Bank Error Sends Pension to Stranger's Account; Widow's Fight for Justice

Edmonton Widow's Pension Misplaced by CIBC, Highlights Banking System Flaws An Edmonton woman, Yvette Koshman, recently experienced a distressing ordeal after her husband's death. CIBC, her husband's bank, mistakenly transferred his $15,000 survivor benefit into a stranger's account. The bank initially blamed Mrs. Koshman, citing an incorrect transit number provided by the family. "I just don't think it's right or it's fair," Mrs. Koshman stated, expressing her frustration with the situation. The error came to light after the family attempted to access the funds. Their complaints to CIBC and the bank's appeals office were dismissed. Consumer advocate Duff Conacher criticized the system, saying it heavily favors banks over customers. He highlighted the lack of power within the Office of the Ombudsman for Banking Services and Investments (OBSI) to force banks to pay compensation. However, after CBC's Go Public team intervened, CIBC reversed its decision and reimbursed the full amount to the Koshman family. While relieved, the family remains concerned about others who might not be as fortunate. The incident underscores the need for improvements in the Canadian banking system's complaint resolution process, ensuring better protection for consumers.