The Globe and Mail reports in its Saturday edition that CIBC has agreed to pay $10-million in a proposed settlement of a class-action lawsuit regarding non-sufficient funds fees. A Canadian Press dispatch to The Globe reports that the case took issue with CIBC's practice of charging NSF fees on re-presented preauthorized debit transactions between Sept. 21, 2020, and May 31, 2024. CIBC does not admit any liability in the proposed settlement reached on June 24 that came together with the help of a mediator. A court hearing to approve the settlement announced by the bank will be held on Oct. 19. If the settlement is approved, CIBC will directly deposit funds into the bank accounts of eligible class members. The class action was certified by the Ontario Superior Court of Justice in 2024. Similar settlements have been reached with Royal Bank of Canada, Toronto-Dominion Bank and Bank of Nova Scotia in the past. Scotiabank agreed to pay $10.45-million in March, RBC agreed to pay $7.05-million in 2025, while TD agreed to pay $15.9-million in 2023. CIBC is alleged to have charged multiple NSF fees on a single rejected payment or bounced cheque, based on a court document from 2022 when legal proceedings began.