If you use CIBC, you could be eligible to claim some money from a $10-million class-action settlement.
This is different from a separate class action involving mutual funds and Renaissance Mutual Funds, which is also ongoing. You can read more about here.
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CIBC Duplicative NSF Fees Class Action
A proposed $10-million CIBC class-action settlement has been ongoing since June 2024. The deal relates to allegations that CIBC charged multiple NSF fees for the same failed transaction.
The class action involves customers being charged multiple NSF fees for a single attempted transaction. Non-sufficient funds, or NSF, is a banking term used when there isn’t enough money in an account to cover a payment.
It is alleged that CIBC violated the Consumer Protection Act through “unfair and deceptive practice” by charging additional fees on retry attempts for the same item.
A 2021 report showed CIBC made $797 million from Canadian customers in deposit and payment fees, including NSF fees.
CIBC has not admitted liability and denies liability. However, last Thursday, the financial institution said it had finally reached a proposed settlement in this ongoing class-action lawsuit.
Under the terms of the proposed settlement, CIBC has agreed to pay $10 million.
Am I Eligible?
You may be covered if you have or had a personal deposit account with CIBC and were charged more than one NSF fee on a single payment or cheque since Jan. 1, 2012.
A hearing is set for Oct. 19, 2026, when the Court will decide whether to approve the proposed settlement.
If the settlement is approved, CIBC will go through its records to find all customers eligible for compensation. If you qualify, CIBC will send you a notice. You won’t need to file a claim — the money will be deposited directly into your CIBC or Simplii account.
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