Looking to close your CIBC bank account online, by phone, or in person? This article covers how to close your CIBC account and the applicable closing fees.
If your current bank account no longer meets your needs, you can close it and open a new account at another bank.
There are several options for no-fee chequing accounts these days, and you could also avail yourself of opportunities to earn higher interest on your savings by choosing an online bank.
Read on to learn about how to close your CIBC account.
How To Close a CIBC Bank Account
You can close your CIBC account by:
- Visiting a local CIBC branch and tell them you want to close your account, or
- By calling their service representatives at 1-800-465-2422
There is no option to close your account online through Online Banking.
It is easy to close your CIBC bank account by phone if you have a zero balance, or if you are transferring your balance to another CIBC account.
For account closures in person at a branch or by phone, you will need to verify your identity and provide a reason for closing your account.
Usually, any reason at all will suffice, but don’t be surprised if the service rep tries to juice up your current banking package to keep your business.
If you are not transferring your current balance to another CIBC account, withdraw the funds before calling to speak with a CIBC representative, as this will save you time and money.
CIBC Account Closing Fees
It is free to close your account at CIBC if you have a zero balance and are closing a chequing or savings account.
If you want CIBC to transfer your chequing or savings account balance to another financial institution, there’s a $19.50 fee.
If you are transferring an RRSP, RESP, TFSA, RRIF, or other registered accounts from CIBC to another bank, a $100 transfer fee applies.
If your account has been inactive for 2 years, it becomes inactive, and dormancy fees apply as follows:
| Dormancy period | Inactivity fee |
| 2, 3, or 4 years | $20 |
| 5, 6, 7, or 8 years | $30 |
| 9 years | $40 |
After 10 years of dormancy, your funds will be sent to the Bank of Canada, where it is held for as long as 100 years.
Things To Do Before Closing Your CIBC Bank Account
You should take the following steps before closing your CIBC account:
1. Get a New Bank
Find a new bank that meets your needs. If you are looking to save on bank fees, a free chequing account could be useful. For no-commission brokerages, check this list.
You can also look at this list of the best banks in Canada to see what’s available.
2. Update All Recurring Payments
Check your bank statements to find recurring payments that occur automatically. You should update your payment details for these services/bills to avoid NSF fees or account cancellations when you close your current bank account.
Pay attention to recurring bills like:
- Mortgage payments
- Subscriptions
- Loans
- Phone bills
- Utilities
- Childcare
If you have outstanding cheques from your old bank account that haven’t been cashed by the recipients, you should wait until they clear to avoid NSF fees.
Contact your employer to update your payroll direct deposit details. If you receive government benefits like the OAS pension, Canada Pension Plan, Canada Child Benefit, GST/HST Credit, etc., you should ensure your banking details are updated there as well.
3. Move Your Money
Move your money out of CIBC into your new bank accounts.
You can choose to keep CIBC credit cards, investments, lines of credit, and loan accounts open, as these are separate from your chequing or savings account.
4. Download Bank Documents
Download your bank statements, so you have a record of your transactions in case you need to refer to them in the future.
5. Close Your CIBC Account
Allow a few weeks to ensure that all pre-authorized payments have been updated before proceeding to close your bank account.
You can also proceed to destroy your old bank cards and chequebook.
How To Close CIBC Investor’s Edge Account?
Before closing your CIBC Investor’s Edge account, transfer your assets to another financial institution or withdraw them as cash.
For registered account transfers (such as RRIF, RRSP, TFSA, or RESP), you may need to complete transfer forms before your accounts are transferred.
There are also transfer fees as follows:
- Non-registered account transfer fee: $135
- Registered account transfer fee: $135
Call CIBC Investor’s Edge toll-free at 1-800-567-3343 to speak with a representative and close your account.
For support in Cantonese or Mandarin, call 1-888-366-6888.
Close CIBC Account FAQs
No, you are unable to close a CIBC account online. To close your CIBC account, you will need to call their phone number at 1-800-465-2422 or visit a CIBC branch.
Call 1-800-465-2422 to close your CIBC account by phone. A customer service representative will assist you after confirming your identity. For account closures via phone, you must have a zero balance or can transfer your balance to another CIBC account.
Your credit score should not be impacted when you close your CIBC savings or chequing accounts. If you close a CIBC credit card, it could impact your credit score if it lowers your credit limit and shortens your credit history.
You may need to pay a $19.50 fee to transfer your CIBC account to another financial institution.
Related:
unfortunately i just waited 45 min waiting on hold with CIBC to be told that if u only have one account that u are closing it must be done at the branch. It is only if it is one of multiple that u are closing that it can be done over the phone…
welcome to Canada