Canadians close or switch their bank accounts for a variety of reasons, including:
- Expensive monthly account fees and transaction fees
- Poor customer service
- Consolidating bank accounts in one place
- Relocating abroad permanently
- Looking for a new experience
- Going off the grid
- Low savings interest rate
One reason why you may want to close your CIBC bank account is the fees.
Big banks continue to nickel and dime Canadians every chance they get, and you pay for everything – ATM withdrawals, e-Transfers, card replacements, foreign transactions, paper statements, overdraft, wire transfers, stop payments, and NSF fees.
Learn how to close your CIBC account and the fees to watch out for.
How To Close a CIBC Account
There are two ways to close your CIBC account in Canada:
- Visit your local CIBC branch and tell the teller you would like to close your account.
- Call CIBC at 1-800-465-2422 to close your account over the phone.
CIBC has more than 1,100 locations in Canada, so it is easy to find a branch you can walk into.
Fees To Close a CIBC Bank Account
CIBC accounts that are closed within 90 days of opening the account incur a $20 charge.
If you ask a CIBC representative to transfer your account to another financial institution, they charge you a $19.50 fee per account.
If you are transferring a TFSA, RRSP, RRIF, or LIF account from CIBC to another bank, the transfer fee is $100 per account.
CIBC accounts become inactive when you have no new transactions for 24 months.
The inactivity fee for dormant accounts is as follows:
|Years 2, 3, and 4||$20|
|Years 5, 6, 7 and 8||$30|
After 10 years, a dormant account is transferred to the Bank of Canada.
Things To Do Before Closing Your CIBC Account
Before proceeding to close your CIBC account, take the following steps:
Shop For a New Bank
Find a new bank that works for you. Some things to watch out for include:
- Bank maintenance fees
- ATM and branch locations
- Services offered
- Customer service
Update Recurring Payments
Either stop your automatic payments or update your banking information to ensure these payments can continue from your new bank account.
You also want to update or switch your direct deposits and contributions to savings or investment accounts.
Close the Account
Transfer funds from your CIBC account to the new bank.
It is advisable to allow a few weeks to ensure you have everything set up appropriately before closing your old account. Destroy and shred old cheques, credit cards, and debit cards from your old accounts to protect your personal information.
Related: How To Cancel a Credit Card in Canada.
The Canadian Imperial Bank of Commerce (CIBC) was founded in 1961 following the amalgamation of the Canadian Bank of Commerce and the Imperial Bank of Canada.
CIBC is a top 5 bank in Canada, and its institution number is 010.
It offers various financial products, including savings and chequing accounts, credit cards, mortgages, personal and business loans, investment funds, insurance, and more.
Close CIBC Account FAQ
How much does it cost to close a CIBC account?
If your account is relatively new (less than 90 days), CIBC will charge a $20 fee. If you put in a request to transfer your account to another bank, expect to pay a $19.50 fee per account transfer.
Can I close my CIBC account online?
No, you will need to either call CIBC at 1-800-465-2422 or visit a CIBC branch location.