Close CIBC Account, How to Close Your CIBC Account

Getting help from a person to close your account can make the process time-consuming. But if you want to switch banks, you have to make sure everything is in order and fill out all the papers.

So, before you do anything, let us help you clear up any questions you have. We’ll show you how to close your CIBC account and give you some tips and information about fees.

How to Close Your CIBC Bank Account: Two Ways

You can easily start the process of closing your CIBC bank account, but you will need to keep an eye on it as it goes on. You can use these two ways, which are the most effective:

How to call CIBC and close your bank account

This way is the fastest! Just do the following:

  1. Call 1-800-465-2422 to reach customer service.
  2. Once you’re talking to a person, tell them you want to close your CIBC account fully.
  3. You will need to give them your account number and information that they can use to prove that you are the owner. However, you should only give them the information they ask for and not any personal or useless information.
  4. After that, you will definitely be asked why you want to close the account. You can say anything you want, or you can just say that you have other interests that this bank can’t help you with.
  5. We’re done!

How to physically close your CIBC bank account

If you don’t want to talk to someone on the phone, you can go to a CIBC store. It’s safer, but it can take longer because a lot of people come and go every day.

Most likely, the process is the same:

  1. Visit a CIBC bank centre.
  2. Make sure to talk to a supervisor and show proof of who you are.
  3. Give the reason why you want to close your CIBC account.
  4. Fill out the forms. If you don’t know if there is a CIBC Bank near you, click here to use their finder.

How to close your CIBC TFSA

You can close your CIBC TFSA online if you want to. You only have to do these things:

  1. Go to the CIBC Online
  2. Go to your account and log in.
  3. Navigate to “Account Services”
  4. Click “Withdraw from a TFSA account.”

So that’s it! Before you close the CIBC TFSA account, you can move all of your money to another account.

How to close a CIBC account and what you need to do

If you’ve realized that you don’t need the CIBC account longer, there are some things to keep in mind before closing it.

  1. If you have a low amount in your account, it’s best to pay it off completely. If you don’t pay what you owe, CIBC will not let you close your account.

If you have a good sum, on the other hand, you might want to move all of your money to another account. If you already know which bank you will go to next, you should first open an account there. After that, move the money, check to make sure it’s done, and then close the old account.

2.You should also download an account from the past six or twelve months. This is a very important paper that you might need in the future to get a loan or mortgage.

  1. Once you open your new bank account, give your boss, billers, and other people these information, like your account number. So, if you get paid, it will go to your new account instead of your old one.

4, Lastly, you need to stop or cancel any cash payments or pre-authorized debits from your CIBC account. To do that:

  • Sign in to CIBC Online, go to the Customer Services area, and click Stop Payments.
  • Choose whether you want to stop a cash or a pre-authorized debit.
  • Now, type in the payment information.
  • You will have to pay a service fee, so pick an account and click Next.
  • Check to make sure everything is right, and then click Stop Payment.

What to look for when closing your CIBC bank account

Before you leave, you should know that if you close your CIBC account, you may have to pay some fees:

It will cost you $20 per account to close it within 90 days of starting it.

If you want to move your money to another CIBC product, you won’t have to pay anything. But it will cost you $19,50 per account to move your full amount to an account at another bank.

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