Close your CIBC savings account in person, by phone, or by mail

You can close a CIBC savings account through three routes: visit a branch in person with your account number and ID, call CIBC at 1-800-465-2422 and ask to speak with someone about account closure, or send a written request by mail to your local CIBC branch. The fastest method is in-person closure at a branch, which takes minutes. Phone closure takes one business day to process. Mail takes five to ten business days depending on postal delivery and CIBC's processing queue.

Before you close, withdraw or transfer any remaining balance. CIBC will not close an account with a negative balance (overdraft). If your account has a small positive balance when you submit the closure request, CIBC will either send you a cheque or deposit the funds to another account you specify — ask which option they offer when you initiate closure.

You do not need a reason to close the account, and CIBC will not charge a fee to close a savings account. If you have automatic payments or direct deposits set to this account, change those arrangements before you close, or they will fail.

Key Takeaways

  • Visit a CIBC branch with your account number and government-issued ID to close your account on the same day.
  • Call 1-800-465-2422 during business hours to request closure by phone; processing takes one business day.
  • Mail a written closure request to your local branch if you cannot visit or call; allow five to ten business days.
  • Withdraw your balance or arrange a transfer before closure, because CIBC will not close an account with an overdraft.
  • Update any automatic payments or direct deposits linked to the account so they do not fail after closure.

What to bring or provide when closing in person

Bring your CIBC debit card and a government-issued photo ID (driver's license, passport, or provincial ID card). Have your account number ready — it appears on your debit card, statements, or online banking. If you do not have your card or account number, the teller can look it up using your name and address.

If someone else is authorized to close the account on your behalf, they must bring a signed letter from you granting permission, their own government ID, and proof they are listed on the account (a statement or letter from CIBC). CIBC branch staff will verify this authorization before proceeding.

Closing by phone: what to expect

Call 1-800-465-2422 and tell the representative you want to close your savings account. They will verify your identity by asking for your account number, date of birth, and possibly the last few transactions or your current balance. Have your account number and ID ready before you call.

The representative will confirm your account balance and ask how you want to receive any remaining funds. You can request a cheque mailed to your address, a transfer to another CIBC account, or a transfer to an account at another bank (you will need to provide the receiving bank's routing number and your account number there). The closure request is submitted that day, and the account closes within one business day.

Closing by mail: step-by-step

Write a letter to CIBC requesting closure of your savings account. Include your full name, account number, date of birth, current address, phone number, and email address. State clearly that you want to close the account and how you want any remaining balance handled (cheque, transfer to another CIBC account, or transfer to another bank). If you choose a transfer to another bank, include that bank's routing number and your account number there.

Sign and date the letter. Mail it to your local CIBC branch — you can find the address on a recent statement, on CIBC's website, or by calling 1-800-465-2422 and asking for the mailing address of your branch. Keep a copy for your records. CIBC will process the request within five to ten business days and send confirmation by mail.

If you have a large balance or complex account arrangements, consider calling or visiting in person instead, because mail closure can be slower and you will not receive immediate confirmation.

What happens to automatic payments and direct deposits

Any automatic bill payments, transfers, or recurring charges set to withdraw from this account will fail once it closes. Contact each company or service that withdraws money from this account — your utility provider, insurance company, subscription services, employer payroll, or government benefit programs — and update their records with a new account number at least one week before closure.

If you receive direct deposits (paycheque, government benefits, pension), notify your employer or the paying organization with your new account details before the account closes. A missed direct deposit can take weeks to redirect, and you may face delays in receiving funds.

Handling a joint account or account with a power of attorney

If the account is joint (two or more owners), all owners must consent to closure. Visit a branch together with ID, or have one owner call CIBC and request that the other owner call to confirm consent. CIBC will not close a joint account without confirmation from all parties.

If someone holds power of attorney over the account, they can request closure on your behalf, but they must provide the power of attorney document to CIBC staff. The document must be current and valid under your province's laws. Bring the original or a certified copy to a branch, or mail it with your closure request.

What to do if you have an overdraft or outstanding fees

CIBC will not close an account with a negative balance. If your account is overdrawn, deposit funds to bring it to zero or positive before you request closure. If there are outstanding fees (monthly maintenance fees, NSF charges, or other charges), CIBC will deduct these from your balance when you close. Ask the branch staff or phone representative what fees are pending so you know the exact amount you will receive.

If you dispute a fee, resolve it before closure. Once the account is closed, disputing charges becomes more difficult because you no longer have active access to the account.

After your account closes: what to keep

Keep the closure confirmation letter CIBC sends you. This letter shows the date the account closed and the final balance. You may need it for tax purposes, to prove the account is closed if a company tries to withdraw from it, or to resolve disputes later.

If CIBC sends a cheque for your remaining balance, deposit it within 90 days. Cheques older than 90 days may not be accepted by your bank. If you lose the cheque or it is not deposited within that window, contact CIBC with your closure confirmation letter and they can issue a replacement.

Frequently Asked Questions

Can I reopen a CIBC savings account after I close it?

Yes. You can open a new CIBC savings account at any time by visiting a branch, calling 1-800-465-2422, or opening one online through CIBC's website. The new account will have a different account number. There is no waiting period or penalty for reopening.

What if I close my account but forget to update a bill payment?

The payment will fail and the company will not receive funds. Contact the company immediately to update your payment method. They may charge a late fee or suspend your service if the payment is not received. Avoid this by updating all automatic payments at least one week before closure.

Do I need to close my account in the same branch where I opened it?

No. You can close your account at any CIBC branch, by phone, or by mail. The branch location does not matter. If you close by mail, send the letter to your local branch for faster processing, but any CIBC branch can handle the request.

How long does CIBC keep records after I close my account?

CIBC keeps account records for seven years after closure. If you need a statement or transaction history after closure, contact CIBC with your account number and they can provide it. After seven years, records are archived and may take longer to retrieve.

Will closing my savings account affect my credit score?

No. Closing a savings account does not affect your credit score because savings accounts are not reported to credit bureaus. Only credit products like credit cards, loans, and lines of credit appear on your credit report.