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.
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Higher insurance premiums were also charged on optional creditor insurance.
Refunds are being made with interest.
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Average refunds of about $50 will be issued until October.
CIBC is notifying affected current and former clients directly.
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