CIBC and Simplii NSF Fees Class Action
Reviewed by Marty Mikhail, lawyer licensed by the Law Society of OntarioLast verified How we verify
Status
Claims not yet openEstimated Payout
About $35 per eligible person
Approval hearing
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About this claim
If you held a CIBC or Simplii personal deposit account opened before February 1, 2024 and were charged an NSF fee on a re-presented pre-authorized debit between September 21, 2020 and May 31, 2024, you may be eligible for a payment estimated at about $35 deposited directly to your account.
See the questions the eligibility checker asks
The checker asks these questions. Use the Check Eligibility button to answer them and see a result.
- Are you a resident of Canada?
- Did you hold a CIBC or Simplii personal deposit account that was opened before February 1, 2024?
- Was your account charged a non-sufficient funds (NSF) fee on a re-presented pre-authorized debit transaction between September 21, 2020 and May 31, 2024?A re-presented pre-authorized debit is a payment that was submitted again after first being returned because of insufficient funds.
- Between September 21, 2020 and May 31, 2024, were you charged a second $45 NSF fee within 2 to 30 days of a previous $45 NSF fee for a pre-authorized debit from the same merchant and in the same amount?For CIBC customers the second fee must have been charged by February 1, 2024, and for Simplii customers by December 18, 2022.
- Is your CIBC or Simplii account still open and able to accept deposits?Payments will be deposited directly into your account, so it must be open on the distribution date.
Read more
A class action in Ontario says CIBC and its Simplii Financial division improperly charged customers more than one non-sufficient funds (NSF) fee on a single payment. When a pre-authorized debit bounced and the business tried to collect it again, the bank allegedly charged a second $45 NSF fee for the same payment. The lawsuit says this violated the bank's contract with its customers. CIBC denies the allegations and has not admitted any wrongdoing.
To resolve the case, CIBC has agreed to a proposed settlement of $10 million. The Ontario Superior Court of Justice will decide whether to approve the settlement at a hearing on October 19, 2026. If it is approved, eligible customers will not need to file a claim: an estimated payment of about $35 will be deposited automatically into their CIBC or Simplii account. Legal fees and other court-approved expenses will be deducted from the total settlement before payments are made.
Class Counsel
- Koskie Minsky LLP
- Phone1-866-778-7985
- Email[email protected]
- MailKoskie Minsky LLP, 20 Queen St W, Toronto, ON, M5H 3R3
- Websitehttps://kmlaw.ca/cases/cibc-duplicative-nsf-fees-class-action/
Proposed Settlement Documents
Opting out
The deadline to opt out was and has passed. Opting out is no longer available. Class members who did not opt out remain in the class and are bound by the outcome.
Objecting
The deadline to object was and has passed. Objections can no longer be filed. The court considers the objections it received when deciding whether to approve the settlement.
Frequently Asked Questions
How much money could I receive?
CIBC has agreed to pay $10 million to settle the case. After court-approved legal fees, funding fees, disbursements, an honorarium, and expenses are deducted, the remaining fund will be shared equally among eligible class members. The payout is currently estimated at approximately $35 per person.
Do I need to file a claim?
No. If the settlement is approved, eligible class members will not need to submit a claim. The payment will be deposited automatically into their CIBC or Simplii personal deposit account.
When will I get paid?
The court will decide whether to approve the settlement at a hearing on October 19, 2026. If it is approved, CIBC will begin depositing payments into eligible class members' accounts within about 30 business days after the approval becomes final.
Can I still opt out of or object to the settlement?
The deadline to opt out was August 31, 2026 and has passed. Opting out is no longer available. Class members who did not opt out remain in the class and are bound by the outcome.
What happens if I do nothing?
You remain in the class and will be bound by all court orders. If you are an eligible class member and the settlement is approved, you will automatically receive a deposit to your CIBC or Simplii account.
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