Cancel CIBC Insurance: Complete Guide

What is CIBC

Overview

CIBC (Canadian Imperial Bank of Commerce) is a major Canadian bank offering retail, business and wealth services globally.

In some markets there are partner brands or related services with similar names; check your contract to confirm which legal entity provides your service.

Presence relevant to Nigeria

CIBC does not operate a full retail banking network in Nigeria, but Nigerian customers may interact with CIBC services (cards, online services) or with partner services using similar names.

Always confirm the service provider named on your account paperwork before requesting cancellation.

How to cancel CIBC

General cancellation steps

• Locate the account or service contract and review the cancellation clause for notice requirements.
• Prepare a written cancellation request including your name, account number, and reason for cancellation.
• Send the written notice via your bank’s secure message system, registered mail, or the address specified in your contract.

Service- and product-specific actions

• General CIBC / Mahfazty (Cairo-based CI Capital type): Cancellation may be made any time by either party via written notice; immediate termination can occur if you breach the contract.
• CIBC credit cards (Canada): Card cancellations cannot be completed online. You must call CIBC’s card customer service by phone to request card cancellation.
• If you have a local branch or designated contact in Nigeria, notify them and keep written confirmation of the request.

What happens when you cancel

Access and account status

When cancellation is accepted, access to online services, mobile apps, or card functions may be disabled.

Recurring payments tied to the account or card will usually stop after cancellation, but you should cancel subscriptions separately with merchants.

Data, statements and renewals

The bank may retain records for regulatory and operational reasons; request confirmation of data retention policies if needed.

Automatic renewals for products like subscriptions or fees should stop, but verify with the bank and obtain written confirmation.

Will I get a refund?

General refund policy

No Nigeria-specific CIBC refund policy was identified in available sources.

Refunds depend on product terms, timing, and whether fees are refundable under your agreement.

Exceptions and known global examples

• Global examples show refunds to cancelled CIBC Visa cards sometimes result in a refund cheque being sent; a cheque processing fee (commonly around US$7.50) may apply but can be waived in some cases.
• Refunds may first appear as pending and then post after a delay; delays of several days are reported.
• For failed ATM transactions, Nigerian guidance from the Central Bank of Nigeria (CBN) expects banks to refund within 48 hours after investigation concludes (see local bank rules).

CIBC plans and pricing

Summary table

Your consumer rights in Nigeria

Key legal protections

Under Nigeria’s Federal Competition and Consumer Protection Act (FCCPA) 2018 consumers have rights to refunds for defective or substandard goods and services.

Relevant sections include the right to refunds for defective services (see Section 122) and the right to cancel booked orders with only reasonable cancellation charges (see Section 120).

Banking-specific guidance

• The Central Bank of Nigeria (CBN) draft guidelines require banks to refund failed ATM transactions within 48 hours once an investigation is complete.
• Keep records of communications and escalate to the bank’s complaints desk or the CBN if you do not receive timely resolution.

Customer experiences

Positive experiences

Some customers report pleasant, efficient outcomes when contacting the bank by phone or visiting a branch, with staff resolving issues effectively.

These positive cases often involved getting clear next steps and written confirmation of cancellation or refund.

Negative experiences

• Long phone hold times - examples include waits over two hours to cancel a card.
• App glitches, website crashes, and confusing online systems that slow the cancellation process.
• Difficulty resolving charges or refunds, with customers sometimes passed between representatives.
• Refunds delayed or not clearly reflected in mobile apps or online statements.

Documentation checklist

Identity and account details

• Valid photo ID (passport, national ID or driver’s licence).
• Account number, card number (last 4 digits if full number not permitted), and customer reference.

Proof and written requests

• Written cancellation request including your signature and contact details.
• Copies of statements or receipts showing disputed charges or the balance to be refunded.
• Any previous correspondence or case/complaint reference numbers.

Common mistakes

Not getting written confirmation

Many consumers rely solely on phone requests and later cannot prove when or whether the cancellation was processed.

Always obtain and keep written confirmation or an escalation/reference number.

Forgetting linked services and timing expectations

Customers sometimes forget to cancel recurring merchant payments tied to a card or account; those continue until cancelled with the merchant.

Also, expecting immediate refunds can cause frustration - refunds may show as pending and can take several days to post.

Comparative recap

At-a-glance comparison

After cancelling

What to do immediately

Keep written confirmation, monitor bank statements for final balances and refunds, and cancel any merchant authorizations separately.

If you do not see a promised refund, contact the bank’s complaints channel and retain timelines and response records.

Helpful links

• CIBC official website
• CIBC contact and customer service
• Central Bank of Nigeria (CBN)
• Federal Competition and Consumer Protection Act 2018 (overview)

Address

Head office

CIBC Square, Toronto, Ontario, Canada, M5J 0E7.

How to send written notice

Send written cancellation letters to the address above, using registered mail or courier for proof of delivery.

Also use secure messaging or the bank’s designated customer channels when available and keep copies of all sent documents.