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Frequently asked questions

Get answers to all your questions, from what happens when you miss payments to why CIBC might be calling you.

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FAQ

Payment

How can I pay off my line of credit? Select to show or hide answer.

You can pay your line of credit in a number of ways.

If you’re paying with your CIBC bank account, you can:

Complete CIBC Online Banking transfers
Call CIBC Telephone Banking
Go to a CIBC Banking Centre
Make a pre-authorized payment
Go to a CIBC ATM
Add your personal line of credit as a bill payee using the account number

If you’re paying with an account from another financial institution, you can:

Send yourself an Email Money Transfer (EMT) and deposit the funds into your CIBC line of credit
Make a pre-authorized payment
Add your personal line of credit as a bill payee using the account number
Go to a CIBC Banking Centre

If you can no longer access your CIBC line of credit through online or mobile banking, you can:

Go to a CIBC Banking Centre
Add your line of credit as a bill payee using the account number

Why isn't the credit card payment I’ve just made reflected on my balance? Select to show or hide answer.

We need to receive and process your payment before the balance showing in your account can be updated. This may take 3 to 5 business days depending on your payment method.

For example, if you make a payment from a CIBC account by transfer or bill payment, it could take up to 3 business days before the balance is updated. If you make a payment from a non-CIBC account or by cash or cheque, it could take up to 5 business days before the balance is updated.

Your current monthly statement won’t show a payment we receive that’s not posted by the payment due date. It’ll be updated on the following monthly statement. For more details, read your Cardholder AgreementOpens a new window in your browser..

Phone calls

Why am I getting calls about my bank account? Select to show or hide answer.

CIBC may be contacting you about your chequing or savings account due to one of the following reasons:

CIBC Overdraft Protection Service

You need to deposit enough money to bring your account into a positive balance for at least one full business day once every 90 days. If CIBC is contacting you, it’s likely your account has been in overdraft for more than 90 days.

You’ve exceeded your overdraft limit

If you have CIBC Overdraft Protection Service, in some cases, banking fees and pre-authorized payments cause your account to exceed your overdraft limit. CIBC could be contacting you to request that you deposit money into the account to bring it within the overdraft limit.

Bank accounts in the negative

Banking fees and pre-authorized payments may cause your accounts to have a negative balance, even if you don’t have CIBC Overdraft Protection Service. CIBC could be contacting you to request that you deposit enough money into the account to bring it to a zero balance.

CIBC has solutions available for clients struggling to make the required deposit. To find out whether you’re eligible, contact one of our trained credit counsellors at 1-855-990-1011Opens your phone app..

Are automated calls from CIBC legitimate? Select to show or hide answer.

To contact clients more efficiently, CIBC uses automated messaging and automated self-service phone calls. If you get a call and don’t feel it’s legitimate, call the phone number on the back of your card immediately.

If you’re getting a call from any of the numbers below, it’s a CIBC credit counsellor trying to get in touch with you to offer support .

1-800-256 8580
1-866-323-9970
1-855-219-5933
1-877-275-3961
1-866-201-1275
1-800-597-5525
1-866-853-4539
1-888-256-7722
1-800-609-0086
1-877-528-2330

I’ve made a deposit to my chequing account to satisfy my overdraft requirement and bring my account to a positive balance. Why am I still getting calls from CIBC? Select to show or hide answer.

You need to have a positive balance in your overdraft account for at least one full business day once every 90 days. A business day refers to Monday through Friday during regular business hours. For example, if you deposit money on Monday during business hours, you can use the overdraft funds on Wednesday. Remember that any scheduled pre-authorized payments and monthly fees may be applicable during this time.

How do I contact CIBC about my debt? Select to show or hide answer.

CIBC Client Account Management is the department responsible for supporting clients that are struggling to make their minimum payments or have an outstanding balance on their CIBC account. Our credit counsellors work with clients to discuss available options when they can’t make their payments. If you need to discuss the options available to you to start tackling your debt, contact us at 1-855-990-1011Opens your phone app.

Risks and outcomes

Do I have to pay my bill every month? Select to show or hide answer.

Each billing cycle, you need to pay at least the minimum amount towards your outstanding credit card balance by the due date. This would keep your interest charges under control and your credit score healthy.

