# Opening a New TFSA



## newfoundlander61 (Feb 6, 2011)

*Opening a New TFSA * Updated**

My wife sent in the paperwork to open up a new TFSA for her a few days ago and this morning I noticed we received a secure email from CIBC Investors Edge containing a secure webpage link. See screen grab below. Link is secure, is this the way they complete the opening of new accounts now, don't remember doing this myself. Mailed in forms and got a package in the mail, new account showed when I looged into my online banking. But that was a few years ago. Thanks for any input.


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## Retired Peasant (Apr 22, 2013)

I have no direct experience with CIBC IE but I would be suspicious. Hover over the link in the email and look at the url it's sending you to - does it look legit?

I would likely call them and ask if this is legit.


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## cainvest (May 1, 2013)

As a general rule of thumb *never click on links provided in emails*.


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## Beaver101 (Nov 14, 2011)

Retired Peasant said:


> I have no direct experience with CIBC IE but I would be suspicious. * Hover over the link in the email and look at the url it's sending you to - does it look legit?*
> 
> *I would likely call them and ask if this is legit.*


 ...+1. If you do find the url isn't legit, I would still call CIBCIE to let them know of this email attempt. As cainvest's post, don't click on it until you're absolutely sure as nothing in the TFSA can't wait for processing.

(I have a hunch it isn't legit just by the colour of the form.)


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## cainvest (May 1, 2013)

Kind of funny banks even use emails nowadays, they always ask me for mine and I just say I don't have one.  This way I ignore ALL bank related emails and never have to worry about it.

If there is an issue, they call me and I go down to the branch or login in myself for online stuff.


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## humble_pie (Jun 7, 2009)

newfoundlander61 said:


> My wife sent in the paperwork to open up a new TFSA for her a few days ago and this morning I noticed we received a secure email from CIBC Investors Edge containing a secure webpage link. See screen grab below. Link is secure, is this the way they complete the opening of new accounts now, don't remember doing this myself. Mailed in forms and got a package in the mail, new account showed when I looged into my online banking. But that was a few years ago. Thanks for any input.
> 
> View attachment 19414




me i'd put something like a 60-75% probability on this situation that it's legit

reason for saying this is that other brokers do have online application protocols now

i do like all the precautions posted upthread though so i'd still phone CIBC to conirm that the online procedure to which you are being invited is legitimate

TD has had online registration for a few years. They have a special dedicated team to assist new clients with the procedure & it's possible that CIBC has such a dedicated team as well. If so, working with them would probably be the fastest approach to setting up that new account. It also provides a security backup, ie if something goes a tiny bit wrong with the online application, you'd have a dedicated & identifiable authority at CIBC broker who could troubleshoot quickly.

good luck w this project


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## newfoundlander61 (Feb 6, 2011)

Thanks for the input, inserted 2 other screen shots from the email. May be better to ignore it let them contact me by phone or mail. No big rush to set it up. If I hear nothing then we will call in.


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## kcowan (Jul 1, 2010)

If they are not legitimate, I would raise hell with CIBC that they have a leak in their paper application process.

If it is legitimate, they should include some personal information in the email like "Hello Mr Newfie, we received you application and want to ask you to type the same information online to 
1. prove you are real or
2. delegate the data entry."


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## AltaRed (Jun 8, 2009)

It is probably legitimate but I would phone them on Tuesday to be sure. From some other research I did as a result of another individual not understanding CIBC IE, I noted that CIBC IE accounts are not automatically 'connected' to CIBC Online Banking unless the client so requests. That likely makes conversing with CIBC IE by Secure Online Messaging impossible until such time one has online access to CIBC IE (which is what these screen shots seem to imply - the first one being to register for online access). 

Unlike TD, Scotia and RBC where Online banking and discount brokerage is seamless.


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## newfoundlander61 (Feb 6, 2011)

I asked CIBC on their FB page earlier today and they asked me to forward the email to their fraud dept to check it out. Did that and we'll know whats up shortly. But yes making the email clearer as exactly what it is for would have been helpful. Links in emails are not something most users should click on a fill out.


