I got this from a CIBC site and it might explain why I didn't receive monthly statements for this non-interest bearing dormant account. It appears it switches to quarterly statements:

Dormant (Inactive) Accounts
An interest-bearing account is considered dormant if you
have not initiated any transactions for a 12-month
period. A non-interest bearing account, including the
CIBC Everyday Chequing Account and the CIBC Unlimited
Chequing Account, is considered dormant if you have
not initiated any transactions for a 6-month period.
Dormant accounts that receive a monthly statement will
automatically be switched to quarterly statements.

They only notified me because I asked the teller at the counter to check into why the account was closed. I gave her my name and number and it took her 5 days to get back to me. I would definately appreciate the info by private message. I wonder if it might be helpful to find a directive from CIBC with respect to closing dormant accounts (eg. if they must send the client a letter to advise them)

Those will usually purge from your credit history in 6 years from the date of last activity. I would try and fight it the credit bureau must provide you with burden of proof from that collector and you will have to have burden of proof also if you have paid or closed that account down. If you can prove it the credit bureau must investigate and remove it in 30 days if the creditor cannot prove it is your debt and you can.

I bank with RBC and recently we checked our credit history and there was a few hit enquires that we were'nt aware of months from each other from RCB and RBC says they have nothing in their records about it but they are calling the manager himself to enquire why it is there. We would like to know why it said it is not disclosed on our credit history and doesn't impact our credit score. Sad day in hell I would belive what a credit bureau says because they have a bunch of stuff on ours we have been trying to clean up for the last two years that doesn't belong there.

If the bank admits there mistake I would try and get a statement or fact written out and given to you and then take it to the credit bureau to have it removed if you are in the right. It is what we are gonna to ask for RBC to do so there will be no arguement with the credit bureau and they would have no choice but to do it. I do not care what the credit bureau says about the enquiry every or any equiry may hurt your credit history. Lenders take those into account regardless of soft or hard enquiry. If my banks have no knowledge of them and equifax doesn't have it but Trans Union is doing something wrong.

If cibc is calling it’s a good chance it hasn't made it on your credit file yet. I can send you the information on here through private message and you can call her on Monday.

I would really appreciate her name and number. If you like, I can provide you my email if you don't want the info made public. Do you think the debt has gone to Equifax already? I have just ordered my credit report but it won't be for another few days. CIBC called me today at 4:30 pm to give me the news. I had been into the bank on Monday. So I'm left to stew over the weekend with no-one at the bank to give me info.

This is like a nightmare. Why would they not give us the courtesy of a phone call or a letter? We were not even given the opportunity to pay the amount off. They just wrote it off themselves without giving any notice. I spoke with the branch manager and asked if there was a notation on the file of any letter going out to us to inform they were closing the account and that there was a balance owing and she said "no". She did say that there was a notation of statements being sent but I have only received two in the past year.

In the past, I have had a creditor ask Equifax to remove a name from the credit report and they have done it and the report was modified. Should I believe the bank if they say that they can't do it or that it's against bank policy? thanks again.

I would complain like hell. If you have an account with a monthly fee it doesn’t matter if you use the account or not you should still get a statement. If they were planning to close the account a letter should have been sent out. I have a name and number of a person that works at the cibc client care department. This lady helped me settle my debts. I don’t think they want to lose a customer that has a mortgage with them. I would complain and state to her if this matter is not corrected to my satisfaction say good bye to the mortgage on renewal.Cibc had an image problem years ago and they go out of their way to keep customers happy. This lady is very professional and understanding and I would approach her with politeness.

When we switched our mortgage to CIBC a few years ago, they offered us a chequing account with overdraft. We didn't really want it since we already both had overdraft on other accounts but we said okay. We used it once or twice, and then paid it and let it sit dormant.

The other day I went to the CIBC teller because I had a little extra money I wanted to put away in that account. She told me the account was closed. Anyway, I had her check it out and got a call from her today.

It turns out the account was closed and was put into collections in October 2008! I freaked-out. It turns out that this account was a "fee" account that that was accruing payments every month that was going into the overdraft. Since we never used the account and we hadn't received any statements in ages, we didn't know that it was in overdraft! They didn't send us a letter advising that the account was dormant and they were closing it - they didn't let us know it was in overdraft - they gave us no notice at all. All that was owing was $102.00. If they had of sent us a letter, we could have paid it off that very day.

We hold a mortgage with CIBC and I will never renegotiate a mortgage with them again for this. At any rate, what is the chance that it is already in Equifax and Transunion? Is there any possibility that we can pay them the $102 and any administration fee and ask that they remove it? Is it the banks responsibility to send you a letter to let you know they are closing an account and that there is money owing on it? This was a joint account and affects both of our credit. Prior to this, we both had excellent credit ratings, several major cards and two lines of credit. Our debt ratio is less than what we have in savings.

I am just sick over this and am unsure of how it will effect our credit rating - All for $102!!!! Any advice would be most welcome. Thanks.