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CIBC

Banks CIBC

CIBC at a glance

Canadian Imperial Bank of Commerce, commonly known as CIBC, is a full-service financial institution. Founded in 1867, it is one of Canada’s “Big Six” banks. Every day, over 1,100 bank branches and 3,400 ATMs meet the needs of millions of CIBC customers. Whether for day-to-day banking, savings, borrowing, wealth management or other financial services, customers can easily access their accounts via CIBC’s online banking portal, mobile application or phone.

As part of its commitment to corporate social responsibility, CIBC strives to actively contribute to environmental protection. Its Climate Action Initiative provides resources to help customers adopt a low-carbon lifestyle. In addition, the bank offers responsible investment options and a CIBC Green Vehicle Loan, reflecting its commitment to a more sustainable future.

CIBC's digital banking expertise

Since 1995, CIBC customers have benefited from online banking services. Drawing on its years of experience in the digital sector, CIBC has developed a robust, secure and intuitive platform. Customers can browse the CIBC site and use the mobile app for their day-to-day banking, monitor their credit score free of charge, obtain personal financial information, open new accounts, and much more.

The CIBC application enjoys favourable recognition from its users, with high ratings on Google Play and the Apple App Store, testifying to general satisfaction among tens of thousands of users.

Please note that to take full advantage of CIBC’s online banking services on your device, you must first register your CIBC debit or credit card.

Security of funds and deposits at CIBC

Safety is a significant concern at CIBC. Customers are protected against undue losses due to fraudulent transactions, bank insolvency, or external threats.

Like many Canadian institutions, CIBC is insured by the Canada Deposit Insurance Corporation (CDIC), guaranteeing up to $100,000 in deposits. In addition, the Canadian Investor Protection Fund(CIPF) safeguards investors’ assets with accounts at CIBC.

CIBC Account Types

CIBC offers various types of accounts and services, which are described below:

  • CIBC Credit Cards
  • CIBC Chequing Accounts
  • CIBC Savings Accounts
  • CIBC investment accounts
  • Other CIBC accounts and services

CIBC Credit Cards

CIBC offers Visa and Mastercard credit cards for personal, business, student and U.S. dollar spending.

Customers enjoy travel points, benefits, cash back or no-annual-fee benefits on CIBC Rewards Cards in partnership with Aventura, Aeroplan and Costco.

Among CIBC’s popular credit cards are the Aventura credit cards(travel points) :

CIBC cash back credit cards :

CIBC Chequing Accounts

CIBC offers preferential rates on its chequing accounts for children, students, seniors, foreign workers and newcomers to Canada. All our chequing accounts offer unlimited Interac transfers, with the exception of the Pratique account. Some accounts waive the monthly fee for customers who maintain a defined minimum balance.

  • CIBC Everyday Chequing Account: 12 transactions per month for a monthly fee of $4.
  • CIBC Smart Chequing Account: Choose the number of transactions per month for a fee of up to $16.95 per month. No monthly fee if you maintain a minimum daily balance of $4,000.
  • CIBC SmartSteps Plus Chequing Account: Unlimited transactions with no monthly fee, provided you maintain a daily balance of $6,000 in your chequing account or $100,000 in eligible savings and investments combined.

CIBC Savings Accounts

None of CIBC’s personal savings accounts charge a monthly fee.

  • CIBC eAdvantage Savings Account: Benefit from a standard interest rate on all your balances and a higher interest rate when your savings exceed $200 in any month.
  • CIBC US$ Personal Account: Manage your U.S. dollar deposits and withdrawals while earning modest interest on your savings.
  • CIBC RRSP Daily Interest Savings Account: Help build retirement savings with guaranteed principal and interest rates.

CIBC investment accounts

Here are the different investment accounts offered by CIBC:

  • Non-registered cash account: basic account with no tax benefits or contribution limits
  • Non-registered margin account: investors borrow money for their investments
  • Registered Retirement Savings Plans(RRSPs)
  • Tax-Free Savings Accounts (TFSAs)
  • Registered Retirement Income Funds (RRIF)
  • Registered Education Savings Plans (RESPs)
  • Registered Disability Savings Plans (RDSPs)
  • Locked-in retirement accounts (LIRAs)
  • Life Income Fund (LIF)

Other CIBC accounts and services

CIBC also offers other types of accounts and services:

  • Loans and lines of credit
  • Mortgages
  • Insurance
  • Guaranteed Investment Certificates
  • Financial planning and wealth management
  • Bonds, mutual funds, ETFs, stocks and options
  • Business bank accounts and financing solutions

CIBC fees

CIBC banking fees may vary depending on the accounts you hold and how they are used. Here are some common charges you may encounter when using CIBC financial products and services:

  • Insufficient funds: $45
  • Overdraft protection: $5 per month or pay-per-use options for certain accounts
  • ATM : Up to $5
  • Inactive account fee: $20 for 2-4 years; $30 for 5-8 years; $40 for 9 years (not applicable to customers aged 18 or under).
  • Account transfer to another financial institution: $100 for a registered account and $19.50 for a regular account.

Who CIBC is for

CIBC offers a range of products similar to those of other major banks, with account bonuses, rewards and reduced fees.

