Personal Finance

CIBC closed bank account without notice!

  • Last Updated:
  • Feb 11th, 2019 6:41 pm
Newbie
User avatar
Aug 12, 2012
95 posts
16 upvotes
London, ON
I did call in today and they said the same thing that they cannot close the account without transferring the balance to another account since I only have one. Would rather avoid a LOC, as David Chilton once said "Lines of credit are like giant credit cards, but with much lower interest rates and no travel points. And like their plastic cousins, LOCs allow us to mindlessly give in to temptation and live beyond our means"
Sr. Member
User avatar
Mar 3, 2005
832 posts
487 upvotes
Mississauga
dmbcanada wrote:
Feb 1st, 2019 9:54 am
as David Chilton once said ".... And like their plastic cousins, LOCs allow us to mindlessly give in to temptation and live beyond our means"
Sorry, but NO. We can't blame a LoC for allowing our 'mindlessness'. If people choose to live beyond their means - then they need to take the blame. It's not the fault of the line of credit for 'allowing' it.

:-)
Deal Addict
Nov 22, 2015
3973 posts
3047 upvotes
dmbcanada wrote:
Feb 1st, 2019 9:54 am
I did call in today and they said the same thing that they cannot close the account without transferring the balance to another account since I only have one. Would rather avoid a LOC, as David Chilton once said "Lines of credit are like giant credit cards, but with much lower interest rates and no travel points. And like their plastic cousins, LOCs allow us to mindlessly give in to temptation and live beyond our means"
That's why I said to eTransfer out the funds before calling in to close the account.

If you're truly credit-averse, then you should pay off and close out your credit cards as well.... as it stands, you're paying a higher interest rate for no good reason. PLCs have a place when used responsibly, just like credit cards.
Newbie
User avatar
Aug 12, 2012
95 posts
16 upvotes
London, ON
So I did an eTransfer and emptied my CIBC account and went to a different branch and closed it in 5 minutes with no hassle. Funny how different branches are with customer service.
Newbie
Apr 27, 2018
17 posts
4 upvotes
If CIBC closed your account on you......Send them a "Thank you" card! They did you a favour. I just had my lawyer pay and close my PLC with them and everything else will be closed end of month
Member
Jan 24, 2018
227 posts
42 upvotes
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.
OP are you from Iran or iranian ethnic background? Scotiabank closed a number of iranian people's banks acccounts

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