Mortgage brokers waiting to hear the fate of their FirstLine points accounts will now have an answer. CIBC, FirstLine’s parent, is reportedly paying them out.
Brokers who hold FirstLine basisPOINTS will get to choose from two options:
Cash payment of five cents per basisPOINT (regardless of broker status level), or
Two Aeroplan miles per basisPOINT.
Separately, CIBC will allow brokers until December 1, 2012, to use their POINTS incentives (POINTS are different than basisPOINTS). FirstLine POINTS can be redeemed at firstlinepoints.com. After December 1, all remaining POINTS will be cancelled.
Paying brokers for their basisPOINTS could end up costing CIBC into the seven figures. But it’s good karma and it shows class on the bank’s part—especially since FirstLine incentives don’t have cash value (i.e., CIBC technically doesn’t have to pay brokers anything).