Beyond the diversity of banking options, it stands out for its efforts to satisfy different target audiences. Whether for individual clients, businesses, students or newcomers to Canada, CIBC strives to meet their specific needs.

The bank relies on technological innovation and climate-friendly initiatives to strengthen its customer relationships. So, whether you’re looking for a forward-looking or environmentally conscious bank, CIBC could be the ideal choice.

Frequently asked questions about CIBC

How do I reach CIBC?

You can call CIBC at 1-877-225-5266 or visit one of their branches for a face-to-face interaction.

How do I contact CIBC Costco?

You can call CIBC about your CIBC Costco Mastercard credit card at 1-866-346-2999 .

How do I activate my CIBC card?

Log in to your CIBC account to activate your card. If you do not yet have access to online banking, register on the CIBC website using your CIBC credit card.

How do I activate my CIBC Costco card?

You can activate your CIBC Costco Mastercard credit card by calling 1-866 346-2999 .

How do I pay my CIBC Costco account?

You can make a payment on your CIBC Costco Mastercard via the CIBC Banking mobile app or via CIBC Online Banking. You can also add CIBC Mastercard as a beneficiary through your current bank.

Are CIBC's online services accessible from abroad?

Yes, thanks to our online banking portal and mobile application, CIBC customers can access their accounts and carry out transactions from anywhere in the world.

Is the CIBC mobile application secure?

Absolutely, CIBC places great importance on digital security, and its mobile application is designed with state-of-the-art security measures.

Does CIBC offer international banking services?

Yes, CIBC is present in over 10 countries, offering a range of international financial services.

Does CIBC offer banking services for businesses?

Yes, CIBC offers a full range of commercial banking services, including current accounts, loans, investment solutions and financing options.

How do I open an account with CIBC?

To open an account with CIBC, you can visit a local branch, call customer service or use the online portal to start the process.

National Bank or CIBC?

National Bank and CIBC are two of Canada’s leading financial institutions. With a presence in almost every province, CIBC offers a wide range of financial products. National Bank, meanwhile, has a strong footprint in Quebec, while also offering a diversity of services across the country. Your choice will depend on your personal needs and banking preferences.

CIBC or TD?

Choosing between CIBC (Canadian Imperial Bank of Commerce) and TD (Toronto-Dominion Bank) depends on your specific needs, preferences and what you’re looking for in a bank. Here is a brief comparison of the two banks:

Presence:

  • CIBC: One of Canada’s “Big Six” banks. It has a significant presence across Canada with easily accessible branches and ATMs.
  • TD: It’s also one of the “Big Six”. TD is well established not only in Canada, but also in the United States through its subsidiary TD Bank, America’s Most Convenient Bank.

Services and Products:

  • CIBC: offers a full range of products, including chequing and savings accounts, loans, mortgages, investment services and insurance.
  • TD: TD also offers a full range of banking services, including personal, commercial and investment banking.

Technology and Online Banking:

  • CIBC: renowned for its innovative, easy-to-use online and mobile banking solutions.
  • TD: TD has also invested heavily in technology and offers leading online and mobile banking services.

Customer service: Satisfaction with customer service can vary according to individual experience. However, both banks are generally rated highly in terms of customer service.

Community involvement: Both banks are actively involved in community and charitable initiatives in Canada.

Fees and charges: Fees and charges vary according to service and can be compared to suit individual needs.

The best way to decide between CIBC and TD is to determine which services and features are most important to you, and then compare the two banks based on these criteria. If possible, visit local branches, talk to representatives and read online reviews to get the full picture before making a decision.

CIBC How much can I borrow?

Your ability to borrow from CIBC (Bank of Montreal) depends on a number of factors, including your credit rating, your income, your monthly expenses and the type of loan you are applying for (e.g. mortgage, personal, business). To determine the precise amount you can borrow, we recommend that you contact CIBC directly or visit their website to use their loan calculators. They can then provide you with an estimate based on your personal financial situation.

Why choose CIBC?

There are many advantages to choosing CIBC as your financial institution, including :

  • Solid history and reputation: Founded in 1867, CIBC is one of Canada’s largest banks and a member of the “Big Six”. Its longevity testifies to its stability and reliability.
  • Diversified offer: Whether you’re an individual, a business, a student or a newcomer to Canada, CIBC offers a full range of banking products and services, from current and savings accounts to loans, credit cards, mortgages and investments.
  • Advanced technology: CIBC has invested heavily in the development of digital banking solutions, offering customers easy access to their accounts via secure online platforms and powerful mobile applications.
  • Community involvement: CIBC is recognized for its efforts in the area of corporate social responsibility, notably through its climate initiatives and its support for various philanthropic causes.
  • International presence: In addition to its services in Canada, CIBC has a global presence, offering international banking services and solutions for those with cross-border banking needs.
  • Customer service: CIBC focuses on customer satisfaction, with service centers available 24/7 and a dedicated team to address customer needs and concerns.
  • Green initiatives: With a growing commitment to sustainability and climate action, CIBC offers responsible investment options and products such as the Green Car Loan.

Where can I find SWIFT CIBC?

CIBC’s SWIFT code is CIBCCATTXXX.