Disappointing Service Friction and Process Errors
On March 25th, I requested a straightforward fund switch through the investment mutual fund CIBC/SIMPLII FINANCIAL call center. Despite reviewing the Fund Facts with the agent, the trade was processed incorrectly. It took until first week of May and over three hours of my time spread over March, April and May on multiple phone calls to resolve this, as I was forced to navigate a one-way communication system where I could not call agents back directly.
Despite the now compounding complications due to impacting three funds I hold, the supervisor demonstrated professionalism to his best ability given the circumstances; however, the resolution process involved significant and avoidable friction. Being told there was confusion from both parties about my own instructions, only for them to to find out about their own error, was particularly a let down. I value my relationship with CIBC, but the administrative burden placed on the client to fix a bank error was significant. I am hoping CIBC takes this feedback seriously to improve their internal records and communication accessibility. I am prepared to update this rating once CIBC demonstrates proper service recovery and accountability for this significant loss of personal time and effort. read more