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## ian (Jun 18, 2016)

Don't know. I am a CIBC customer. Several years ago I had a email that appeared to be a communication from them asking me to validate and update some personal information. There was something wrong with it so I forwarded it to CIBC's fraud group. They came back fairly quickly with quick not confirming that it was phishing.

Everything looked OK on the memo, logos, etc. What put me off were the questions that asked me for data that the bank already had, should have had, or should not have (passwords). The alarm bells went off.


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## OnlyMyOpinion (Sep 1, 2013)

If it's not phishing it's very poor execution on CIBC's part. These days, with all the scams and warnings against them, why the hell would a bank use such a method?


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## newfoundlander61 (Feb 6, 2011)

OnlyMyOpinion said:


> If it's not phishing it's very poor execution on CIBC's part. These days, with all the scams and warnings against them, why the hell would a bank use such a method?


Exactly.


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## ian (Jun 18, 2016)

We are a little paranoid. I do not open any attachment from people I do not know nor do I open any jokes that people send me. We shred just about anything that has the slightest bit of personal data on it.


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## kcowan (Jul 1, 2010)

ian said:


> We are a little paranoid. I do not open any attachment from people I do not know nor do I open any jokes that people send me. We shred just about anything that has the slightest bit of personal data on it.


Yes that is my strategy too. At worst I will get a followup from legitimate sources. I also miss informative email links from friends who are too stupid to personalize them.

The worst experience was a voicemail from TD warning that my account had been compromised. I phoned them and they wanted a number quoted in the vmail. I told them that I immediately erased the vmail and that I would report them to the Ombudsman if they did not deal with me.


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## newfoundlander61 (Feb 6, 2011)

Here is my response from the Fraud Department:

"Thank you for reaching out to us regarding the message you received. 

I can confirm that the mentioned e-mail is legitimate.

CIBC communicates special offers, contests, alerts, surveys, and product and service information to clients that have opted to receive CIBC e-mail communications.

If you would like to obtain more information, please contact us directly by dialing the phone number located on the back of your debit card or your CIBC credit card.

Visit https://www.cibc.com/ca/inside-cibc/dept-contacts.html for more information.

If you did not open an account, please confirm with anyone that might share your email address, to see they may have done so. If this is not the case, before accessing the message, please write back to us so we can investigate further. 

Thank you for reaching out to CIBC; we appreciate your business.

Enjoy your day! 

Kind regards,

Allana
CIBC Internet Communications Specialist
"

I will ignore the mail, not keen on clicking a link and filling in personal info. Links inserted into emails seemed like a silly way to do business nowadays with all the fraud/spam etc going on. They can call us or send paperwork in mail. I came across a link talking about CIBC Secure Email:

https://www.cibc.com/en/legal/agreements/secure-mail-terms.html

* Noted this in the body of the text: "You agree that CIBC is not liable for the loss, interception, misuse or alteration of any confidential information provided by email by CIBC." " The device you use to access the secure email may be vulnerable to viruses or online attacks that seek to intercept or alter information including sensitive information that you provide through the Internet. To reduce the chances of harm, you should take all reasonable precautions, including ensuring that any device you use to access the secure site has an up-to-date anti-virus program, anti-spyware program and a firewall, if such security measures are available for your device."

So why risk using this type communication with customers.


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## Beaver101 (Nov 14, 2011)

^ Holy crxp with what CIBC + CIBCIE's IT/Internet Communications is doing. Their practice here does not jive with their legalese, quite the contrary.

And thanks for alerting us, other CIBC clients. I have never opted for email-communications but going forward, it looks like they're sticking it down our throats and holding us responsible for any vulnerability in their systems. Jesus.


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## newfoundlander61 (Feb 6, 2011)

Oddly I attempted to remove my email from my profile with CIBC online and there is not option to do so. If you remove it and hit save you get an error indicating its needed. Only thing I could change was to receive them in HTML or Plain text, selected Plaing test. Anyway I replied to the sender that we will not be proceeding with opening the new account by email, they can contact us my mail if they need anything else.


