Canadian Imperial Bank of Commerce (CIBC) has agreed to a proposed class-action settlement over non-sufficient funds (NSF) fees, according to multiple Canadian outlets. The bank would pay $10 million as part of the settlement terms. The cases focus on NSF fees CIBC charged to customers, including fees applied to re-presented pre-authorized debit transactions. The alleged conduct at issue is reported to cover transactions from Sept. 21, 2020, to May 31, 2024.
One outlet notes that the settlement agreement includes a position by CIBC that it does not admit any liability, aligning with coverage that the bank is not accepting fault as part of the proposed deal. Another report adds context that a federal fee cap introduced this year is expected to reduce costs for Canadians by more than $600 million, though this is discussed as a broader policy development rather than as part of the settlement itself.
The proposed settlement would need court approval before taking effect, though the specific approval process is not detailed in the provided summaries.
