CIBC $10M NSF Fee Class Action Settlement (Canada)

Bank Fees · Pending — Automatic Payment

What Is This Settlement About?

Canadian Imperial Bank of Commerce (CIBC) has agreed to a proposed $10 million CAD class action settlement resolving claims that it charged customers more than one non-sufficient funds (NSF) fee on a single payment. The lawsuit, Campbell v. Canadian Imperial Bank of Commerce, alleged that when a pre-authorized debit or cheque bounced and the merchant re-presented (retried) the same payment days later, CIBC charged a second NSF fee for what was really one transaction. CIBC denies liability and admits no wrongdoing; the settlement was reached on June 24, 2026 after mediator-assisted negotiations and announced on July 2, 2026.

The case was certified as a class proceeding by the Ontario Superior Court of Justice on June 3, 2024, with Koskie Minsky LLP as class counsel. The settlement still requires court approval — the approval hearing is scheduled for October 19, 2026 — and no money will flow unless the court signs off. The same duplicative-NSF-fee theory has produced a family of parallel Canadian class actions against other major banks, and similar re-presented-payment NSF cases have settled at U.S. banks, including the Country Bank NSF fee settlement and the Equity Bank overdraft & NSF fee settlement.

Who Qualifies?

Based on class counsel's description of the settlement, payments would go to current CIBC and Simplii Financial personal deposit account customers who may have been charged an NSF fee on a pre-authorized debit from the same merchant and in the same amount as a previous transaction within 2 to 30 days — the fingerprint of a re-presented payment. The eligibility windows run from September 21, 2020 to February 1, 2024 for CIBC customers, and from September 21, 2020 to December 18, 2022 for Simplii Financial customers. (The litigation as announced covers re-presented payment NSF fees charged between September 21, 2020 and May 31, 2024.)

Because payments would be deposited directly into class members' existing accounts, eligibility is determined from CIBC's own records — customers do not need to prove anything or track down old statements. Class counsel has indicated eligible members will receive a notice from CIBC. One open question the public materials do not yet address is how former customers who have since closed their accounts would be handled; we will update this page when the court-approved notice spells that out.

Note for U.S. readers: this is a Canadian settlement covering Canadian personal deposit accounts. It is not a U.S. claims program. For comparable U.S. cases, see the bank-fee settlements linked above.

How Much Can You Get?

No individual payment estimate has been published, and none is possible yet: each eligible member would receive a pro-rata share of the $10 million CAD fund after court-approved deductions such as legal fees and administration costs. The final amount depends on how many customers qualify. Any figures you see promising a specific dollar amount per person are guesses — treat them accordingly.

What Happens Next?

The Ontario Superior Court of Justice will decide whether to approve the settlement at a hearing on October 19, 2026. If approved, CIBC would deposit payments directly into eligible class members' CIBC or Simplii accounts — automatically, with no claim form, no sign-up, and no ID code to enter. If the court does not approve the settlement, the litigation would continue.

Because there is no claim form, there is also nothing to file and no deadline for class members to act right now. Be cautious of any website or message that asks you to "register" or pay a fee to receive your CIBC settlement payment — that is not how this settlement works, and unsolicited requests like that are a common settlement scam pattern.