PENDING TRANSACTIONS??
Why are we having so many pending transactions now? Why is nothing going through like it used to? I’ve been with CIBC for 10 years and this just started happening over the last month … I paid my phone bill 5 days ago and it’s still not shown up as a transaction in my bank account. The available balance and total balance NEVER match anymore …. Why is this like this now. Highly considering closing this account and going elsewhere it’s so confusing sometimes now!
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u/Ok_Demand_3676 3d ago
CIBC just switched to this like many other banks , annoying as hell but very common, if you look at your account page it now shows pending transactions in the list. I basically ignore my balance in the main transaction list and look at available funds, this is your true balance available. The running balance will not match until the pending's have cleared...
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u/Abject_Concern5392 3d ago
So basically you can’t spend more than your money ? It’s safe than
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u/Ok_Demand_3676 3d ago
Yes, Like i said look at the available funds, that is your true balance , including your overdraft limit if you have one.
So lets say you have a $1000 overdraft and your available balance show $1575, it means you actually have a cash balance of $575 in your account. One the pending's clear your running balance will also show $575.
Pain in the ass.
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u/tateenie 2d ago
I guess not everyone is experiencing this, but along with the new "pending" on charges, my balance has been completely inaccurate for two weeks now which has been super confusing for me. It seems like maybe sometimes the pending charges are reflected in my balance and sometimes they are not. Makes no sense to me but somewhat comforting knowing the pending charges are a new CIBC thing and not a personal account thing lol
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u/Ok_Demand_3676 2d ago
Yes it is confusing, in my case I pretty much ignore my running balance, I look at available funds and anything over my overdraft allowance is my actual balance, so far that has been accurate, then when the pending's clear they both match... UNTIL I buy something else of course... LOL
It took about a week after it started happening for the menu to change showing pending above available balance.
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u/notyouagain19 3d ago
I’m not having this problem at all, but I have seen multiple posts about this, so something’s going on.
I am hoping that this gets sorted when the RTR system launches around the end of the year. It is supposed to make all transactions instant. Fingers crossed it does that.
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u/krysdrez 3d ago
That's how it was until recently? All transactions were instant, now, anything purchased online is pending. I have a transaction from almost 2 weeks ago that is still pending.....?
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u/RedDinoTF 3d ago
The problem before was like transaction like uber eats. You get charged auth for the full transaction includong tip then auth get reversed in account and then rransaction was chsrged+ another trnasactikn for tip so a lot of lcient were confused by 3-4 transaction showing in the account for 1 real transaction so tgats why they go pending this way only tbe completed transaction shows
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u/clowdxvii 17h ago
Never experienced this. All my online transactions posted immediately until recently. No reversal, no pending. Now it's super confusing because there's an authorization, sometimes a credit. I've got a pending authorization from Walmart from 2 weeks ago still. The actual charge came out a week ago, it was less than the pending. And I've got a pending credit in the same amount as the actual charge from the same day the actual charge went through.
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u/142stdy 3d ago edited 3d ago
How did you pay your phone bill? Via pay bill online in cibc? Theres no change there. Same everywhere. If you pay your phone bill direct from the merchant website, its thru visa debit, there, there will be a change. Before authorization comes off right away from your balance then when merchant release the funds, you get a refund, then you will see another charge again but this time the final sale. Now, it stays pending until finalized and will be deducted from your balance. While its pending if there is an issue you can dispute with merchant. Bottom line, I think the difference is more of presentation. Instead of taken out from balance right away, it now taken out from available funds instead for now while sale is not finalized. It will be gone from pending if for example it wasnt a final sale. And will post and will be taken out from your balance later on if this was a final sale. Btw, if you paid your phone bill via bill payment instead, I wonder if you are outside Canada and the date there where u r is the next day already, say in Canada today is Oct. 12 but where you are is 13, it will be like future dated payment but there is no change there. The pending transaction that ppl are complaining about was for using visa debit transaction only.
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u/UptowngirlYSB 3d ago
Doesn't the CIBC have a cut off time for same day payments like 9pm? This delay could result in late payments. I'd be have a close look at your bills.
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u/142stdy 2d ago edited 2d ago
The change is for visa debit purchases. If say you pay your telus bill, straight from telus by going to their website and use your debit card payment there, it is using the visa debit so there will be change there. Bill payment by going to cibc website and paying telus by adding telus as a payee and pay them using your chequing account, the cut off for same day payment is 6pm est. if it is weekend or holiday, it wont count. it would be like paying the next business day still. Money will be taken out right away though its real time but its just like it wont count as same day payment if its after 6pm est or weekend/holiday. You would have to pay early as the merchant will take about 2 to 3 business days as well for them to receive it. This hasn't change. The two methods of paying bills are two different things. One is using visa debit (think like credit card payment where you pay directly to the merchant, and I say like credit card because its using visa but will come out from your cheq acct.) vs regular bill payment like when you pay your utility bills in cibc.
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u/Character_Cherry_600 2d ago
I reached out and this is 'expected behaviour' as they have changed how it works.
I am extremely frustrated as this messes heavily with my budgeting, I can't even copy out an csv anymore because it won't include pendings.
I am moving back to TD over this
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u/Pigeonofthesea8 2d ago
TD doesn’t do this?
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u/Character_Cherry_600 2d ago
No. still have an account with them as I had not fully moved over to CIBC yet (I still have a chequing account and RDSP with them) and this is not happening with their chequing. At least.... not yet.
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u/Responsible_Rip4086 1d ago
If you re beneficiary of an rdsp account and you have your dtc cibc smart account will be free for you. Td only offers a basic chequing account like the minimum chequing account.
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u/IreneBopper 2d ago
Just look at the top of your online statement and it will tell you what your available funds are.
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u/KingofDiamondz19 2d ago
Have to look at account details under the section: Pending transactions.
Since they implemented this, takes almost 7 days for transactions to finalize, which is ridiculous.
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u/Acrobatic-Flower5668 2d ago
Same! I came here to ask the same thing! Wtf CIBC get your shit together! Super annoying
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u/Proper_Bluejay5620 1h ago
Me too I’m changing banks it screwed up my amounts I thought I had in my account
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u/Messor_Animae 3d ago
It is because the bank does not have enough cash to pay all the bills immediately; banks are broke.
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u/jinkeyyys 2d ago
If they don't change this back i will be leaving the bank - its the only bank i've ever been with, disappointing.
I'm not sure how its beneficial to users
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u/krysdrez 3d ago
It's annoying me too. While I understand that people like to compare this to the way a credit card works, there is still a difference. Credit cards have room, actual money does not, it runs out. It will be very easy for someone to spend more than they have with this new pending nonsense.