I was contacted by a CIBC telemarketer attempting to sell me life insurance. I said no several times and made it clear that I did not need life insurance.
About 2 weeks later I received a letter from CIBC containing my new life insurance policy. I then checked my account statement online to find that 2 debits for "PREAUTHORIZED DEBIT CIBC INSURANCE" had been deducted.
I definitely did NOT "authorize" these debits. I phoned CIBC Life Insurance immediately to have my policy cancelled and be refunded. They assured me that it was a mistake and that it would be cancelled and I would be refunded.
A month later ANOTHER 2 debits were taken off my account for the same CIBC Life Insurance. I went to my branch to complain. From there I spoke to another Life Insurance representative over the phone and she confirmed that they had received my request for the policy to be cancelled but that due to some "glitch" it had not been cancelled. She could not give me any better reason than "a glitch".
This is all completely unbelievable and illegal and should be investigated. CIBC is probably doing this to thousands of people and a fortune of money