CIBC Settles Over Repeated NSF Fees | Vancouver News

CIBC faces a potential $10 million settlement over repeated non-sufficient funds fees that disproportionately hurt low-income Canadians — customers could get automatic refunds for duplicate charges on failed pre-authorized debits between Sept 21, 2020, and May 31, 2024. The class action, filed in 2022, alleges the bank profited millions by charging multiple $45 fees for the same transaction — like a $7.95 subscription charge hitting twice — while federal rules now cap fees at $10 and ban repeat charges within two days. CIBC denies wrongdoing but agreed to the settlement with a mediator’s help in June 2026, with refunds rolling directly into eligible accounts if approved by the Ontario Superior Court in October. Listen in comfort:Get a discount on a Soli Pillow: http://solipillow.com/discount/dnn Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/b2d7a2d08260541e