CIBC evaluates losses in Kuujjuaq fire

Since the Kuujjuaq branch of the Canadian Imperial Bank of Commerce burned down March 6, as shown here by a photo taker about 10:30 a.m. that morning, the bank management has been scrambling to find alternative ways for their clients to keep using their services. (SUBMITTED PHOTO)

Customer account balances and other financial holdings at the Canadian Imperial Bank of Commerce in Kuujjuaq have not been affected by the March 6 fire that levelled the bank building, says a CIBC spokesperson.

“Transactions by clients completed at the branch or ABM [automatic teller machine] prior to the fire should not have been affected, as we have an electronic record of any transactions completed, said Geoff Dillon.

But some CIBC customers in Kuujjuaq are already looking to the region’s only other financial institution for help.

An employee at Nunavik Financial Services Cooperative in Kuujjuaq told Nunatsiaq News that the credit union has opened about 30 new local accounts since the weekend, while even more have been opened at credit unions across the region.

The CIBC-owned building on Airport Rd. in Kuujjuaq caught fire sometime during the early hours of March 6. Firefighters were unable to save the building.

CIBC has offered “nothing concrete” as to its plans for rebuilding in Kuujjuaq.

A member of their operations team visited Kuujjuaq this past week to assess the situation, he said.

“Our main focus is on implementing short term measures to meet client needs as we assess longer term solutions,” Dillon said. “As we move forward, our [local] employees will be a major part of our efforts to assist clients and we’re relying on their expertise in this regard.”

In the meantime, CIBC customers in Kuujjuaq can use their bank cards at automatic tellers, which aren’t under the CIBC, and be reimbursed for the Interac fees they pay, Dillon said.

If clients have any questions regarding their balances or the status of a transaction, they are asked to call CIBC’s phone banking line 1-800-465-2422.