Personal Finance

How to close CIBC chequing account?

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Jr. Member
Feb 12, 2014
109 posts
344 upvotes

How to close CIBC chequing account?

I signed up for last years sign-up bonus offer online last summer and want to close my account now.

I spoke to a phone rep that said I had to go into a branch to close the account because it was my only account with CIBC. I was told you can only close an account over the phone if you have more than one account with them.

Did I get accurate information?

I signed up online without problems but I cant close the account online?
28 replies
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Feb 25, 2014
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Mississauga
You got pigeonholed. Yes you have to go to branch to do it.
Oh sada kehra bapu karda black nee, Jehra tere shahir (Toronto), Le lawan flat nee
Jr. Member
Feb 12, 2014
109 posts
344 upvotes
MehtabS wrote: You got pigeonholed. Yes you have to go to branch to do it.

Can the teller do it for me or do I have to make an appointment?

Local branch's number has been busy for the last half hour.
Deal Addict
Feb 24, 2008
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pigeonholed wrote: I signed up for last years sign-up bonus offer online last summer and want to close my account now.

I spoke to a phone rep that said I had to go into a branch to close the account because it was my only account with CIBC. I was told you can only close an account over the phone if you have more than one account with them.

Did I get accurate information?

I signed up online without problems but I cant close the account online?
You can open a free savings account online. After you do that, give them a call to transfer your funds to the savings account and close the chequing account.
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Nov 22, 2015
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kulb wrote: You can open a free savings account online. After you do that, give them a call to transfer your funds to the savings account and close the chequing account.
Not without eDepositing a cheque. If you open online without a deposit, you'll have to go to the branch to sign the document
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Feb 24, 2008
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Gatineau
pigeonholed wrote: Can the teller do it for me or do I have to make an appointment?

Local branch's number has been busy for the last half hour.
A teller or any bank manager available can do it for you. No need to make an appointment.

Another option is to open up a free Savings account (via your online banking). With another deposit account in place, you can then call telephone banking and ask that they close your chequing account (since you are leaving the Savings account open). You can then leave the Savings account as is and wait for it to eventually go dormant and fall off your profile.

djino
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Feb 24, 2008
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superfresh89 wrote: Not without eDepositing a cheque. If you open online without a deposit, you'll have to go to the branch to sign the document

Wrong.... The OP already has a chequing account open. All that he is doing is opening a savings account which he can do via online banking.

See Djino's post above this one for additional information on this.
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Nov 22, 2015
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kulb wrote: Wrong.... The OP already has a chequing account open. All that he is doing is opening a savings account which he can do via online banking.

See Djino's post above this one for additional information on this.
Lol k, good luck to OP then. For sure he will have to go in to sign even if he has another account.
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Feb 24, 2008
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superfresh89 wrote: Lol k, good luck to OP then. For sure he will have to go in to sign even if he has another account.
Not true. I did this in the past with the 2014 CIBC Tim Hortons $400 promo.

Closed the chequing account via telephone banking with my savings account left opened. No requirement to return to any branch

Eventually several months later, my savings account went dormant, and fell off my online banking.

djino
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Feb 24, 2008
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superfresh89 wrote: Lol k, good luck to OP then. For sure he will have to go in to sign even if he has another account.
Again you are wrong.... let's leave it at that [..]. Djino is an expert on these matters and he has already responded to you.
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Nov 22, 2015
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djino wrote: Not true. I did this in the past with the 2014 CIBC Tim Hortons $400 promo.

Closed the chequing account via telephone banking with my savings account left opened. No requirement to return to any branch

Eventually several months later, my savings account went dormant, and fell off my online banking.

djino
Did you actually try using the savings account?

Any time a new account is opened online, a Deposit Only message is placed on the account. You can't do anything but deposit until you go in and sign.
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Nov 22, 2015
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kulb wrote: Again you are wrong.... [..]. Djino is an expert on these matters and he has already responded to you.
Lol. I just corrected him too.
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superfresh89 wrote: Did you actually try using the savings account?

Any time a new account is opened online, a Deposit Only message is placed on the account. You can't do anything but deposit until you go in and sign.
Yup, I used the savings account as an optional part of the 2014 promo. As it allowed me to save 30% on the chequing account fees.

But if you are asking if I physically made deposits into the savings. No. But I don't see how that is relevant here as long as the savings account is active and opened at the time you plan to close the chequing.

djino
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Nov 22, 2015
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djino wrote: Yup, I used the savings account as an optional part of the 2014 promo. As it allowed me to save 30% on the chequing account fees.

But if you are asking if I physically made deposits into the savings. No. But I don't see how that is relevant here as long as the savings account is active and opened at the time you plan to close the chequing.

djino
People are telling OP to open savings online, transfer money into it, and close the chequing.

It's relevant as he will have to visit a branch eventually if he wants to access that money.

Also, if you're just going to let the savings go dormant and close, how is that any different from just letting the chequing account do the same? They'll just close it eventually and write off any fees.
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Feb 24, 2008
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superfresh89 wrote: People are telling OP to open savings online, transfer money into it, and close the chequing.

It's relevant as he will have to visit a branch eventually if he wants to access that money.
Gotcha. Well it isn't necessary to transfer funds into the Savings account. He can use the left over funds in chequing to either make a bill payment or interac e-transfer to his primary bank with then leaving the balance as $0.

Then open up a Savings account. Call telephone banking to close chequing. And let the Savings account go dormant.

djino
Jr. Member
Feb 12, 2014
109 posts
344 upvotes
Phone rep "changed" my unlimited chequing account to e-savings. No need for a second account.

Thanks for the info.
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May 28, 2007
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So when opening the savings account online to close the Smart chequing account, when you pull the money out of the chequing account and your balance falls to zero, will they charge you the monthly maintenance fee on the account because you didn't maintain the $3000 balance? Do you call to cancel the same day you e transfer your money out?
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Dec 13, 2010
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ON
RCML27 wrote: So when opening the savings account online to close the Smart chequing account, when you pull the money out of the chequing account and your balance falls to zero, will they charge you the monthly maintenance fee on the account because you didn't maintain the $3000 balance? Do you call to cancel the same day you e transfer your money out?
They charge at the end of the month. If you have already closed the account then they cannot charge your account the fee... in theory
Member
Sep 1, 2013
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Be mindful of your credit score in the future. CIBC is among those known for increasing the unsecured LOC's interest rate if they see any dents in your credit profile in the future.
Jr. Member
Feb 12, 2014
109 posts
344 upvotes
I never touched the funds. The phone rep changed the account from chequing to savings. Their was no additional service fee.

Thanks again for the info. I would have had to waste a half day to get to a local branch to close the account.

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