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.
Get weekly money news
Get expert insights, Q&A on markets, housing, inflation, and personal finance information delivered to you every Saturday.
By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy.
Higher insurance premiums were also charged on optional creditor insurance.
Refunds are being made with interest.
- Central Alberta carbon capture hub on track to be largest in Canada
- Enbridge makes US$2.55B acquisition of pipeline, storage systems in U.S. midwest
- Choose Canada, businesses urge Albertans ahead of ‘risky gamble’ referendum
- Alberta landowners challenge ‘chronic underfunding’ for orphan well cleanup
Average refunds of about $50 will be issued until October.
CIBC is notifying affected current and former clients directly.
Comments
Want to discuss? Please read our Commenting Policy first.