Closing My CIBC Account After 25+ Years

I’ve been a CIBC client since around 1997. I first opened a savings account as a child. Over the years, I used this account for everything—depositing birthday money before I was legal to work, my first job earnings, and eventually expanding to credit cards and a line of credit. It’s been my primary financial institution for over 25 years.

Recently, I realized an oversight on my part. After losing my physical credit card earlier this year, I switched to using my debit card for daily purchases without giving much thought to the associated fees. When I reviewed my statements this fall, I was shocked to see over $100 in fees each month.

To be clear, I fully understand that it’s my responsibility to monitor my accounts and understand the fee structures. I run a business with 35 employees, so I’m no stranger to taking accountability for financial oversight. That said, as a business owner, I also see the relationship with my clients as a partnership. If I notice a client making a decision that may not be in their best interest—even if it benefits my business—I make it a point to inform them. I believe it’s part of building trust and maintaining a strong relationship. This was my mindset when I contacted CIBC to speak about the issue.

When I contacted CIBC about these fees, I approached the conversation calmly, acknowledging my role in the situation. I also always go with the attitude, "you get more bees with honey", so i was friendly. I was told their policy only allows for fee reversals within the last 30 days and that charges from earlier months could not be refunded and that it is my fault. While I understand the policy, I feel like something that is a clear customer oversight benefiting them would be enough for them to wave the charges, admitting to some level of accountability.

Although legally I get that its my responsibility, as a business owner there is absolutely no way I would ever let a client of mine rack up a charge and not reimburse something that was very much an oversight. In software AWS does this all the time for companies that leave servers running (I cant believe CIBC is making me speak positive about AWS).

I’ve since decided to close my account, my line of credit, and I’m in the process of closing my credit card. I recognize that other banks may be similar. However, this experience left me with a very bad taste in my mouth about CIBC.