CIBC refunds customers who were ‘incorrectly charged,’ possibly since 2003
Posted August 3, 2018 6:00 am.
Last Updated August 3, 2018 10:44 am.
This article is more than 5 years old.
CANADA (NEWS 1130) – If you have a credit card, or have had one in the last 14 years, with CIBC you may be getting some unexpected cash after the bank mistakenly charged overlimit fees to some of its customers.
The issue goes back to 2003 and affects about 1.4 million accounts.
“The refunds are primarily a result of some credit card accounts that may have been incorrectly charged a fee for exceeding the credit limit and/or incorrectly charged higher insurance premiums on optional creditor insurance,” reads a statement on the bank’s website.
CIBC says it hired an independent firm to validate the refund amounts, including interest. The bank reviewed the period from February 2003 to February 2017.
According to the bank, the average refund amount will be about $50, but a letter sent to NEWS 1130 shows one customer got almost $300.
“We are notifying affected clients directly and taking action to ensure they are refunded with interest as quickly as possible as we work to make this right. The issues have since been corrected,” says Jason Wesley with CIBC.
He adds all of the affected accounts are in Canada.
According to the bank, most of the customers affected should receive an automatic credit on their cards this month.
Clients no longer with the bank should receive a letter by October. CIBC says former clients will be sent a cheque with the refunded amount.
“We apologize for any inconvenience this has caused and we’re working to make it right for our clients,” read the bank’s statement.
