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How to Cancel CIBC Payment Protector Premium: An Essential Guide

Whether you are looking to cut back on costs, or no longer require the services that CIBC Payment Protector Premium provides, this guide will help you understand how to successfully cancel your subscription. We will guide you through the process using online banking, the mobile app, or by calling customer service.

What is CIBC Payment Protector Premium?

Before we dive into the cancellation process, it's important to understand what CIBC Payment Protector Premium is. It's an insurance product that helps CIBC credit card holders manage their monthly repayment obligations in case of unexpected life events such as illness, disability, job loss, or even death.

Option 1: Cancel CIBC Payment Protector Premium via Online Banking

The first, and often the most convenient method to cancel your payment protector premium, is by using your CIBC online banking account. To do this, follow the steps outlined below:

• Log in to your CIBC online banking account using your card number and password.
• Go to 'My Accounts' and select the credit card for which you have the payment protection plan.
• Find 'Account Services' or similar on the side menu and click on 'Payment Protector Insurance'.
• Select 'Cancel Payment Protector'. A confirmation window will appear.
• Confirm your cancellation. CIBC will then begin processing your request.

Option 2: Cancel via the CIBC Mobile App

If you're on-the-go, you may find it easier to cancel your payment protector premium using the CIBC mobile app. Here's how to do it:

• Open the CIBC Mobile Banking App on your device and login using your credentials.
• In the 'Menu', find 'Insurances' and then select 'Payment Protector Insurance'.
• Tap 'Cancel Insurance'. You will get a pop-up window to confirm the cancellation.
• Confirm your decision to cancel. An associate from CIBC will reach out to you to confirm your cancellation, which may take a few business days.

Option 3: Cancel by Calling CIBC Customer Service

If you prefer to speak to a representative directly, you may cancel your subscription over the phone. To do this, simply follow these steps:

• Call the CIBC Customer Service Centre at 1-800-465-2422.
• When prompted, select 'Credit Card Services' and then 'Cancellation of Payment Protector Premium'.
• Speak with a representative who will guide you through the process.
• Remember to ask for and note down a reference number for your call.

Important Tips to Keep in Mind

Cancelling your CIBC Payment Protector Premium won't affect your credit card services. However, it is essential to make sure all your payment commitments are fulfilled even after cancellation. Always check the terms and conditions about the cancellation and any potential charges that may apply.

The cancellation process may take a few days to take effect, so continue making any necessary payments until you receive confirmation of your cancellation.

It's always a good idea to make sure you've considered all your options and potential future needs before cancelling a protection service.

Conclusion

Cancelling your CIBC Payment Protector Premium doesn't have to be a daunting task. Whether you choose to cancel via online banking, the mobile app, or over the phone, follow the outlined steps and you should have a smooth cancellation process.

Should you encounter any problems, don't hesitate to get in touch with CIBC customer service. Their representatives are trained to handle queries and help you resolve any issues you may encounter.

References

• CIBC Payment Protector Insurance for Credit Cards – CIBC website
• How to Cancel CIBC Services – CIBC Customer Service