This is a CIBC Visa story that I happened to come across:

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Why CIBC Visa Sucks!
Warning: non-photography rant ahead
Extra warning: it?s long!
Extra extra warning ? If you like Big Banks, do not read this.

I?m distraught! I believed the hype from my credit card company, CIBC Visa, about their online fraud protection for their cardholders.

On July 28, 2006 someone thousands of miles away from here, went to the website of a multinational computer seller and bought several thousands of dollars worth of computers and electronics ? with MY credit card number!

When I saw this on my statement I called the merchant (who will remain nameless for now as they seem to be sincere in their attempts to try to resolve this) who after a bit of investigation told me that they were aware of this fraud and also told me to let my credit card company know and that the credit card company would take care of it.

Then I called CIBC Visa. However because my inquiry to CIBC Visa was made after some nonsensical and arbitrary 30 day ?dispute period,? I was told there was nothing they could do except send me the transaction slips. I guess at that time I was na?ve enough to believe that since this was clearly an online fraud and that the details would soon be made evident, I didn?t worry too much. After all I have online fraud protection ? the one CIBC Visa boasts about in all its advertising. I thought once I received the transaction slips from the merchant and CIBC Visa saw what had happened, the process of crediting my account would be automatic.

WRONG! Yesterday I received the transaction receipts along with official written notification (in very patronizing language, might add!) from CIBC Visa of their position ? that basically I was responsible to make the payment despite the fact that both me and the merchant were in agreement about the situation and wanted to rectify it. In fact, the merchant, me and CIBC Visa had a conference call to discuss this. So why was CIBC Visa preventing both their merchant and their customer from resolving an issue the facts of which, no one disputes?

One of the best ways to uncover a mystery is to ask ?who benefits?? So I ask myself, who benefits here? Not the merchant, they are taking the loss. Certainly it is not me ? my credit rating is damaged, I?m being charged exorbitant interest on a transaction I did not make. So...who benefits? Besides the scammer, who got "free computers" who?s collecting all that interest? Yep, CIBC Visa. The beneficiaries of this transaction are a criminal and...

Since what?s happened here is quite plainly criminal activity, and CIBC Visa is quite plainly content to continue to earn interest from the dirty work of fraudsters (almost seems like they are in it together?), at the expense of law abiding consumers. Isn?t profiting from a crime a crime in and of itself? Is CIBC Visa party to a crime?

Book ?em Dano!
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Reference Article

CIBC makes the process of opening an account to difficult for this family's daughter, they simply walk away and open an account with Scotiabank.

CIBC Complaint #1

I just read a story about how a lady bought a $2000 RRSP and the CIBC lost the money and never returned it to her!! This is serious business!

CIBC Complaint #2