Close CIBC Account, How to Close Your CIBC Account

Terminating your account might be a time-consuming procedure since you must seek assistance from a professional. However, when you decide to switch banks and finish all of the paperwork, you must guarantee that everything is in order.

So, before you do anything, let us address your uncertainties. We will lead you through the process of closing your CIBC account, as well as provide information on costs and other helpful hints.

There are two ways to close your CIBC bank account.

It is simple to begin the process of cancelling your CIBC bank account, but you must remain vigilant throughout. There are two most effective approaches that you may use:

How to Close a CIBC Bank Account Over the Phone

This is the fastest method! Simply follow these steps:

  1. Contact customer service at 1-800-465-2422.
  2. Tell the person that you wish to close your CIBC account altogether.
  3. You must submit your account number and information that they may use to verify that you are the owner; however, simply supply the information they need and do not offer any personal or superfluous data.
  4. Following that, you will very certainly be asked why you wish to terminate the account. You can respond whatever you like or just state that you have different interests that are not available at this bank.
  5. It’s complete!

How to physically shut your CIBC bank account

If you prefer not to telephone, you can visit a CIBC branch. It is more trustworthy, but it may take longer because numerous individuals come and leave every day.

The procedure is most likely the same:

  1. Go to a CIBC banking location.
  2. Make sure you bring identification and speak with a representative.
  3. Please explain why you wish to close your CIBC account.
  4. Finish the papers. If you are unsure whether there are any CIBC Banks near you, you may use their finder by clicking here.

How to Terminate a CIBC TFSA Account

It is possible to close your CIBC TFSA account online. You simply need to take the following steps:

  1. Visit CIBC Online.
  2. Access your account.
  3. Navigate to “Account Services”
  4. Click the “Withdraw from a TFSA Account” button.

That’s all there is to it! Before terminating the CIBC TFSA account, you can move all of your funds to another account.

What should you do before cancelling a CIBC account?

If you have determined that you no longer require the CIBC account, there are a few things to consider before cancelling it.

  1. First and foremost, if you have a negative amount in your account, it is preferable to pay it in full. If you do not pay what you owe, CIBC will not enable you to cancel your account.

If, on the other hand, you have a positive balance, you may choose to move all of your money to another account. If you already know which bank you will visit next, you should create an account there first. After that, transfer the funds, double-check that they are complete, and ultimately cancel the previous account.

  1. You should also download a statement from the last 6 or 12 months. This is a vital document that you may require in the future if you apply for a loan or mortgage.
  2. Once you’ve opened the new bank account, give these data (your account number and other information) to your employer, billers, and so on. When you get a payment, it will go to your new account rather than the old one.
  3. Finally, you must cease or cancel any check payments or pre-authorized debits from your CIBC account. To accomplish this:
  • Sign in to CIBC Online, navigate to Customer Services, and then click Stop Payments.
  • Select whether you want to halt a check or a pre-authorized debit.
  • Now enter the payment information.
  • You must pay a service charge, so select an account and click Next.

Confirm that everything is accurate and then click the Stop Payment button.

What to watch for when closing your CIBC bank account

Before you depart, you should be aware that closing your CIBC account may result in the following fees:

It will cost you $20 per account if you close it within 90 days of opening.

There will be no cost if you move your cash to another CIBC product. Transferring your full amount to an account from another bank, on the other hand, will cost $19,50 per account.