Personal Finance

CIBC closed bank account without notice!

  • Last Updated:
  • Mar 16th, 2018 12:12 pm
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Deal Addict
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Feb 4, 2015
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CIBC closed bank account without notice!

After signing in to CIBC online I noticed that my account was not available.

Call center could not give the reason for that and told that I have to visit a branch!

Could this be due to not having done a transaction for long time or maybe not having enough balance to cover the monthly fees?

Appreciate your input...until verifying with a branch later.
23 replies
Deal Addict
Aug 19, 2006
1207 posts
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Toronto
barmadrid wrote:
Feb 21st, 2018 8:36 pm
After signing in to CIBC online I noticed that my account was not available.

Call center could not give the reason for that and told that I have to visit a branch!

Could this be due to not having done a transaction for long time or maybe not having enough balance to cover the monthly fees?

Appreciate your input...until verifying with a branch later.
Yes if you had no activity for 6+ months
Make a transaction with your debit card
Deal Addict
Jan 2, 2015
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Toronto, ON
I thought they were just supposed to charge inactivity fees until the bank account runs dry.
Deal Addict
Oct 22, 2015
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How can they close it if you have money in it?
Newbie
Dec 28, 2017
68 posts
17 upvotes
All banks usually "freeze" the account when it's inactive for 6 months (no transaction ). All you have to do is go to the branch and reactivate it at the counter.

They may charge you inactive fee.. all banks are different in the charge.. usually they waive it if you are a client with good banking relationship
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Jan 27, 2004
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barmadrid wrote:
Feb 21st, 2018 8:36 pm
After signing in to CIBC online I noticed that my account was not available.

Call center could not give the reason for that and told that I have to visit a branch!

Could this be due to not having done a transaction for long time or maybe not having enough balance to cover the monthly fees?

Appreciate your input...until verifying with a branch later.
ITs most likely not having enough balance to cover the monthly fee. IF the balance is near 0, and fees keep deducting... eventually they close the account.
ayufan wrote:
Feb 21st, 2018 10:33 pm
All banks usually "freeze" the account when it's inactive for 6 months (no transaction ). All you have to do is go to the branch and reactivate it at the counter.

They may charge you inactive fee.. all banks are different in the charge.. usually they waive it if you are a client with good banking relationship
Just an fyi to everyne... They only freeze an account @ 2 years when it becomes dormant.
Some banks may have internal classification for 'inactive' accounts... but that really only to notifying staff that an account hasn't been used in a few months (or whatever time they use to classify this).
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Apr 26, 2010
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Richmond Hill
barmadrid wrote:
Feb 21st, 2018 8:36 pm
After signing in to CIBC online I noticed that my account was not available.

Call center could not give the reason for that and told that I have to visit a branch!

Could this be due to not having done a transaction for long time or maybe not having enough balance to cover the monthly fees?

Appreciate your input...until verifying with a branch later.
Why would the bank want to keep your account open given that its in the negative, plus you don't use the account
Newbie
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Jun 4, 2017
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Wait.. for about 2 months now my cibc has only had mortgage/loans + me adding money come into the account but no purchases. Are the automatic mortgage and loan payments considered transactions
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Nov 8, 2017
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Jagmin wrote:
Mar 13th, 2018 5:33 am
Wait.. for about 2 months now my cibc has only had mortgage/loans + me adding money come into the account but no purchases. Are the automatic mortgage and loan payments considered transactions
Yes
Newbie
Oct 8, 2006
53 posts
1 upvote
After 6 months CIBC will inactivate the account. You can re-activate it by doing a transaction at either a teller or a bank machine. Eventually the account will be suspended. If you have a reason to keep the account, setup an automatic deposit for every 5 or 6 months for $10.
Member
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Jan 4, 2007
327 posts
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Vancouver
Happened to me too in January. Had to have the bank teller transfer a dollar over into the closed account to reopen it. I've set up an automatic transfer of $1.00 every month to keep it open.
Deal Addict
Oct 22, 2015
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40Niner wrote:
Mar 13th, 2018 5:45 pm
Happened to me too in January. Had to have the bank teller transfer a dollar over into the closed account to reopen it. I've set up an automatic transfer of $1.00 every month to keep it open.
When they closed your account did you have money in it?
If yes, how can they close your account if you have money in it?
Member
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Jan 4, 2007
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wra45mon wrote:
Mar 13th, 2018 6:48 pm
When they closed your account did you have money in it?
If yes, how can they close your account if you have money in it?
Oh yeah! I had just over ten grand in that account and they suspended it. Reason given was that there was no activity for 6 months.
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Dec 11, 2003
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40Niner wrote:
Mar 14th, 2018 11:41 am
Oh yeah! I had just over ten grand in that account and they suspended it. Reason given was that there was no activity for 6 months.
It wasn't closed. It was suspended. To me, closed would mean you don't have an account with them anymore.
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Jan 4, 2007
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ds2chan wrote:
Mar 14th, 2018 11:52 am
It wasn't closed. It was suspended. To me, closed would mean you don't have an account with them anymore.
Nevertheless, it would be a shock to have that happen.

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