Elevate your local knowledge

Sign up for the iNFOnews newsletter today!

Select Region

Selecting your primary region ensures you get the stories that matter to you first.

CIBC refunding 1.4 million credit card customers for years of improper fees

CP1611202407
CIBC is refunding 1.4 million customers for improperly charging credit card fees between 2003 and 2017. CIBC signage is shown in the financial district in Toronto on Tuesday, August 22, 2017. THE CANADIAN PRESS/Nathan Denette

TORONTO – The Canadian Imperial Bank of Commerce is refunding 1.4 million customers for improperly charging credit card fees over 14 years.

The country’s fifth-largest bank says some credit card accounts in Canada may have been incorrectly charged a fee for exceeding the credit limit between 2003 and 2017.

Higher insurance premiums were also charged on optional creditor insurance.

Refunds are being made with interest.

Average refunds of about $50 will be issued until October.

CIBC is notifying affected current and former clients directly.

The bank declined to disclose how the error was discovered but says the issues have been corrected.

Companies in this story: (TSX:CM)

News from © iNFOnews.ca, . All rights reserved.
This material may not be published, broadcast, rewritten or redistributed.

Join the Conversation!

Want to share your thoughts, add context, or connect with others in your community?

Create a free account

Abbey Westbury

Related Articles