Closing your traditional bank account online is the most convenient option today.
Most importantly, closing your account online helps you avoid the potential persuasion of bank reps toward keeping your account open when it’s senseless to do so.
Many Canadians have encountered a situation where upon requesting account closure at a bank branch, customer care persuades them and they have to maintain their accounts even at their own expense.
Whether you’re looking to switch to another traditional bank or move to a credit union or online-only bank, it’s essential to know how to close your CIBC Bank account online.
This article provides a step-by-step guide on how to close your CIBC account effectively including what to do before closing the account and the alternative bank accounts to consider.
Before Closing Your CIBC Bank Account Online
As with account opening, there are certain things you need to do when closing your CIBC account. Let’s take a brief look at them:
1. Create a New Account
Except you already have another bank account, you need to create a new account to move your balance there and continue banking.
You can choose to create a new account with CIBC or switch to a different financial institution. Keep reading to learn about the best alternative accounts.
Either way, ensure you have another account to enable you smooth access to banking services.
2. Change Your Bank & Transaction Details
Wherever you use a CIBC account for banking and transaction purposes, it’s time to change the account details with your new or other bank account.
This could be on pre-authorized deposits, automated debits, cheque deposits, and so on.
Failure to change your account details could result in unsuccessful debits which could directly hurt your credit score.
3. Empty Your CIBC Account
Whether you’re closing your CIBC account to another CIBC account or you’re closing the account entirely, you need to empty the account before closing.
If you’re moving to another CIBC account, all you need is to ask the CIBC representative to move the account balance to your other CIBC account.
But if you want to quit your relationship with CIBC, you can empty your account by withdrawing the remaining account balance as cash, money order, or draft.
4. Download or Print Your Account Statement
You should download your CIBC account statement for at least the previous six months before closing the account.
You can easily download the account statement on your CIBC online banking portal or mobile app.
Alternatively, if you’re closing your CIBC account in-branch, you can ask customer support to print your account statement before closing the account.
How to Close CIBC Bank Account Online
CIBC does allow you to close your account with it online. This is the same with other big banks such as BMO and Scotiabank.
To close your CIBC account, you need to call CIBC Telephone Banking or visit the nearest CIBC Banking Centre.
Below is the step-by-step process of closing a CIBC Bank account:
2. Call CIBC Telephone Banking
If you’re looking to close a given CIBC account and move the balance to another CIBC account, you can do so by phone by calling CIBC Telephone Banking.
This requires you to:
- Call CIBC Telephone Banking at 1-800-465-2422.
- Request for account closure.
- Provide your account details.
- Identify the account you want to move your balance to.
Upon verifying your request, the CIBC Telephone Banking representative will close your account and move the balance to your desired CIBC account.
But if you’re looking to close your CIBC account entirely without switching to another CIBC account, then you must visit the nearest CIBC branch.
2. Visit a CIBC Banking Center
At a CIBC Banking Center, you can ask a CIBC representative to close your account and transfer the balance to another CIBC account or close your account entirely.
Here’s how to go about it:
- Visit the nearest CIBC branch. You can find one using this branch locator.
- Request for account closure and provide a reason.
- Provide the required information.
CIBC customer support will verify your details and close your bank. But not without persuading you to maintain your account. Be decisive except they’re ready to negotiate a better deal.
If you’re closing your CIBC account altogether, you can withdraw the remaining account balance as cash, money order, or draft.
If you want to cut waiting time, you should book an appointment with the nearest CIBC branch before visiting. This will also help you know beforehand the requirements for account closure.
CIBC Account Closure Fees
CIBC doesn’t charge an account closure fee for accounts that were opened in more than 90 days.
But if you request account closure within 90 days of opening the account, you will be charged $20.
CIBC also charges varying fees for transferring your account balance to another bank. The fees are expressed below:
- $19.50 for transfer from CIBC chequing account to another bank account
- $100 for transfer from CIBC TFSA, RRSP, RRIF, or RESP to another bank account.
If you refused to close your account and decided to leave it inactive, you will also incur an inactivity fee depending on how long you abandon the account. See below:
| Inactivity Duration | Fees |
| 2 to 4 years | $20 |
| 5 to 8 years | $30 |
| 9 years | $40 |
And if your account remains dormant after 10 years, CIBC will transfer the account balance to the Bank of Canada.
Related Posts:
- Learn how to close Scotiabank bank account
- Learn how to close a TD bank account
Alternatives to CIBC Bank Accounts
As one of the big banks, CIBC has different bank accounts to meet different banking needs.
