Getting help from a person to close your account can be a time-consuming task. But if you decide 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 figure out what you need to know. We’ll show you how to close your CIBC account and tell you about fees and other things you should know.
You can close your CIBC bank account in 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 happens. You can use two ways, which are the most effective:
How to call CIBC to close your bank account
This is the fastest way to do it! Just do these things:
- Call 1-800-465-2422 to talk to customer service.
- Once you’re talking to a person, tell them you want to close your CIBC account for good.
- You will need to give them your account number and information they can use to make sure you are the owner. However, you should only give them the information they ask for and not any personal or extra information.
- After that, you will 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 doesn’t offer.
- It’s over.
How to personally close your CIBC bank account
You can go to a CIBC office if you don’t want to call. It’s more reliable, but it can take longer because a lot of people come and go every day.
Most likely, the same thing will happen:
- Go to a branch of CIBC.
- Make sure to talk to a supervisor and show proof of your name.
- Tell CIBC why you want to close your account.
- Fill out the papers. Use their location by going here if you don’t know if there are any CIBC Banks near you.
How to close a TFSA account with CIBC
You can close your CIBC TFSA account online if you want to. You only need to do the following:
- Visit CIBC Online
- Go to your account and sign in.
- Click on “Account Services”
- Choose “Withdraw from a TFSA account”
So, that’s all! Before you close your CIBC TFSA account, you can move all of your money to another account.
How to close a CIBC account and what to do first
If you have chosen that you no longer need the CIBC account, there are some things to think about before you close it.
- If you have a low amount in your account, you should pay it off in full. If you don’t pay what you owe, CIBC won’t let you close your account.
On the other hand, if you have money in your account, you might want to move it all to another account. If you know which bank you’ll go to next, you should open an account there first. After that, move the money, check to make sure it’s all done, and then close the old account.
2.You should also download an account from the last six or twelve months. This is a very important paper that you may need in the future to get a loan or mortgage.
- Once you start your new bank account, give your employer, billers, etc. these information, like your account number. So, if you get a payment, it will go to your new account instead of your old one.
- Finally, you need to stop or cancel any cash payments or pre-authorized debits from your CIBC account. To do this,
- Sign in to CIBC Online, click on Customer Services, and then click on Stop Payments.
- Click on whether you want to stop a check or a pre-authorized transfer.
- Now type in the payment information.
- You will have to pay a service fee, so choose an account and click Next.
Make sure everything is right, and then click Stop Payment.
What to look for if you want to close your CIBC bank account
Before you leave, you should know that you may have to pay some fees if you close your CIBC account:
It will cost you $20 per account to close it within the first 90 days.
If you want to move your money to another CIBC product, you won’t have to pay a fee. But it will cost you $19,50 per account to move your whole amount to an account at another bank.