If you are thinking of closing your CIBC bank account, you might be wondering what the procedure is and how long it would take.
There are a variety of reasons you may wish to close your CIBC account. Maybe you’re moving out of the country and don’t need a Canadian bank account anymore, or you’ve found a better banking deal with another institution.
Whatever your reason, closing a CIBC account is easy and in this article, we’ll walk you through the process step by step.
We will also provide some helpful tips along the way to make the process as easy as possible.
So if you’re ready to say goodbye to CIBC, keep reading!
Things to Do Before Closing Your CIBC Account
If you are looking to close your CIBC account, there are a few things you need to do in order to close your account properly and easily.
Here are some of the essential things you need to do before closing your CIBC account:
1. Open a New Bank Account
Before closing a CIBC account, be sure to open a new one with the same or different financial institution.
When looking for a new bank account, you should consider one that possesses the features you are looking for.
You can begin your search for the best account by checking out our article on Best No-Fee Bank Accounts in Canada.
2. Transfer Your Balance to the New Account
After choosing a bank account that suits your needs, it is time to transfer your CIBC balance to the new account.
There are different ways you can transfer the balance of your existing CIBC account to the new bank account. You can:
- Transfer in person at a CIBC branch;
- Use e-Transfer; or
- Use your online banking or mobile banking app
3. Clear Any Negative Balance
In case you have any negative balance on your CIBC account, make sure you clear it before you close the account.
If you close your account with a balance owing, CIBC will charge a fee for the debt or stop you from closing the account.
To avoid these fees, make sure there are no outstanding debts before closing your CIBC account.
4. Update Recurring Payments
When closing your CIBC account, it’s important to make sure your recurring payments are taken care of before you close.
If you have automatic payments set up with your CIBC account, make sure that you cancel them and change them over to the new bank account.
5. Close the Account
After transferring funds and recurring payments to your new account, give it a few weeks to ensure everything was successfully transferred to the new account.
After you confirm that the new account is working perfectly, you can then proceed to close your CIBC account.
How to Close CIBC Account
Closing a CIBC account is very simple and you can close the account in two ways – over the phone or at a local branch. Here are the steps on how to close your CIBC bank account using either method:
How to Close CIBC Account by Phone
The first and easiest way to close your CIBC account is by phone. You can do this by calling the CIBC customer care line and following the steps below.
- You can reach the CIBC customer service by dialling 1-800-465-2422
- Once you dial the number, a customer service representative will pick up the call
- Let the representative know that you want to close your CIBC account
- After telling the representative your intentions, he or she will ask you to verify your identity by providing some information
- Make sure you provide the correct information
- After your identity is verified, the representative will ask you the reason you intend to close your account
- Go ahead and provide the reason for why you’re closing the account
- After that, the representative will take your request to the bank and it will be processed
How to Close CIBC Account at a Branch
Another way you can close your CIBC account is by visiting a branch. There are over 1,000 branches of CIBC in Canada so finding one close to you shouldn’t be difficult.
To easily discover the branch closer to your area, you may utilize the branch locator tool on the CIBC Bank official website or Google Map.
- Once you find the nearest CIBC branch, visit the branch with your identity proof documents
- At the branch, inform the bank representative that you wish to close your account
- The representative may ask you to verify your identity and ask for the reason why you want to close your account with the bank
- After providing all the information, the representative will help you with the process
Fees to Close a CIBC Bank Account
There are some fees associated with closing a CIBC account that you need to be aware of.
If you open an account with the bank and attempt to close it within 90 days, you will have to pay a fee of $20 before the bank will allow you to close the account.
You will also be charged $19.50 if you want your CIBC account to be transferred to another banking institution.
In case you want to transfer your TFSA, RRIF, RRSP or LIF accounts to another banking institution, you will be charged a transfer fee of $100.
You should also note that when there have been no transactions for two years, CIBC accounts become dormant.