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## cainvest (May 1, 2013)

newfoundlander61 said:


> Oddly I attempted to remove my email from my profile with CIBC online and there is not option to do so. If you remove it and hit save you get an error indicating its needed.


One option I use for this problem is to create a "garbage" email account, one that I check a few times a year and just delete all the emails.


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## AltaRed (Jun 8, 2009)

CIBC's approach* has left a lot to be desired in terms of clarity and purpose in the email, but an email address is essential for the various varieties of alerts one subscribes for. Hard to believe anyone would have paranoia about having their email address on file. I get alerts for all sorts of things from my brokerage accounts, e.g. availability of PDF statements online, trade confirmations, tax documents, stock price alerts, etc, etc, etc. Even more so with online banking/credit cards, e.g. international transactions, ATM activity, availability of PDF bank and credit card statements online, credit card transactions above certain amounts, yadda....yadda....yadda.

Newfoundlander is NOT going to get his TFSA active without an email address and not until he phones to complete the process. What part of this response to Newfoundlander is not clear?


> If you would like to obtain more information, please contact us directly by dialing the phone number located on the back of your debit card or your CIBC credit card.
> 
> Visit https://www.cibc.com/ca/inside-cibc/dept-contacts.html for more information.
> 
> If you did not open an account, please confirm with anyone that might share your email address, to see they may have done so. If this is not the case, before accessing the message, please write back to us so we can investigate further.


* Whenever I have opened a new brokerage account, whether it be me at Scotia, BMO or spouse at RBC, we would get an email saying the account was open and the account number would be forthcoming by snail mail (usually). Then it was up to the customer to set up their online access with that account number, and then the FI would send an email back (based on the email on file) with a link to validate/verify the email address. There is always an option to phone the FI to confirm the email received was legitimate.


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## cainvest (May 1, 2013)

AltaRed said:


> Hard to believe anyone would have paranoia about having their email address on file. I get alerts for all sorts of things from my brokerage accounts, e.g. availability of PDF statements online, trade confirmations, tax documents, stock price alerts, etc, etc, etc. Even more so with online banking/credit cards, e.g. international transactions, ATM activity, availability of PDF bank and credit card statements online, credit card transactions above certain amounts, yadda....yadda....yadda.


The reason for not using email is many get spam and "some" may use the spam links provided in emails to access their accounts. I regularly login to my banking/investment accounts and read any messages, or access documents, from there ... safe and easy. There is no reason you can't use email, you just have to be careful with how you use it. Some of these spam emails are getting very, very good at looking like the real thing even down to bogus DNS entries that just have a few letters different.


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## OnlyMyOpinion (Sep 1, 2013)

I agree with AR and CV, the issue is not having an email address for notices & communication, but in using it to send a link or form asking for personal information/passwords, etc. That is the same method used by phishing fraudsters. Too paranoid perhaps, but I'd never respond to such.


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## AltaRed (Jun 8, 2009)

Think we all violently agree CIBC IE really botched their methodology. Hard to believe a big 5 would be that sloppy and that is the message CIBC IE needs to get. 

I've never seen that from CIBC Banking, albeit it's been a long, long time since I've opened an account of any kind with them. Only have a CC now with them that I've had since 1973.


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## Beaver101 (Nov 14, 2011)

AltaRed said:


> It is probably legitimate but I would phone them on Tuesday to be sure. From some other research I did as a result of another individual not understanding CIBC IE,* I noted that CIBC IE accounts are not automatically 'connected' to CIBC Online Banking unless the client so requests. That likely makes conversing with CIBC IE by Secure Online Messaging impossible until such time one has online access to CIBC IE (which is what these screen shots seem to imply - the first one being to register for online access). *
> 
> Unlike TD, Scotia and RBC where Online banking and discount brokerage is seamless.


 ... You can toggle between CIBC banking and CIBCIE banking if you had requested to be "linked (aka connected automatically)" at signup much like RBC/RBCDI and BMO/BMOIL. 

CIBCIE may not have an internal-email systems (for now) unlike that of BMOIL or RBCDI but they certainly have "chat" during business hours which I think should be secure enough even to ask specific questions related to your accounts. Ie. you chat with them when you're logged into your accounts.


