If you no longer wish to maintain a CIBC account, it is important to properly close the account to avoid any fees or issues in the future. Here is a step-by-step guide on how to close a CIBC account.
Step 1: Gather the necessary information
Before you begin the process of closing your CIBC account, make sure you have the following information on hand:
- Account number
- Personal identification (e.g. driver’s license, passport)
- Any outstanding checks or debit orders
Step 2: Consider your options
Before you decide to close your CIBC account, consider the following options:
- Transferring funds to another account: If you have multiple accounts with CIBC, you may want to transfer the funds from your account to be closed into another account that you will continue to use. This can save you the hassle of having to set up a new account elsewhere and can ensure that your funds are still easily accessible.
- Keeping the account open: If you have a CIBC account that has a positive balance and you do not anticipate using it in the future, you may want to consider keeping the account open. This can be a good option if you are unsure of your future banking needs or if you want to keep the account as a backup in case of emergencies.
Step 3: Close the account
Once you have decided to close your CIBC account, there are a few different ways you can do so:
- In person: You can visit a CIBC branch to close your account in person. Make sure to bring your identification and account information with you.
- By phone: You can also close your account by calling CIBC’s customer service line. Make sure to have your account information and identification ready when you call.
- Online: If you prefer, you can close your account online through CIBC’s online banking portal.
Step 4: Cancel any automatic payments or direct deposits
Before you close your CIBC account, make sure to cancel any automatic payments or direct deposits that are linked to the account. This can include things like monthly bills, paychecks, or other regular deposits.
Step 5: Withdraw any remaining funds
Before you close your CIBC account, make sure to withdraw any remaining funds from the account. You can do this by visiting a CIBC branch or using an ATM. If you are closing the account online, you can request a check for the remaining balance to be mailed to you.
Step 6: Remove any linked accounts or services
If you have any other accounts or services linked to your CIBC accounts, such as a credit card or investment account, make sure to remove or transfer these accounts before you close the account.
Step 7: Confirm the account is closed
After you have completed all of the steps above, it is important to confirm that the account has been closed. You can do this by contacting CIBC’s customer service or by checking your account online.
Conclusion
Closing a CIBC account is a straightforward process, but it is important to make sure you have taken care of any outstanding issues or linked accounts before you do so. By following the steps outlined above, you can ensure that your account is properly closed and that you do not have any future issues with the bank.
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