CIBC refunding 1.4 million credit card customers for years of improper fees

TORONTO — 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.

Higher insurance premiums were also charged on optional creditor insurance.

Refunds are being made with interest.

Average refunds of about $50 will be issued until October.

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CIBC is notifying affected current and former clients directly.

The bank declined to disclose how the error was discovered but says the issues have been corrected.

Companies in this story: (TSX:CM)

The Canadian Press

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