Chances are you want to close your current CIBC account to move to another CIBC account. In that case, you want to compare and choose from the robust collections of CIBC bank Accounts. This includes:
- CIBC eAdvantage Savings Account
- CIBC US$ Personal Account
- CIBC Smart Account
- CIBC Bank USA Smart Account
But if you’re looking to quit your relationship with CIBC, you have every reason to do so, especially in this era of neobanks.
I always recommend only-online banks as the best alternative to traditional banks like CIBC.
This is because online-only banks are able to offer you optimal convenience with better interest rates and low banking fees, zero monthly fees, and zero minimum balance due to their low operational costs.
But as expected, not all online banks are the same. In fact, some online banks are slightly different from traditional banks as they serve as the digital branches of the big banks as opposed to stand-alone neobanks.
So how can you choose the best online bank? By understanding your banking needs and knowing the top options out there.
1. Simplii Financial Bank
Products:
- Savings and chequing accounts
- Credit cards
- Personal loans
- Lines of credit
- Mortgages
Simplii Financial is the online banking arm of CIBC. The bank came into existence following the discontinuity of CIBC’s joint venture with PC Financial in 2017.
As an online-only bank, Simplii offers better interest rates than CIBC. The cost of banking with Simplii is also lower than the cost of banking with CIBC.
Simplii footprint lines on its competitive promotional savings rate that currently stands at 6.00% and a $400 welcome bonus on a chequing account.
The major drawback of Simplii is that it has lower regular rates and products compared to other online-only banks.
Read Also: Simplii e-Transfer Limit
2. Tangerine Bank
Products:
- Savings accounts and chequing accounts
- USD accounts
- Registered accounts (RSP, RIF & TFSA)
- Credit cards
- Personal loans and lines of credit
- GICs and mutual funds
- Mortgages and HELOC
You must have probably heard about Tangerine before now due to its popularity and top ranking in the Canadian online banking industry.
Tangerine is Scotiabank’s equivalent for Simplii. In other words, it’s the online banking arm of Scotiabank.
The bank also operates entirely online, although it used to have Cafรฉs that were suspended due to COVID-19.
Like Simplii, the strength of Tangerine also lies in its competitive promotions. Currently, it offers a high 5.25% promotional savings rate and a $400 welcome bonus on chequing accounts.
But unlike Simplii, Tangerine supports more products, making it more accessible to Canadians.
On the downside, Tangerine also has lower regular rates like Simplii Financial.
Read Also:
3. EQ Bank
Products:
- Savings accounts
- Registered accounts (RSP, TFSA, FHSA)
- USD accounts
- GICs
- Prepaid card
EQ Bank is the online banking arm of Equitable Bank, one of the top schedule I banks in Canada.
Through EQ Bank, Equitable Bank is able to offer Canadian access to competitive digital banking solutions.
The recent launching of EQ Bank’s no-fee prepaid card further shows the bank’s commitment to offering Canadians unique and low-cost banking solutions.
EQ Bank became famous with its hybrid Savings Plus account that combines savings and chequing account features into one.
In addition, the bank offers a USD account and First Home Savings Account (FHSA) with competitive interest. This is lacking among many online-only banks.
Read Also: EQ Bank e-Transfer Limit
4. Neo Financial
Products:
- Savings account
- Credit cards
- Mortgage
- Robo-advisor
The last but not the least online-only bank to consider is Neo Financial.
This is another neobank that distinguishes itself with competitive cashback on purchases.
The Neo Financial credit card is widely rated among the best cashback credit cards in Canada due to its competitive cashback rate.
Unlike many other online banks, Neo Financial also offers Canadians access to automated investing alongside digital banking solutions.
If you want to expand your comparison of the best online banks in Canada, consider the following options:
- Motive Financial Review
- Saven Financial Review
- Oaken Financial Review
- AcceleRate Financial Review
- Achieva Financial Review
- People Trust Review
FAQs on How to Close CIBC Account
Can I close my CIBC account online?
You can’t close your CIBC account online at the moment. You can only do so by phone or in person at a CIBC branch.
How do I close an account at CIBC?
All you need to do is contact a CIBC representative on the phone or visit a CIBC branch and ask them to close your account. You will be required to provide account details and a reason for account closure.
How to close a CIBC chequing account?
The process of closing a CIBC chequing is the same as the process of closing other CIBC bank accounts discussed above.
How much does it cost to close a CIBC account?
It’s free to close a CIBC account that’s more than 90 days old. However, CIBC charges a $20 fee to close an account that’s less than 90 days old.
Read Also: CIBC e-Transfer Limit
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