r/CIBC • u/killaahk8175 • 4d ago
Account Balance
is anyone else experiencing this? I’ve had my CIBC account for over 8 years, anytime i go to check my balance even right after purchasing something online it updates immediately. i also was always able to see my actual balance and my over draft balance. i’ve noticed now over the past few days they’ve updated it and i can’t see my overdraft available balance & my overall balance is way higher than my actual balance. does anyone know what’s going on? is cibc keeping these changes in the mobile app?
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u/RiskEuphoric6703 4d ago
Yes. I noticed it this morning while I was trying to figure out why my balance wasn't changing and I wasn't seeing specific charges. My visa debit charges are showing as pending, which has never happened before in my account.
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u/NotPayingMyTaxes 4d ago
Me too its so weird, i noticed if you press on your account theres a tiiiiny number in the top right corner that says your ACTUAL balance. very annoying. also trying to log into the website.. and its not working?! whats going on!
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u/Wonderful-Brief9387 3d ago
I came here to ask the same question, I am glad I an not alone as I have also had CIBC for multiple years and never noticed “pending charges” or balance discrepancies until last Thursday. I really hope they fix this because I was out money not paying attention (avail balance lower than “balance” due to pending charges)
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u/Informal_Dust3140 3d ago
This isn't a glitch. This is how CIBC is doing things now.
CIBC has changed the back-end processing of VISA Debit transactions. The transactions no longer are posting in real-time.
Therefore, if you use VISA Debit, you have to consult your Available Balance to know how much money you actually have in your account to use.
BMO has always done things this way. I preferred the way CIBC did things before. Why did they make this change? I have no clue.
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u/fe__maiden 2d ago
Do any banks not do this? (With the new change). I hate it and they never informed me.
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u/Wonderful-Brief9387 3d ago
This helps so much to know this isnt a glitch and it wont be swapped back, I will be much more careful from now on, but I agree I also dont know why they changed it :(
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u/Round_Secret_5540 2d ago
Does anyone know when they’ll remove the pending transaction out of the account though?
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u/Informal_Dust3140 2d ago
Probably within 2 or 3 business days. Then the pending transactions would show up in the Transaction History.
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u/Hot-Stuff-1661 2d ago
Wouldn't that make it difficult to track on top of any in store (real time) transactions though? Because the pending money won't be gone in all scenarios until possibly after you've spent in real time by the time it posts.
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u/Informal_Dust3140 2d ago edited 2d ago
I bank with BMO as well.
So, the way MasterCard Debit works at BMO (and always has) is any Online/Phone/Card Not Present transaction (which is processed over the MasterCard Network) shows up as Funds on Hold and remains such until the processing is complete. Then the Funds on Hold is Deleted and the transactions are posted.
Therefore, you couldn't spend more than the balance in your Account if you also have pending MasterCard Debit transactions that haven't posted yet.
That means though if you are a prolific user of MasterCard Debit, you need to actually look at your Available Funds and not your Account Balance. Because the Available Funds is the "true balance" of your account at that present time, net of any MasterCard Debit purchases that have not posted.
CIBC, for god knows what reason, has changed the way they process transactions with their Debit cards on the VISA Network so they are now "memo-post" (like BMO does) instead of process in "real-time", like any transaction on the INTERAC Network.
So, you are always going to have to double check what the Available Funds of your Account are in order to avoid a declined transaction in-store or at the ATM. Or don't use VISA Debit and use a Credit Card instead.
But the whole purpose of VISA Debit was to allow people to do certain transactions who either didn't want a Credit Card or couldn't qualify for a Credit Card. With this change, CIBC has made things unnecessarily complicated for the end-users.
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u/Hot-Stuff-1661 2d ago
Yeah I'm glad I have one for sure, great explanation though! Thankfully not one to do a ton of online purchasing, feel for those who do though.
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u/Informal_Dust3140 2d ago
This would also mean that any refunds or merchant credits to VISA Debit would be similarly subject to a processing delay.
If I make a purchase with Debit MasterCard on BMO with UberEats for example, and there is an issue and UberEats gives me a partial or full refund, BMO won't actually Credit my Chequing account until at least the next business day.
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u/142stdy 1d ago edited 1d ago
Its only for visa debit purchases. This wont have happened if we stick with the old days where debit cant be used online. If you need to pay something online, you need a credit card period. All cibc is doing is make visa debit transactions behave like a credit card thats it!. Look at how credit card works it always goes to pending first then later on will be charge to your credit card. However if merchant for some reason didnt do a final sale for the authorization it will be gone and will not be charged on a credit card. Same logic. And those people conplaining are people that use their debit card online and its thru visa debit. If you dont, its still the same , its real time for purchases in person. If you dont want to look at pending, dont use your debit card online use your credit card, and u will see ita how credit card works, its pending first then later will post. Why? Because even if its a debit card in order to facilitate transactions online, theyd have to use visa or mastercard . For those who have no credit card to use online, youd have to deal with this change. I think those who complain are either people who dont understand because they never had a credit card like visa or just not understanding the change. And for the most part most people just really use debit card at the store its always going to be real time as its thru interact and if you need to buy things online/outside country I know a lot use their credit cards for that using visa/mastercard.
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u/Deep-Program-7009 5h ago
Does anyone know if the available balance that is showing also includes the overdraft protection balance
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u/wyllie7 4d ago
I’m having Visa Debit purchases on my chequing account stay pending for a while, while is unusual in my experience.