CIBC is so greedy! They are gouging you!
If you have a mortgage with CIBC, and while the mortgage is expired, CIBC will automatically renew your mortgage with a 6 months fixed rate open mortgage, if you forgot to respond their renew letter for whatever reason. The interest on this mortgage is almost the highest among most of the open mortgage. It usually prime + 4%.
Other financial institutions will just renew your mortgage on the variable open term, which is just prime rate.
It's ridiculous that CIBC has such an insane policy to renew your mortgage in this way.
CIBC is so greedy! Greedy CIBC! They just want to make money, without any consideration of their clients.
I highly recommend NO CIBC at all. I am going to transfer all my accounts in CIBC to other banks!
