CIBC accounts hit by system glitches

CIBC accounts hit by system glitches

The Canadian Imperial Bank of Commerce (CIBC) is working to fix a computer glitch that caused transactions to be billed twice on 60,000 customer accounts.

CIBC says 'personal line of credit' accounts were affected by a system error that resulted in the duplication of transactions that customers had undertaken over the weekend or on Monday.

In a statement, the bank says it will be reversing a number of erroneous transactions that occurred and is working to ensure affected customers do not experience any difficulties due to non-sufficient funds (NFS) charges.

CIBC says the computer systems responsible for processing transactions are now operating normally.

According to local press reports, President's Choice Financial, which is operated by CIBC subsidiary Amicus Bank, was also hit by system problems which prevented customers from viewing balances and transactions after logging on to online services.

The system failures at CIBC follow others at the Royal Bank of Canada (RBC) last month where problems arising during a routine software upgrade caused payroll delays for thousands of workers.

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