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## AltaRed (Jun 8, 2009)

It is not false. It has to be requested, i.e. it is not automatic as I clearly stated. Try reading to understand first.


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## Beaver101 (Nov 14, 2011)

AltaRed said:


> CIBC's approach* has left a lot to be desired in terms of clarity and purpose in the email, *but an email address is essential for the various varieties of alerts one subscribes for. *Hard to believe anyone would have paranoia about having their email address on file. *I get alerts for all sorts of things from my brokerage accounts, e.g. availability of PDF statements online, trade confirmations, tax documents, stock price alerts, etc, etc, etc. Even more so with online banking/credit cards, e.g. international transactions, ATM activity, availability of PDF bank and credit card statements online, credit card transactions above certain amounts, yadda....yadda....yadda.*


 ... why do you need to be ** email-alert, alert, alert!!!! ** to all those items you have described when you can view those items with notifications at your ** own leisure ** when you're signed into your accounts. I think the bank/brokerage internal notifications or "you got messages" is adequate for telling you that you have paid your credit card, transfer funds successfully, got a receipt reminder you were at the ATM, plus a schedule of when documentations are produced at the brokerage, plus yada, yada that I haven't noted. Also, unless one is a trader, what's with the stocks ** alert, alert, alert!!!**?



> Newfoundlander is NOT going to get his TFSA active without an email address and not until he phones to complete the process. What part of this response to Newfoundlander is not clear?


 ... since newfoundlander has obviously provided his email address, I can't see why he can't open his TFSA and choose to do so, even the old-fashion way. I would fill in the paper application and walk down to the CIBC branch and request that they handle it for him - besides CIBCIE is their sister firm. 



> * Whenever I have opened a new brokerage account, whether it be me at Scotia, BMO or spouse at RBC, we would get an email saying the account was open and the account number would be forthcoming by snail mail (usually). Then it was up to the customer to set up their online access with that account number, and then the FI would send an email back (based on the email on file) with a link to validate/verify the email address.


... not me. See above method. If the branch can handle it for you, you can get an account number assigned automatically. No need for emailing back and forth or waiting forever on the phone. 



> There is always an option to phone the FI to confirm the email received was legitimate.


 ... ah, don't think so for every email.


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## Beaver101 (Nov 14, 2011)

^^ Sorry, you're right ... in my case, I had NOT requested it but CIBC and CIBCIE did automatically linked themselves for me. Weird.


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## Beaver101 (Nov 14, 2011)

cainvest said:


> *The reason for not using email is many get spam and "some" may use the spam links provided in emails to access their accounts. *I regularly login to my banking/investment accounts and read any messages, or access documents, from there ... safe and easy. There is no reason you can't use email, you just have to be careful with how you use it. *Some of these spam emails are getting very, very good at looking like the real thing even down to bogus DNS entries that just have a few letters different.*





OnlyMyOpinion said:


> I agree with AR and CV, the issue is not having an email address for notices & communication,* but in using it to send a link or form asking for personal information/passwords, etc. That is the same method used by phishing fraudsters. Too paranoid perhaps, but I'd never respond to such.*


 ...+1. 

Better to be paranoid (and don't the banks want us to be vigilant?) than be sorry and royally annoyed with their marketing ploys. :livid:


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## Beaver101 (Nov 14, 2011)

AltaRed said:


> Think we all violently agree CIBC IE really botched their methodology. *Hard to believe a big 5 would be that sloppy and that is the message CIBC IE needs to get. *


 ...+1



> I've never seen that from CIBC Banking, albeit it's been a long, long time since I've opened an account of any kind with them. Only have a CC now with them that I've had since 1973.





> *Thank you for reaching out to CIBC; we appreciate your business.
> 
> Enjoy your day! *
> 
> ...


 ... this is so farcial that it ain't funny.


