Since a professional must assist you, closing your account might be a laborious procedure. When you choose to transfer your account to another bank and complete the necessary papers, you must, however, make sure that everything is in order.
Therefore, before taking any action, let us assist you resolve your questions. We will go over the steps involved in closing your CIBC account with you, as well as some information on costs and further suggestions.
Closing Your CIBC Bank Account in Two Ways
It is simple to begin the process of shutting your CIBC bank account, but you must keep an eye on it as it advances. The most efficient techniques are two that you may use:
How to terminate your bank account with CIBC over the phone
The fastest method is this one! Just carry out these actions.
- Dial 1-800-465-2422 to reach customer service.
- Tell the agent you are connected with that you wish to totally close your CIBC account.
- You will need to provide them your account number and information that will allow them to confirm that you are the owner; do not supply any further information until they specifically request it.
- You will then undoubtedly be questioned as to why you wish to terminate the account. You are free to respond anyway you wish or just state that this bank does not accommodate your other interests.
- All done!
How to physically shut a CIBC bank account
Visit a CIBC location instead of making a phone call if you like. Although it might take longer because there are so many people coming and departing every day, it is more reliable.
It is probably the same procedure:
- Visit a CIBC banking location.
- Be sure to talk to a representative and produce identification papers.
- List the grounds for your desire to cancel your CIBC account.
- finished with the papers. Use their finder by clicking here if you are unsure whether there are any CIBC Bank locations nearby.
How to terminate a TFSA account with CIBC
You have the choice to terminate your CIBC TFSA account online. Just adhere to these simple instructions:
- Visit CIBC Online first
- Access your account.
- Select “Account Services”
- Pick “Withdraw from a TFSA Account” in step four.
That’s all, then! Before terminating the CIBC TFSA account, you can move all of your funds to another account.
How to proceed before terminating a CIBC account
There are certain considerations to make before cancelling your CIBC account if you have determined that you no longer require it.
- To start, it is preferable to pay off your account’s negative amount in full if you have one. If you don’t make your payments, CIBC won’t let you shut your account.
If, however, you have a positive balance, you might choose to move all of your funds to a different account. You should first create an account with the bank you want to visit next, if you know it. Once you’ve completed the transfer of funds, confirm that it is complete before closing the previous account.
- You should also download a statement from the previous six or twelve months. You could want this crucial document in the future if you apply for a loan or mortgage.
- After you create the new bank account, provide your employer, billers, and other parties these facts (such as your account number and other information). This will ensure that any payments you receive go to your new account and not your old one.
- Lastly, you must suspend or cancel any pending check payments or pre-authorized debits from your CIBC account. To accomplish this:
- Log in to CIBC Online and choose Stop Payments under Customer Services.
- Choose whether to stop a check or a pre-authorized debit by clicking.
- Enter the payment information at this time.
- Select an account, then click Next. There will be a service charge.
After making sure everything is right, click Stop Payment.
What to watch for when closing your CIBC bank account
Before you go, you should be aware that there can be expenses associated with closing your CIBC account:
It will cost you $20 per account to close it within 90 days after opening.
There won’t be any fees if you transfer your money to another CIBC product. However, it would cost $19,50 per account to transfer your whole amount from one bank to another.