had the problem but I chose the CIBC Visa because of the Optimum Program it has with it ... I got about $10 in points but I have to pay $20 in the overlimit fee ... definitely NOT worth it and I would have never gone with the CIBC Visa if I knew the service would be like this.

Edit: Crowbarfoot, it almost sounds like you're saying that it'd be faster for me to deposit the cash at my bank (Bank of Montreal) to then online transfer a bill payment to the CIBC Visa and that will go in faster then the actual teller?

Regardless, I'm going to be phoning CIBC ... again ... because I shouldn't have to go through all of this when I want to pay off my damn Visa.

[gq_fuzion]

Well, I don't think EITHER took place, since my balance was out of whack, causing me to go over the credit limit and my statement is all wrong, since I made a payment before the statement was sent out (but what they gave me now doesn't reflect this).

It's just a BIG SURPRISE since I don't have this problem with my MasterCard, so this is all new to me. I'm use to it being instant, no questions asked.

the statement may not show that payment because the transaction date occured prior to the statement being sent, however, the date the transaction is posted could be after

just check your visa online... you should see the payment posted by now

[DaVibe]

the statement may not show that payment because the transaction date occured prior to the statement being sent, however, the date the transaction is posted could be after

just check your visa online... you should see the payment posted by now

That's what I'm saying. I made the payment on Saturday, it posted it on the Tuesday.
It not only was not up to date on my statement (because I have Saturday payments with my Mosaik MasterCard with BMO) but my credit was not put up to par either, which is why I went over in the first place.
I wouldn't have gone over if they included my payment. Now I'm charged $20.

[gq_fuzion]

That's what I'm saying. I made the payment on Saturday, it posted it on the Tuesday.
It not only was not up to date on my statement (because I have Saturday payments with my Mosaik MasterCard with BMO) but my credit was not put up to par either, which is why I went over in the first place.
I wouldn't have gone over if they included my payment. Now I'm charged $20.

just call up visa and explain your situation
CIBC is all about visa retentions right now

[DaVibe]

just call up visa and explain your situation
CIBC is all about visa retentions right now

I'm going to try again ... every time I call, I get the same damn lady who's no help ... I'll see what they say.

[DaVibe]

So I just called CIBC Visa department and had a 15-minute conversation with them about this ...
My problem is I was reassured by 3 different people that the payment would go through immediately and instead, it was just a "Credit" ...

The fact that I do not have a CIBC account shouldn't make a HUGE difference but obviously it is, since I was told "Well, you could make an online payment which would go through immediately if you have a CIBC Account" and I'm like yeah, I don't ...

They took all my information down (photocopied) and then told me that it would go through immediately ... apparently it was just a "Credit" to my account which would allow me to spend more money (the payment's worth) but would not actually credit the account (lowering the amount it's at) so basically if you do spend the money, and you go over (who wouldn't) you'll have to pay the overlimit fee.

I was pissed and I kept on with it ... I'm not lying, I was told by 3 different CIBC people that it would go through immediately, so that I could spend the money and it would reflect on my account, immediately.
Yes - Yes - Yes is what I was told.

Anyways, I was put on hold and she checked with the manager and FINALLY they credited my account (or basically waived the fee).
I swear after I pay this card off and all the crap I've been buying lately, I'm dropping the card (or not using it the way I thought I would) ...
2 Day Business wait just to make a payment? How about no.

[mikelovesg]

GET A LIFE guy, read what you wrote, get a life.

and yes, I should too reading these STUPID pointless questions/complaints
I wont be here again

[DaVibe]

GET A LIFE guy, read what you wrote, get a life.

and yes, I should too reading these STUPID pointless questions/complaints
I wont be here again

Because I want to save some money and not be charged when I went out of my way to pay off the card ... yeah, I need to get a life, alright.

Edit: And you're still in the thread 18 minutes later, even though I haven't posted anything until now.

[myapple]

Because I want to save some money and not be charged when I went out of my way to pay off the card ... yeah, I need to get a life, alright.
You should leave a bit of buffer room between your utilized credit and the max credit limit. If you find yourself maxing out your CC to the point where you can't use it anymore until you make a payment...then you need to start asking for a credit increase to give yourself a bit more flexibility. I've had a CIBC visa for many years without a single problem with payment processing.

[DaVibe]

You should leave a bit of buffer room between your utilized credit and the max credit limit. If you find yourself maxing out your CC to the point where you can't use it anymore until you make a payment...then you need to start asking for a credit increase to give yourself a bit more flexibility. I've had a CIBC visa for many years without a single problem with payment processing.

And I've had it for 3 weeks and I'm having problems before they even sent me the statement.
The problem is I'm paying in cash at the teller and obviously that's a problem ... for this bank.

[V A N Q U I S H]

just call up visa and explain your situation
CIBC is all about visa retentions right now

Yeah, I was almost yanked from my BMO Mastercard position to go into the retentions department at CIBC, looks like they're beefing up. I declined the interview, I'm happy with my job.

[myapple]

And I've had it for 3 weeks and I'm having problems before they even sent me the statement.
The problem is I'm paying in cash at the teller and obviously that's a problem ... for this bank.
I admit, it's a SMALL problem...but It's not that big of a deal for most people. I do my payments online so it's always instant. Besides, it's not like your payments are not being applied at all.

Ask for credit limit increase...that'll pretty much solve any problems you have with maxing out your limit.

[DaVibe]

I admit, it's a SMALL problem...but It's not that big of a deal for most people. I do my payments online so it's always instant. Besides, it's not like your payments are not being applied at all.

Ask for credit limit increase...that'll pretty much solve any problems you have with maxing out your limit.

Good idea but not a possibility for me since I JUST got this card (like I said, at this point I just recieved the first statement).

Anyways, CIBC was wrong in telling me that the money would go through and the account would reflect that ... the credit was there but it didn't actually do anything to the account, so if and when I spend the money I put in, it would STILL put me over the limit.

Say I'm at $1,000 and I have a $1200 limit.
I pay $500 to take the limit down because I know I'm going to spend $300 today.

So in my mind, the card goes down to $500 because I paid in person on rush, so now I can spend $300 more making my card $800.
What CIBC did was that they DIDN'T credit my actual account, so they said "Okay, the money has gone through, so you can spend the $300" but when I did, it obviously put me over the limit (in this case, $1200) SO I'm charged the fee.
THIS is exactly what happened. I should have never been over in the first place since I PAID AHEAD OF TIME.

I know better, I'm not dealing with this card, nor am I opening an account with them. That won't happen.