This just happened to me last month. I was furious at CIBC VISA. It took more than 10 days to get me a new VISA after they said it would be here in less than a week. Then I found out that they could have gotten it to me in 3 days. Even my bank manager at CIBC was furious (and he had gotten in on the action).

Bottom line is that they did refund me the #120 membership fee as well as something else. I now have an AMEX card. Keep after CIBC VISA.