Personal and business accounts with relationship perks and mobile banking.
Canadian-based CIBC has a sweeping range of banking products for both individuals and small businesses. From checking and savings accounts to business loans and reverse mortgages, this provider has plenty to offer.
What banking products does CIBC offer?
Small business banking
How does CIBC compare to other banks?CIBC is one of the five largest banks in Canada, with over $565 billion in total assets. While it certainly holds its own in Canadian markets, it’s edged out by Canadian competitors Bank of Montreal and Bank of Nova Scotia with $709 and $915 billion in total assets, respectively.
Why should I open an account at CIBC?
In addition to the resources and dependability of a well established bank, CIBC can offer the following:
- Option to waive fees. On many accounts, CIBC waives the fee if you maintain a monthly account balance minimums.
- Relationship perks. The higher your total deposits in qualifying CIBC accounts, the better relationship perks you’ll receive, including ATM fee rebates, free checks and interest rate bonuses.
- Large product suite. CIBC has a number of personal and business banking products to offer, alongside personal loans, home loans and lines of credit.
- Mobile banking. Access your account from your mobile device using the CIBC mobile banking app, free to download for both Android and iOS.
What should I look out for?
A limited branch network means limited in-person customer support along with the following:
- Fees. While some CIBC accounts offer the option to waive monthly account fees, you may also encounter $10 excessive transaction fees and $1 non-CIBC ATM fees.
- Unclear rates. Many of the interest rates for CIBC’s savings products aren’t available online, which means you’ll need to call, email or visit a CIBC branch to find out what rate you qualify for.
- No online application. With the exception of its CIBC Agility Savings account, you can’t apply for CIBC’s checking and savings accounts online.
- Limited availability. Many of CIBC’s banking products are limited to in-person applicants only. So, unless you live in Illinois, Michigan, Missouri or Wisconsin, the four states CIBC services, you won’t be eligible to apply.
CIBC reviews and complaintsCIBC isn’t an accredited business with the Better Business Bureau, but does receive an A+ BBB rating.
The Consumer Financial Protection Bureau lists 22 complaints against CIBC, with a majority of complaints lodged against its home loan products. Customers complain of slow loan processing, hidden fees and account closures as a result of cryptocurrency transactions.
On the upside, people praise CIBC’s friendly, in-person customer service and speak highly of the ease and speed of its online and mobile banking platforms.
CIBC customer service
You can get in touch with CIBC in following ways:
- Phone. Call 877-448-6500, Monday to Friday from 8 a.m. to 7 p.m., and Saturdays from 8 a.m. to 1 p.m. CST.
- Email. Send your question, comment or query to firstname.lastname@example.org for a reply from customer support within one business day.
- In person. Visit a CIBC bank branch to speak with a customer support representative in person.
Canadian owned and operated, CIBC has a lot to offer its US neighbors. While some of its accounts are limited to in-person applicants, it does offer mobile banking, relationship perks and the option to waive fees.
Review your account options and explore what other providers have to offer to get the product that’s best suited to your needs.