CIBC is one of the biggest banks in Canada. If you have a bank account then you probably know how big this bank in Canada is. There are many people who maintain their bank account with CIBC. Actually CIBC is the short form for the Canadian Imperial Bank of Commerce. If you have a bank account with this bank and you have decided to close the same then this guide is tailored for you.
I will tell you every possible way using which you can successfully close the bank account which you have in the Canadian Imperial Bank of Commerce. When you open an account with any of the banks. You are bound to a legal agreement that you have signed with the bank. Many times people are not aware of this thing. I am not telling you that you have signed an agreement with the CIBC which tells that you won’t close the account.
There is no need to worry about this. You have not signed any legal agreement that says you are never going to close your bank account. But there are certain rules that you have to follow everything in the banking system that has a fixed process that has to be followed every time you are changing something with your bank account. No matter what you want to change in your account. You have to follow the rules.
How Can I Close the CIBC Bank Account?
No matter in which corner of the world you are and no matter in which bank you hold your account. Every bank tries to keep up the relationship with their customers. It is said that it costs three times more to get a new customer. When it is compared to the cost of retaining existing customers. This is the reason the bank employees will try their level best to stop you and change the decision.
If you feel that what the bank employees are right at their place and you are able to solve the issue. Then you can think of changing your decision to closing your bank account you have with the Candian Imperial Bank of Commerce. The truth is this bank is quite good at keeping up the promises they have made to their customers. But if you want to close your account then the bank won’t be able to stop you.
But there are certain things you have to keep in mind. There should be no negative balance in your bank account. Not only the negative balance even if you have any dues of any credit card or loan accounts mapped to your account. Then the bank will not allow you to close your account until you clear all the dues that are pending in your account. So you have to make sure that you are clearing all the dues of your account.
If you are closing the CIBC Account because you already have multiple accounts. And you are unable to maintain all of those. Then believe me you are just going the right thing. Because it really gets hard to maintain multiple bank accounts when we are not using any of them. So the best choice is to close the unwanted bank accounts you have. Sometimes we will have to pay the NSF fee for no reason.
It is quite common that we won’t maintain enough funds in the accounts which we don’t use regularly. But the banks won’t take this into considerations. If you have not maintained sufficient funds in your account. Then the bank will charge you the NSF fee and you have to pay it. This is the real pain that every bank account holder in Canada has to bare.
What to Do If you Have Funds in Your Account?
While closing your CIBC bank account how to deal with the funds you have in your account?
Should you withdraw them all?
Don’t do that you have a better option with you. You should transfer all the funds remaining in your bank account to your other bank account. By doing this you will safely move your funds from your one bank account to the other account. But you should make sure that you don’t do this is in advance. It is recommended to do only when you are all set to close your bank account in CIBC.
What Happens if You Don’t Transfer the Funds?
Ok, now what if you don’t transfer the funds from your CIBC Bank account to another bank of yours? There is nothing going to happen. Because when you are closing your account the CIBC employees will ask you how you would like to receive the balance you have in your account. If you tell them to give the whole funds in cash they will give you the cash.
But if you tell the bank to transfer the money from your old account to your new account. Then the bank will do that for you very happy. But for that, you have to pay an extra charge. So if you want to save this charge then what you have to do is transfer your funds from your old account to the new bank account by yourself. These were some of the important things you should know you have decided to close the account.
Now let us learn how you can close your bank account.
There are two ways by following which you can close your CIBC bank account.
You Can Close By Calling the Customer Care
If you are too busy then this option is made for you. CIBC allows its customers to raise the account closing request over the call. All you have to do is call the customer care of the bank. You have to authenticate that you are the real owner of the account who is calling them. For authentication purposes, they will ask you a few questions. If you answer those correctly then you will be able to raise the request.
They will check if everything is right with your account. And if this is the case then your bank account closing request will be raised. The phone number on which you can contact the customer care of CIBC is 1-800-465-2422.
Visit their Local Branch and Close the Account
Closing the account over the call is a good option.
But what if the support executive with whom you are talking rejects your request?
Then you will have to visit the local branch of the CIBC. So I feel the best way to close your bank account is by visiting their local branch. Why face the rejection the better choice is to visit their local branch for one last time and get it closed. Even if there are any kind of problems with your account then you will be able to solve those issues from the branch.