If you can pay more than the minimum amount each month, your interest charges won’t be as high as they are calculated on balances carried over month to month.

If you think you're going to miss a payment, tell your lender as soon as possible. They'll help you make a plan to keep your account in good standing.

Can I still use my credit card if I miss a payment? Select to show or hide answer.

If you don’t make your credit card payment on time, your payment is considered late. All CIBC credit cards include a disclosure in the terms and conditions stating a hold may be placed on your credit card if payments are late. If this happens, you won’t be able to use your credit card while the account is past due. Any pre-authorized payments that are being charged to the account will also be declined.

Once the past due payment posts, the hold is automatically removed from the account.

In some cases, this hold may become permanent due to a poor repayment history. You’ll still be responsible for repaying your credit card in full.

Tips to help you avoid late payments:

Set up alerts through online or mobile banking: AlertsOpens a new window in your browser. make it easy to stay on top of your credit card spending. You can get alerts through push notification, text message and email. Choose from alerts for upcoming payment due dates, exceeding your monthly spending budgets, approaching your credit limit, and new credit card eStatements.
Set up pre-authorized payments: Pre-authorized payments are a great way to make sure that you’ve made your payment and avoid any penalties. You can contact the number on the back of your card to set up payments for the full balance or the minimum payment.

Why has my interest rate increased? Select to show or hide answer.

If you’ve missed making payments in the past, your interest rates may have increased. There may be options to help you reduce your interest rate.

To find out if you’re eligible, contact one of our credit counsellors at 1-855-990-1011Opens your phone app.

What happens if I don’t pay my bills each month? Select to show or hide answer.

You need to pay at least the minimum amount on your credit card or line of credit each billing cycle by the due date to avoid penalties. If you’re experiencing financial setbacks and can’t make your minimum payments, your first step should be to contact CIBC credit counsellors at 1-855-990-1011Opens your phone app.. You’ll be able to speak with one of our trained credit counsellors to assess your financial situation and determine help you find a practical solution.

What may happen when you miss payments:

Your credit score gets affected
Your interest rate goes up
Holds or blocks are placed on your account
Your account gets sent to collections

Why has my credit card been declined? Select to show or hide answer.

When you use a CIBC credit card on the Plus, Interac or Visa International systems, a transaction via a chequing, savings or other account may be declined. Access to the credit card account through the debit card may also be declined. This is at the discretion of each independent financial institution and can’t be controlled by CIBC.

Also, if your CIBC credit card account is blocked due to overdue payments or failure to comply with the cardholder agreement, you won’t be able to use the card to access any deposit accounts registered on the card.

If you need any additional information or have questions about a declined transaction, contact CIBC Credit Card Services Opens a new window in your browser..

Solutions

What’s a debt consolidation loan? Select to show or hide answer.

A debt consolidation loan through a credit counsellor is available to help clients who are going through financial hardship by consolidating their CIBC debt into one loan. This type of loan is ideal for clients who are looking to get out of debt, but may or may not have the best payment history or credit.

To find out whether you’re eligible, contact one of our credit counsellors at 1-855-990-1011Opens your phone app..

Am I eligible for a debt consolidation loan? Select to show or hide answer.

CIBC has a special debt consolidation loan for clients struggling to make their required payments. To find out whether you’re eligible, contact one of our trained credit counsellors at 1-855-990-1011Opens your phone app..

What does it mean if I have insurance? Select to show or hide answer.

CIBC creditor insurance can help you reduce your balance in the event of death or critical illness. In other cases, it can make payments in the event of disability or job loss. Including insurance as part of your overall financial plan can help lighten the burden of payments for you and your family should the unexpected happen. To find out what coverage you might have, call the number on the back of your card or visit Insurance at CIBCOpens a new window in your browser..

What kind of assistance does CIBC offer to help me with my debt? Select to show or hide answer.

CIBC debt solutions are determined on a case-by-case basis, which can include reduced payments, debt consolidation or extended repayment plans.

For more information, contact one of our trained credit counsellors at 1-855-990-1011Opens your phone app..

Need to talk?

Get in touch. We’re here to help.

Call us: 1-855-990-1011 Opens your phone app.

Schedule a call