The Canadian Imperial Bank of Commerce (CIBC) has been fined $3 million for billing irregularities affecting more than 130,000 credit card accounts over an 18-year period, according to a decision issued by a national financial watchdog.
In her decision published on June 22, Judith Robertson, commissioner of the Financial Consumer Agency of Canada (FCAC), said the CIBC was found to have garbled accounts for customers who reported lost or stolen cards—in some cases improperly charging interest and fees.
