A Review of the CIBC Bank USA

In addition to savings, checking, money market, and certificate of deposit (CD) accounts, Chicago-based CIBC Bank USA is a Toronto-based Canadian Imperial Bank of Commerce subsidiary. With the establishment of its digital banking department in 2018, it now provides savings accounts and certificates of deposit (C.D.s).

As well as these services, CIBC Bank USA offers home equity loans and lines of credit and personal and business loans, vehicle loans and personal loans, health savings accounts, and individual retirement accounts. The bank also offers investment management and wealth management services.

At the time of its founding in 1991, Private Bancorp was known as CIBC Bank USA, and it currently has 23 branches in four states (primarily in Illinois). People who live in the United States can use the bank's digital offerings when the Canadian Bank of Commerce and the Imperial Bank of Canada merged in 1961, the Toronto-based bank CIBC.

According to CIBC Bank USA's September 2020 financial statements, the bank has about $39.5 billion. CIBC Bank USA's digital banking offerings are the focus of this evaluation. A look at what CIBC Bank USA has to offer and how it stacks up against its rivals. As of December 10, 2020, all account information and annual percentage yields (APYs) were current and correct.

What Is CIBC Bank USA's Purpose?

CIBC Bank USA is a 24-branch regional bank with a wide range of consumer and corporate products owing to its parent company's support. Bank accounts, loans, and wealth management services are available to customers in various formats. CIBC does not presently provide credit cards.

Checking Account

CIBC Bank USA offers five different types of checking accounts. There is no monthly service fee on these checking accounts, and you need $50 to create one.

There are three checking accounts—iCan, my choice Plus, and my choice Prestige—that repay ATM charges from other financial institutions. Ian and my choice Prestige accounts reimburse $50 each month, while my choice Plus refunds up to $25.

Overdrafts and Overdraft penalties can be avoided with EasyPath Access. To avoid overdrawing your account, the bank blocks any transactions that might. This service has no minimum balance or monthly fees.

The HSA Checking account is meant to be used with a high-deductible health insurance plan. There are no costs for opening the account or renewing it each year.

Savings Accounts

Savings accounts at CIBC Bank USA include the CIBC Savings and the CIBC Agility Savings options. One of Canada's most famous conventional savings accounts, CIBC Savings, has a shallow minimum balance requirement and available in-person withdrawals. You might receive a greater interest rate as your balance increases.

A $3 quarterly fee will be assessed if your account does not have a minimum daily balance of $250 per statement cycle. There are no monthly fees for the CIBC Agility Savings account, exclusively available online. A minimum deposit of $1,000 is required to start an account. However, there is no minimum balance requirement after the account is opened.

A Money Market Account

A $50 deposit is required to start a money market account with CIBC Bank USA, with only one money market account option. There is no restriction to the number of withdrawals you can make at an ATM or in person. As an additional perk, each monthly statement cycle, you can have up to six transfers, checks, and debit card transactions.

Customers with more extensive holdings are rewarded with more excellent interest rates in this money market account. It costs $15 every monthly statement cycle if your daily account balance goes below $2,500.

Depositors' Certificates (C.D.s)

From 30 days to five years, the bank provides C.D.s. Standard CDs and Jumbo C.D.s are available to customers depending on how much money they deposit. Customers outside the bank's service area can use the Agility online CD instead.

The minimum deposit for standard and agility C.D.s is $1,000, while the required deposit for jumbo C.D.s is $100,000. There is a higher interest rate on Agility C.D.s if you have a balance of at least $25,000.

Daily minimum balances on C.D.s are required. Earned interest can be withdrawn or reinvested, depending on your preference. C.D.s can be used as collateral for loans and are automatically renewed when they reach their maturity date.

There is a penalty for early withdrawal from the CD before the period is over. The early withdrawal penalty for Agility C.D.s is 30 days.

Customer Service at CIBC Bank USA

With phone banking, online banking, and a mobile app, customers may access their accounts at any time. At 877-448-6500, you may reach the Client Support Center during regular business hours to speak with an agent in real-time. Customer assistance is available from 8 am to 7 pm Monday through Friday (CST). From 8 am until 1 pm on Saturdays, we're open! (CST). On Sundays, there is no live telephone help accessible.

However, the parent firm of CIBC Bank USA got many honors in 2021 from J.D. Power. It is the most popular smartphone app for credit cards in Canada. Overall satisfaction among Canadian banking mobile applications and overall satisfaction with Canadian online banking are both ranked second.

Both iOS and Android smartphones may use the CIBC US Mobile Banking app. Pay your bills and deposit checks from the comfort of your own home using this app. The third-party consumer evaluations for the U.S. app are mixed.

CIBC Bank USA: A Quick Guide to Banking

Visit one of CIBC Bank USA's 24 locations in Illinois, Michigan, Missouri, or Wisconsin to create a bank account. Anyone in the United States can create a CIBC Agility savings account. You don't need to leave your house to open an account.