Complaint / review / scam report
CIBC and Stephen Chiu

Should have posted this much earlier. We wanted to apply for a mortgage on a house we wanted to build and at the time our financial adviser was Stephen Chiu. We told him that we had 3 weeks to get an approval for a mortgage as we had put a deposit down to hold the lot that we wanted and he indicated that it was not an issue and we would be approve.. During these 3 weeks he claimed he was working on the application which needed to be sent out east to be approved. When we came in to sign the papers, he was very brief speaking to us about it and quickly turned to our investments which caught us off guard since the appointment wasn't scheduled for this talk..Stephen spent more than triple the time dealing with our investments as a result.

A few days later he informed us that we were rejected as the people out east didn't believe that we could sell our current house despite the oil boom at the time and the limited number of houses available for sale. Stephen's attitude was less than caring and we felt that we were lied to and all he wanted was to make money off our investments. We scramble over the next few days and got an approval from a western based institution who had no issues with our house selling and gave us a mortgage within 24 hours. This incomptent FA was an Imperial Financial Adviser - which CIBC offers to professionals and as a result of the stress and the potential to lose our wish to build a house was almost screwed by Stephen.

We filed a complaint to CIBC, however his spineless boss defended his incompetency and said he did nothing wrong.

As a hard working consumer, in my opinion do not deal with Stephen Chiu at CIBC if he is still there, or if you do deal with a person of the same name- check if he worked at CIBC ~ 2007 and BE WARNED- HE ONLY THINKS OF MAKING MONEY FOR HIMSELF...
Author: Contact with Author

Offender: CIBC and Stephen Chiu

Country: Canada   Province: Alberta   City: Edmonton

Category: Business & Finance


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