"CIBC to provide refunds to some borrowing clients

TORONTO, Apr 27, 2006 (Canada NewsWire via COMTEX News Network) -- CIBCsaid today it will be refunding clients who were overcharged for certainborrowing transactions, some of which date back to 1993. These errorswere identified as part of CIBC's focus on governance and controls, andaffect a small percentage of CIBC's client base.

The total amount being paid by CIBC is approximately $27 million,including interest, to an estimated 200,000 clients and has beenpreviously provisioned for.

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The majority of refunds will go to clients who were overcharged forcertain overdraft fees. Refunds will also be paid to clients foradjustments on mortgage charges, interest on business account overdraftfacilities, or mortgage life insurance premiums. In cases where clientswere undercharged, CIBC will not be seeking reimbursement.

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"We apologize for any inconvenience this situation has created and wantto assure our clients that the cause of these errors has beencorrected," said Raza Hasan, Senior Vice-President, CIBC Mortgages,Lending & Insurance. "We have conducted a comprehensive review of allclient accounts that might be affected, and are initiating refunds forthese clients."

Beginning April 28, 2006, most clients receiving a refund will beautomatically refunded by electronic funds transfer or cheque, andnotified by letter. Where clients no longer deal with CIBC or whereup-to-date information is not available, CIBC will launch a clientnotification program advising clients and former clients on how to applyfor a refund. Clients wanting more information can visit the bank'swebsite at www.cibc.com/ca/repayment or contact CIBC's dedicatedcustomer service line at 1-877-248-4025.

SOURCE: CIBC

SOURCE: Canadian Imperial Bank of Commerce"
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