With high levels of customer edginess since SVB imploded a couple of weeks ago, readers want reassurance that they can trust their financial institutions
The other aspect of trust is that a bank or investment company will behave in a civil way and honour its commitments. Clients for the most part understand that fees tend to go up over time and that terms and conditions will sometimes get tightened in a bank’s favour. But one of the most fundamental aspects of giving your money to a bank or investment company is that a deal is a deal.
The wording of CIBC’s letter suggested the guarantee was open to interpretation. You can see clients struggling to make sense of things in anon the Canadian High Interest Savings Bank Accounts website. Asked to look at the “change any term of your agreement” section in CIBC’s letter, three different deposit brokers thought the bank was giving itself room to change GIC rates midterm.
Ironically, most of the CIBC letter is boilerplate. Its main purpose seems to be increasing the ways the bank can reach out to GIC holders beyond mail while also amending the definition of some technical terms.
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