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15 Apr 2024

CIBC customers dinged when bank adds $5 fee to e-gift cards, calling them a ‘cash advance’

Author: admintech | Filed under: Finance/ Money
A white woman in a striped long-sleeved shirt sits are her kitchen table holding up a credit card statement with one line highlighted.

CIBC customers who recently bought e-gift cards for Starbucks, Home Depot, Canadian Tire and a host of other stores were surprised to see a $5 fee added to the transaction on their credit card statements. CIBC initially said it considers the gift cards a “cash advance,” but has now decided to scrap the fee.