Bank accounts are significant, and no one can say no to this fact. For everything, we need a bank account. Even if we want to keep our deposits safe to pay the bills automatically, we need to have a bank account. We often end up deciding to close the bank account we have opened in any bank. If you are looking for a guide online, it will help you close CIBC Bank Account. Then you have been landed on the right website here. Because you will find everything, you need to know about it here.
The reason to close the bank account can be anything. Maybe the account holder does not like the way the bank provides the service. Or it can be only because of the NSF Fees that the banks in Canada charge their customers. Sometimes we may not be able to maintain sufficient funds or balance in our bank account. But the thing here is if we don’t keep it the bank will charge us specific fees. This fee is called the NSF Fees (non-sufficient funds) in the Canadian Banking System.
However, the bank tells the account holder about the NSF fees at the time of the account opening itself. It is not like the bank is putting some fees on us about which we don’t know. It gets hard for those people to maintain the funds who have multiple bank accounts in various banks operating in Canada. That is why some experts in the financial sector say we should not have many bank accounts if we can not maintain sufficient funds in those accounts. You should also be knowing that if you don’t keep enough funds in your account, it will hurt your credit score.
About CIBC (Canadian Imperial Bank of Commerce)
|Type of the Bank||Public|
|Founded||June 1, 1961|
|Headquarters||Toronto, Ontario, Canada|
|President and CEO (May 2020)||Victor G. Dodig|
|Revenue (2019)||C$18.6 billion|
|Net Income (2019)||C$5.1 billion|
|Total Assets (2019)||C$651.6 billion|
|Total Equity (2019)||C$38.6 billion|
|Number of Employees (2019)||45,157|
CIBC was founded on June 1, 1961, after the merger of the Canadian Bank of Commerce and Imperial Bank of Cannada. This bank is one of the “Big Five” banks in Canada. CIBC is also one of those major banks which were founded originally in Toronto. The other bank, which was originally founded along with the CIBC was the TD Bank
Things to Do Before Closing CIBC Bank Account
When we are using a bank account for an extended period, it is quite common that we are using it for a lot of things. Like, say you have added your internet connection provider as a biller. And your internet provider is directly getting paid out of the bank account, which you have in CIBC.
But what happens after you close your CIBC bank account?
The internet provider and many other billers you might have added to your account won’t be able to get paid. So to avoid such things, you have to do certain things before closing your bank account.
- We recommend that to open a bank account in another bank before you close the one you have in CIBC. (Alternative Bank Account)
- If you have a negative balance in your account, then you have to clear it.
- Update all your billers to get paid from your new bank account or alternative bank account.
- Provide the details of your new bank account to people like your employer so that you will not face difficulties in getting paid.
- Download your CIBC bank account statement and keep it with you as you may need it in the future for reference.
- Make your bank account balance zero.
Know about the Fees CIBC Will Charge
You should keep in mind the fees that the CIBC might charge you when you are closing the bank account you have with them.
If you want the bank to transfer the remaining balance to another account, keep in mind that the bank will charge you C$19.50 for this transfer.
If you transfer your remaining balance by yourself before you are closing your bank account, it will be done free of cost.
So we recommend you to transfer the money from your bank account to another account of yourself before you initiate the account closure.
And to make sure that the bank will not charge you NSF Fee, do the transfer on the day you wish to close your bank account.
If you have not maintained the minimum balance in your account for the recent period, the bank will charge you C$45.
If you are closing your CIBC bank account within 90 days of opening it, you will have to pay an account closure fee of $ 20.
Steps to Close CIBC Bank Account
Now we know quite many things about the Canadian Imperial Bank of Commerce and the charges that the bank may apply to you. So let us discuss the steps that you have to take to close CIBC Account without any issues.
Before we proceed, you should note one thing: if you have not made any transactions in your account from the past 24 months. Then your bank account will be considered to be dormant by the bank. So we recommend that if you have not used it from the last 24 months, give a call to the customer care of the bank.
And tell them that you won’t close the account, which has not been used for any transaction from the last 24 months. If you have used your account recently, then it is not an issue for you, and you can continue reading this article.
There are two methods that you can follow to close CIBC Bank account. And both of them are mentioned below. So now you have to choose the one which you feel is convenient for you.
Closing CIBC Bank Account by Call
The first method is by contacting the customer care of the CIBC Bank and tell them that you want to close your bank account. Detailed instructions are mentioned below.
It is common for the customer care executive to ask you a few questions to verify if you are the real owner of the account.
They will ask you questions like your last transaction amount, your address, etc. You should share no sensitive information on the phone call.
When I say sensitive information, I am talking about things like your username, password, PIN Number, etc. The bank officials will never be asking you such details.
Closing CIBC Bank Account from Branch
If you wish to follow this method to close CIBC Bank account, you will have to visit the branch personally. But this method is highly recommended when you are closing the bank account. That is because you will be having personal interaction with the bank officials.
Believe me, and nobody can explain things about the bank to you other than the one who is working for the bank if anything is wrong with you then the bank officials will make up their full efforts to correct it for you. And in case of issues like negative balance or pending NSF Fees, you can get it cleared in realtime when you are at the branch.
You can use the branch location feature on their official website or even use applications like Google Maps to find the branch near your location. While you are going to the bank’s branch make sure that you carry an identity proof document with you.
Validation of Information
We wish to make things clear about the validation of the information mentioned in this article. Our team has put its best efforts to provide the correct information. But we strongly recommend you verify these details once by contacting the bank before you use it. Please make sure that you check the things before you implement them. But the ways we have verified the information are mentioned below.
How to Contact CIBC Bank?
The contact details of the CIBC Bank is mentioned here. You can use these contact details to talk to the representatives of the bank directly. These details can also be used by you to verify the information provided in this guide.
These are the links to the online resources that have been referred by our team while writing this guide to close CIBC Bank account. If you wish, even you can access and read these resources by following the links.
These are the methods that you can follow to close CIBC Bank account. If you have any doubts in your mind, then you can comment down below. Our team will reply to your comments as soon as possible. But if you want instant assistance, then you can call the customer are of the bank on their number: 1-800-465-2422.