The following post shows how the Canadian Tire Bank operates and how it treats the customer.
On May 13, 2024, I received an email with an offer:
6.9% Annual Interest Rate
0.0% Processing Fee until your September 2024 statement date
I and every normal person understands that only after September 2024 will the regular annual rate apply to my credit card. But Canadian Tire Bank does not apply the above.
So I describe chronologically:
1. I wanted to add a bill payment payee - specifically my National Bank of Canada credit card.
Mastercard - National Bank
Must begin with 5258, 5569 or 5550
but: "No results found, please try another search".
I don't know why because my Echo credit card starts with: 5258
2. So on June 14, I made a balance transfer for $700 and I managed to do this:
Confirmation: 086419
Payee: NATIONAL BANK FINANCIAL INC
Amount: $700.00
Charged To: Triangle® Mastercard® ....
But this amount has not been transferred to my bank account at National Bank.
Due to this situation, I was forced to call customer service. On June 25, the agent promised that they would investigate where and to whom this amount went - because it was not on my account.
3. And at my request, she made a balance transfer: $800 directly to my NBC credit card, which is what I wanted to do at the beginning.
And how does Canadian Tire Bank react and work in the above situation?
On my invoice: statement date - June 24, 2024 I find:
2024-06-14 FBN-NBF 316 $700.00
and on the last invoice: statement date - July 24, 2024
2024-06-25 NATIONAL BANK MC $800.00
Consequently, even though no $700.00 was transferred to my bank account at National Bank, according to Canadian Tire Bank I should pay for it.
After all, it's an embarrassment to the bank.
4. Now regarding the interest charged by Canadian Tire Bank on my account:
- On my invoice: statement date - June 24, 2024 the bank did not charge any interest: interest charges - $0.00
- In turn, on the last invoice: statement date - July 24, 2024:
2024-07-24 PURCHASE *FINANCE CHARGE* 21.99% $20.98
2024-07-24 CASH * FINANCE CHARGE * - balance transfer 6.9% $4.52
total interest charges $25.50
How did the bank employees calculate it? How did the bank employees calculate it?
And they do it even though they themselves provide me with the following information on the last invoice:
special annual interest rate - 6.9%
outstanding balances at the special annual rate - $804.52
regular annual interest rate after expiry date - 21.99%
"after expiry date" - it's clear to me.
In this topic, I called the customer service on August 2, 2024. And another surprise after this conversation, from the email I received:
"Unfortunately, you do not currently qualify for a lower annual interest rate".
- The bank employees didn't know about it when they sent me the offer?
- Moreover: why do they charge me interest if I do not qualify for "a lower annual interest rate"?
After all, this is a simple lack of logic and the inability of bank employees to fulfill their statutory duties.
I asked to remove the amount of $700 from my account and to check the calculation of all amounts on my invoice related to the received offer and make a correction.
I provided all the necessary information as above so that the bank could correct its errors.
On August 10, 2024, I sent an email in the form of a complaint to the following address: customerupdate... - I have not received a response to this day.
The bank just asks me to call them. I won't call the bank again. I have already called twice about this particular matter, no results. To this day, the bank has done absolutely nothing to clarify or correct this.
Any other bank, after receiving the details I provided, would quickly make corrections, apologize for its shortcomings and mistakes and end the matter long ago.
I know several banks in Canada because I have accounts and credit cards opened there.
But no bank asks me for any telephone calls, they only contact me using the form: contact us and explain all reported matters, including disputes.
Canadian Tire Bank is probably the only bank in Canada that cannot be contacted in the usual way.
Answer from: customerupdate...
"Please do not reply to this email. This communication is notification-only and will not receive responses".
and from: customerservice....
RE: .... - "Undeliverable: The email address you entered couldn't be found".
And this bank provides customers with the superior customer service. This further lowers Canadian Tire Bank's reputation.
And I promise that I will never do any balance transfer again.
It was a very bad experience for me.
Krystyna