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## AltaRed (Jun 8, 2009)

Beaver101 said:


> ... why do you need to be ** email-alert, alert, alert!!!! ** to all those items you have described when you can view those items with notifications at your ** own leisure ** when you're signed into your accounts. I think the bank/brokerage internal notifications or "you got messages" is adequate for telling you that you have paid your credit card, transfer funds successfully, got a receipt reminder you were at the ATM, plus a schedule of when documentations are produced at the brokerage, plus yada, yada that I haven't noted. Also, unless one is a trader, what's with the stocks ** alert, alert, alert!!!**?


Why would I want to sign in to all my accounts every day to look for, and be alert to, nefarious transactions? I'd rather not sign into them at all until I need (or want) to, to download PDFs. Pushing the delete button on an email is functionally easier AND a lot of the time I am not at home and I won't use 'other' Internet access to access financial accounts. When I was gone to SE Asia for a month, it was comforting to get the appropriate emails as expected, and not to get any that were suspect/nefarious.

P.S. I always have a few stocks on price Alert status, e.g. at a price I am willing to potentially sell at to fund my cash reserve. 2 of them at the moment for my own account, 1 on behalf of my ex-spouse. Then the next decision is....pull the trigger now, or not. Lots of convenience not having to look at data every day.


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## Beaver101 (Nov 14, 2011)

AltaRed said:


> Why would I want to *sign in to all my accounts every day to look for,* and be alert to, nefarious transactions? I'd rather not sign into them at all until I need (or want) to, to download PDFs.


 ... I wasn't saying you should be signing into your accounts (and all? whoa) to look at "every day" (another whoa). Why would you as I wouldn't. Once a week is already too much for me. As for "nefarious" banking transactions happening, I suppose I'm less paranoid here and have faith in the robust security of our banking systems. Besides, the banks do "guarantee" (as advertised) your banking with them is 100% secured. 



> Pushing the delete button on an email is functionally easier AND a lot of the time I am not at home and I won't use 'other' Internet access to access financial accounts. *When I was gone to SE Asia for a month, it was comforting to get the appropriate emails as expected, and not to get any that were suspect/nefarious.*


 ... okay, this works better for you. Any email that I get from the bank will be ignored as I'm not expecting any. Internal notifications are sufficient for me as last thing I need is my email systems being flooded with alerts, amongst promotions, sales, etc., etc., nothing to say about spam/phishing.



> P.S. I always have a few stocks on price Alert status, e.g. at a price I am willing to potentially sell at to fund my cash reserve. 2 of them at the moment for my own account, 1 on behalf of my ex-spouse. Then the next decision is....pull the trigger now, or not. Lots of convenience not having to look at data every day.


 ... okay, makes sense. I'm mostly buy, hold and forget so there is little need for setting price alerts for me.


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## newfoundlander61 (Feb 6, 2011)

After me informing them of not wanting to fill in information via a email link they sent me an email today indicating that the wifes investors edge (TFSA) was approved. Just go to the site (this looks normal to me instead of the original email link) and put in some info and your off an running. Will wait for the account # etc to be mailed to me first.


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## AltaRed (Jun 8, 2009)

Beaver101 said:


> ... okay, makes sense. I'm mostly buy, hold and forget so there is little need for setting price alerts for me.


As am I, but in withdrawal, assets must be sold from time to time, e.g. once every 12-18 months, to keep the cash reserve balance up at a comfortable level. If I can time the sale of the equity, i.e. it reaching a certain threshold I am prepared to sell at, why would I not do that to optimize value? Thus price alerts on selected equities for selling, not buying. 

Example: If I know I will have to top up my cash reserve by this time next year, then why would I not try and time the sale of an equity at any time between now and then to do just that? PWF is one of the equities I have an alert set at for an opportune sale.


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## Beaver101 (Nov 14, 2011)

newfoundlander61 said:


> After me informing them of not wanting to fill in information via a email link they sent me an email today indicating that the wifes investors edge (TFSA) was approved. Just go to the site (this looks normal to me instead of the original email link) and put in some info and your off an running. Will wait for the account # etc to be mailed to me first.


 ... :encouragement: yay! But I would be surprised that they would not process it (need approval for new business? and for an existing client??. I wonder about who there in their marketing department making these policies. Must be a new comer or a tired veteran?)


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