As a result, there are also fees for closing such accounts. These fees are charged based on the number of years the accounts have been dormant.
To summarize, here are the fees to be aware of when closing your CIBC account:
- Close an account within 90 days of opening: $20
- Transfer balance to another bank: $19.50
- Transfer TFSA, RRSP, RRIF or LIF: $100
- Inactivity fee for dormant accounts: $20-$40
CIBC Accounts Overview
CIBC offers three types of different savings accounts. It is essential you know how each account works.
This will help determine whether to close your current CIBC account and open a different one with the bank or move your account to a different bank.
Below is an overview of the accounts offered by CIBC Bank so that you can make an informed financial decision:
CIBC Smart Account
If you are looking for an account that offers welcome packages, you might consider the CIBC Smart Account. The account has the following features:
- $6.95-$16.95 monthly fee
- If you open the account, you get a welcome bonus of up to $400. Also, you won’t pay monthly fees for your first 3 months
- Interac e-Transfer transactions at no cost
- 1 free ATM withdrawal at non-CIBC ATMs within Canada
- If you maintain the required minimum balance, your monthly fees will be completely waived
CIBC Smart Plus Account
The CIBC Smart Plus Account is designed for people who are looking for an all-inclusive banking experience. Below are some of the key features of the account:
- $29.95 monthly fee
- Options for monthly fees rebate
- Unlimited Canada and international ATM withdrawals
- Open your first CIBC chequing account and get a welcome bonus of $400
- Unlimited free transactions
- Annual fee rebate credit cards
- Unlimited Interac e-Transfer transactions
CIBC eAdvantage Savings Account
This CIBC account is a great option for people who are looking for a cost-effective way to save and also earn interest on their savings. Here are some of the features of the account:
- Zero monthly fees
- No fees for online transfers to CIBC accounts
- Competitive interest rate of up 4.25% for your first 4 months
- Option for automated savings
CIBC Accounts Alternatives
While CIBC offers several accounts with unique features, if you’ve decided that you’d like to close your CIBC account and open a new one at a different bank, there are several alternative banks available for you in Canada.
To help you choose what best suits your needs, here are some of the best banks you can open an account in Canada. Check them out and see if any of them suits your financial needs.
1. EQ Bank Accounts
EQ Bank accounts are a good alternative to CIBC Bank accounts. The bank offers unique savings products that can help you save more money.
The bank also gives you access to a variety of other banking products. The best account offered by EQ Bank is the Savings Plus Account. You can get up to 2.50% interest on your savings with this EQ Bank account.
This account is perfect for anyone who wants to earn higher returns on their money while still enjoying the convenience of having their finances managed by a major bank in Canada.
It is also ideal for people who want to take advantage of a competitive rate of return but don’t want to go through the hassle of opening a savings account at a bank branch location.
As long as you have access to the internet and your mobile device, you can open an EQ Bank savings account in just minutes.
2. Tangerine Bank Accounts
Tangerine Bank is one of the most popular and oldest banks in Canada. The bank has been around since 1997 and has been providing financial services to Canadians for more than 25 years.
The bank offers a wide range of savings options. You can choose from a standard savings account, tax-free savings account, US$ savings account and more.
Tangerine Savings Account is an interest-bearing savings account that pays interest of up to 1.00% on all balances.
Also, you can get a promotional interest rate of up to 4.00% for your first 5 months of opening a Tangerine chequing account.
The account has no monthly service fee or minimum balance requirement. This means you can earn interest on your savings with no strings attached.
Read our tangerine savings account review to learn more.
Final Thoughts on How to Close CIBC Account
Although the process to close a CIBC account is easy, it may seem difficult if you don’t know the steps to follow.
As you can see, it is very easy to close a CIBC account. All you have to do is follow the steps presented in this article and you will be able to close a CIBC account with ease.
Thank you for reading our article. We hope it was helpful and that you can successfully close your CIBC account.
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