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CIBC myChoice Checking account review
Get perks and earn interest on qualifying balances.
The CIBC myChoice Checking account is an interest-bearing account with ATM access, mobile banking and the option to waive fees. But a $50 opening deposit is required and the CIBC ATM network is limited.
$15 per month
Monthly fee
$50
Minimum deposit to open
Details
| Monthly fee | $15 per month |
|---|---|
| To waive the fee | The fee is reduced to $12.00 if you elect to receive electronic statements through CIBC NetBanking instead of paper statements. |
| Minimum deposit to open | $50 |
| ATMs | 27 ATMs in Illinois, Missouri and Wisconsin |
| Out-of-network ATM fee | Fees at non-proprietary ATMs (ATMs not owned by the Bank) charged to your account will be refunded up to $25 after the fee is charged |
| Overdraft fee | $0 |
| Nonsufficient funds fee | $45 |
What are the benefits of a checking account with CIBC?
This account comes with a free debit card and ATM access, along with the following perks:
- Interest. The CIBC myChoice Checking account is an interest-bearing account, which means you’ll earn on each dollar you deposit.
- Mobile banking. This account comes with online and mobile banking to help you access your account on the go.
- Relationship rewards. The higher your total deposits or outstanding loan balances in qualifying CIBC accounts, the better perks you qualify for. All qualifying relationship tiers waive the $15 monthly maintenance fee:
| Relationship tier | Qualifying balance | Rewards |
|---|---|---|
| Everyday Relationship | $5,000+ |
|
| Plus Relationship | $10,000+ |
|
| Premium Relationship | $25,000+ |
|
| Prestige Relationship | $50,000+ |
|
CIBC’s ATM network and fees
The CIBC myChoice Checking account comes with a free debit card and ATM access.
The CIBC ATM network includes 27 ATMs and spans three states: Illinois, Missouri and Wisconsin. A majority of available ATMs are concentrated in Illinois.
Using a CIBC ATM is free for CIBC customers, but the use of any non-CIBC ATM results in a $1 surcharge.
What should I look out for?
In addition to a limited ATM network and $1 fees for using non-CIBC ATMs, be wary of the following drawbacks:
- $15 monthly fee. Unless you qualify for a CIBC relationship discount, expect to pay a $15 monthly maintenance fee with this account.
- $50 minimum deposit. You’ll need to be prepared to deposit at least $50 to open the CIBC myChoice Checking account.
- In-person application only. There’s no option to apply for this account online which means you’ll need to apply in person at a local branch.
- Limited support. CIBC personal banking centers can be found in Illinois, Michigan, Missouri and Wisconsin, so in-person customer support is somewhat limited.
Compare with other checking accounts
How much do I need to open an account?
The CIBC myChoice Checking account requires a minimum opening deposit of $50.
Falling below this balance won’t result in any penalties, but bear in mind that the higher your qualifying account balance, the better CIBC relationship rate you’ll receive.
How do I apply?
To apply for the CIBC myChoice Checking account, you’ll need to visit your local CIBC branch.
Bring two photo IDs with you and be ready to deposit at least $50 to open the account.
Eligibility
You’ll need to meet the following criteria to be eligible for a CIBC myChoice Checking account:
- Be a US citizen older than 18
- Have two forms of photo ID
- Have an initial deposit of at least $50
- Be a resident of Illinois, Michigan, Missouri or Wisconsin
Required information
Before you apply, gather the following pieces of information:
- Name, date of birth and residential address
- Contact information
- Two forms of photo ID
- External bank account number and routing number of funding account
What other checking options does CIBC offer?
The other checking accounts in CIBC’s product line are:
- iCan Checking. The iCan checking account is a non-interest bearing account that offers CIBC relationship perks alongside mobile banking and ATM access.
- HSA Checking. This interest-bearing health savings account has no annual fees and offers the potential for tax-exempt contributions.
- EasyPath Access. You’ll get no monthly fees, no minimum balance requirements and no overdraft fees, but the account is non-interest bearing.
Does this bank offer business services?
If you run a small business, CIBC has four business checking accounts for you to choose from:
- Simplified Business. This business checking account comes with 500 free transactions and requires a minimum monthly balance of $2,500 to avoid the $10 monthly account fee.
- Executive Business. This account offers up to $25 in foreign-bank ATM fee refunds per billing cycle and requires a minimum monthly balance of $10,000 to waive the $25 monthly account fee.
- Analysis Business. Access cash vault services, ACH services, sweep accounts and positive pay with fees that vary by transaction type.
- Nonprofit. Designed for nonprofits with low transaction volumes, this business checking account comes with 500 free transactions and remote deposit capture. A monthly account balance of $1,000 or more must be maintained to avoid the $5 monthly fee.
Bottom line
The CIBC myChoice Checking account is an interest-bearing account that generates interest on your funds. It offers ATM access, mobile banking and opportunities to waive fees, but requires a $50 opening deposit and its ATM network is limited.
Interested in additional account options? Check out the checking accounts offered by other providers to find the features that fit your financial needs.