CIBC Issuing Refunds To Customers Who Were Improperly Charged Credit Card Fees
The Canadian Imperial Bank of Commerce (TSX: CM) announced that it is refunding 1.4 million customers for improperly charging credit card fees over the past 14 years.
The country's fifth-largest bank says some credit card accounts in Canada may have been incorrectly charged a fee for exceeding their credit card limit between 2003 and 2017. Higher insurance premiums were also charged on optional creditor insurance.
Refunds are being made to customers with interest accrued. The average refund per credit card will be about $50 and will be issued this coming October, said CIBC in a news release. The bank is notifying affected current and former clients directly.
Additional information about the refunds can be found on the CIBC website.