Funds held in the Canada RSP and RIF plans will stop earning interest in …

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The text of the email states We may stop making interest payments on your RIF holdings in the future, but for now your funds will continue to earn interest on them. However, we do not anticipate this will be the case in the future, please visit the RSP website and look for the interest-free period. The email goes on to give you the option to withdraw your funds or add more funds, all of these options may be done via the online banking section on your RSP, however the more secure and easier option is to withdraw via debit card. Please note that you will not be able to transfer funds to your RIF account on the RSP site, you will need a debit card for this process. Please note that not all banks are capable of processing debit card transactions directly and in some cases transactions do not go through. You may encounter some additional costs at the bank and at the point of sale and you are responsible for paying all fees associated with transferring funds from the bank to the RSP. In some cases, you may also not receive complete reimbursement of the amounts transferred as we do not have control over how many of your RIF funds we include in a transaction. We recognize that if you dont have access to a bank account, some ATM or retail currency exchange may not be an option for you in your specific circumstance. If you choose to withdraw your funds, and your RIF holdings have not been managed so you have enough left to pay your bill each month, we will be reimbursing you fully for the funds you withdraw. Please note that we will not be able to transfer any funds that were not initially held in your RIF account. If, for example, we transfer money in your name and it does not cover your monthly payment, you will not be reimbursed. Also, please note that any withdrawal of funds will take place on a pro-rated basis as we will not be able to transfer the full amount available to you right away, once we determine how much money will be owed on your account. This may result in a gap between your remaining funds in your RIF account and the amount of money available to you if we must reimburse you through a transaction. Any refund will be given based on your annualized balance at the time of the transfer. If we do not need to reimburse you for all you have withdrawn, we can give you credit for any of your funds that were not included in your withdrawal. We will also send a note to you detailing all the steps required to make the transfers. Our customer care team will be in touch next month, and we will keep you apprised of the details of the repayment process. Best regards,Consumer RelationsCanadian Imperial Bank of CommerceIn the last few years banks have been offering free or low cost online banking options.

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