Personal Finance

Locked: How to close a CIBC chequing account?

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  • Jul 21st, 2018 10:20 pm
Member
Apr 18, 2005
432 posts
75 upvotes

How to close a CIBC chequing account?

It looks as though they charge a fee to close the account and to transfer money. I don't have any other products with them but I would like to consolidate the funds with my no-fee banking accounts. I just have the bare minimum with them to avoid paying fees, $1550.

I kept it as an emergency fund up to now, but it seems redundant and it would be simpler if it were all in one account.

Is there any way to waive the ~$120 fee?
17 replies
Deal Fanatic
Aug 3, 2014
6089 posts
4352 upvotes
Go to a CIBC branch, tell them you want all of your balance in cash, and that you want to close the account. Nowhere does it say they want $120 to close a chequing account.
Newbie
Feb 5, 2010
16 posts
4 upvotes
I just closed an account last week. I was in the branch for a total of five minutes. They asked the usual, why are you closing the account question. I answered, I was changing accounts. Then, they gave me the remaining balance in cash.
Deal Fanatic
Nov 22, 2015
7846 posts
8793 upvotes
Sweet Sparrow wrote: It looks as though they charge a fee to close the account and to transfer money. I don't have any other products with them but I would like to consolidate the funds with my no-fee banking accounts. I just have the bare minimum with them to avoid paying fees, $1550.

I kept it as an emergency fund up to now, but it seems redundant and it would be simpler if it were all in one account.

Is there any way to waive the ~$120 fee?
Where did you hear about a $120 fee? I've closed several accounts at CIBC and have never been charged such a fee.
Newbie
Feb 24, 2017
59 posts
18 upvotes
I think OP means this?

Account Closing and/or Account Transfers to other banks

Account Closing at Your Request

Account closed within 90 days of opening

$20.00 per account (free if funds are transferred to another CIBC-branded9 product)

https://www.cibc.com/en/personal-bankin ... -fees.html
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Deal Addict
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Aug 6, 2010
1362 posts
512 upvotes
Toronto
Sweet Sparrow wrote: It looks as though they charge a fee to close the account and to transfer money. I don't have any other products with them but I would like to consolidate the funds with my no-fee banking accounts. I just have the bare minimum with them to avoid paying fees, $1550.

I kept it as an emergency fund up to now, but it seems redundant and it would be simpler if it were all in one account.

Is there any way to waive the ~$120 fee?
Good day!
I was in the same situation as you. With like $2000 in my account. Students Chequing account is what I had.
I just closed mine yesterday and they only charged me $3. I was like "OKAY!!!" They gave me $1997 in cash. You can take a cheque or something instead if you want to deposit in another bank or something afterwards.

EDIT: Oh bring 2 forms of ID!
Beep Boop
Deal Addict
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Dec 17, 2008
2781 posts
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Winnipeg
Free if done in person and you have had the account more than 90days.

https://www.cibc.com/en/personal-bankin ... -fees.html
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Deal Fanatic
User avatar
Nov 2, 2013
5697 posts
1522 upvotes
Edmonton, AB
I closed mine recently. No fine. You do it at the branch.
Accountant (Public Practice)
Member
Apr 18, 2005
432 posts
75 upvotes
wadesj wrote: I think OP means this?

Account Closing and/or Account Transfers to other banks

Account Closing at Your Request

Account closed within 90 days of opening

$20.00 per account (free if funds are transferred to another CIBC-branded9 product)

https://www.cibc.com/en/personal-bankin ... -fees.html
Yes, it was that website I was looking at.

Great to know that there aren't fees. Thanks everyone!

Before I close it, is there any reason why I should keep the CIBC account?
Deal Addict
Jun 2, 2012
1600 posts
950 upvotes
GTA
Sweet Sparrow wrote: Yes, it was that website I was looking at.

Great to know that there aren't fees. Thanks everyone!

Before I close it, is there any reason why I should keep the CIBC account?
Branch close to home? Good hours? Other products? I don't know?
Member
Mar 3, 2016
389 posts
250 upvotes
Sweet Sparrow wrote: Yes, it was that website I was looking at.

Great to know that there aren't fees. Thanks everyone!

Before I close it, is there any reason why I should keep the CIBC account?
No reason whatsoever. Just open a PC bank account and you can still use all CIBC ABMs + ABM in all Loblaws/RCSS. You can close the chequing account at CIBC but opens a saving which should be no fee (their Bonus Saving gives you 1 free transaction, might be useful in case of emergency). I hated this minimum balance for not charging a monthly fee which is why I closed my TD bank account as they kept on increasing this minimum by $500 every 2 years.
Newbie
Apr 16, 2014
47 posts
37 upvotes
BC
I closed mine last week, just ask the teller to give you cash and once zero balance ask them to close the account.
You can also use the ATM to withdrawn monies.
Member
User avatar
Aug 23, 2007
200 posts
110 upvotes
London
Is it a bad idea to transfer money to another bank, say Tangerine, then go into branch on the day the transfer has occurred? Would that trigger the "under minimum balance" fee?
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Aug 4, 2003
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ampersand38 wrote: Is it a bad idea to transfer money to another bank, say Tangerine, then go into branch on the day the transfer has occurred? Would that trigger the "under minimum balance" fee?
Bank processes vary but I had a situation like you are thinking about with BMO where they wanted to charge me $30 even when I visited the branch to close my account the same day my EFT emptied the account.

I had to eTransfer 6K into the account the same evening only to take out a draft the next day. Another bit of learning experiece came out of this ordeal. BMO minimum balance requirement seems to be for end of day and not all the time as their terms suggest.
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Member
Apr 18, 2005
432 posts
75 upvotes
GSpeed wrote: Branch close to home? Good hours? Other products? I don't know?
I used to keep it just to be able to deposit rolled change. Outside of the big city, I don't find that much use for cash anymore. I think bank drafts were also less expensive, but I'd just use my significant other's CIBC account.
Newbie
Apr 16, 2014
47 posts
37 upvotes
BC
ampersand38 wrote: Is it a bad idea to transfer money to another bank, say Tangerine, then go into branch on the day the transfer has occurred? Would that trigger the "under minimum balance" fee?
Doing as you suggested, you would have to keep a very close eye on when transfer would occur. If you dont want to take cash out, transfer everything other than minimum and take that minimum on same day as you are closing the account.
On the contrary you would be get charged $4.95 for not meeting minimum balance requirement.
Newbie
Mar 15, 2018
91 posts
37 upvotes
Here is an alternative:

Transfer your balance out on the first of the month, and then close the account. You will be charged a pro-rated monthly fee for one day ($4.95 / 30 = $0.17).
Deal Expert
User avatar
May 8, 2009
15560 posts
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Going to the Moon
drakehound wrote: Here is an alternative:

Transfer your balance out on the first of the month, and then close the account. You will be charged a pro-rated monthly fee for one day ($4.95 / 30 = $0.17).
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