December 2, 2004 09:55 AM

Bank Machine Dispenses Fake Money


Excerpt: Instead of distributing C$20 bills, the machine, located in the Maritime province of New Brunswick, spat out colorful bills used as incentives at Canadian Tire Corp. hardware stores.    News Source


Canadian Imperial Bank of Commerce, already taking heat for accidentally faxing customers' financial information to a U.S. scrapyard, apologized on Wednesday after one of its cash machines dispensed fake money.

Instead of distributing C$20 bills, the machine, located in the Maritime province of New Brunswick, spat out colorful bills used as incentives at Canadian Tire Corp. hardware stores.

"The Canadian Tire money was contained within a bulk of regular currency, and it was apparently loaded into one of our bank machines," said CIBC spokesman Rob MacLeod.

The bank has refunded the money, issued apologies and started an investigation into how the incident, on Monday, occurred, MacLeod said.

Last month CIBC was dealt a public relations disaster when it was revealed it mistakenly sent confidential information about hundreds of clients to Wade Peer, a scrapyard operator in West Virginia.

Peer, who received the faxes over a three-year period, is now suing the bank for negligence. CIBC has fired back with accusations that Peer violated Canadian privacy laws.



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