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One of the impressive accounts offered by CIBC (Canadian Imperial Bank of Commerce), a prominent financial institution, is the Everyday Chequing account. The account offers a host of features and benefits ideal for anyone seeking a chequing account that supports regular transactions.
The CIBC Everyday Chequing Account is a simple account with an affordable monthly fee and limited transactions. It is a Chequing account option suitable for those who don’t bank frequently. Canadians with a minimized number of transactions looking for a day-to-day account will benefit from this account.
Through this post we aim to highlight the pros, cons, and features of the CIBC Everyday Chequing Account. We’ll also provide you with the steps needed to open this incredible account.
Features of the CIBC Everyday Chequing Account
This CIBC account offers several attractive features, such as:
- Monthly fee of $4
- Monthly fee waiver for a minimum daily balance of $4,000
- 12 free monthly transactions
- A transaction fee of $1.25 for any transaction beyond the 12th time.
- Each Interac e-Transfers charges $1.50 to send but is free to receive.
- Free withdrawals from CIBC ATMs.
- An extra $2 on Non-CIBC ATMs withdrawals in Canada
- Internet and mobile banking options
- Accessible for complaints or expert advice beyond working hours
CIBC Everyday Chequing Account pros
Flexible Banking Options
You can conveniently carry out your daily banking transactions via the Internet or app. That makes it easy to pay bills, make transfers, buy things, and monitor your account from anywhere and at any time.
Great Customer Service
You can contact the customer representative for complaints or inquiries outside working hours. Some physical branches are also open on weekends.
A Competitive Monthly Fee
This chequing account option offers a low monthly fee of $4, which covers 12 free transactions. This is a competitive standard when compared to many monthly maintenance fees.
Monthly Fee Waiver
The monthly fee of $4 is waivable for a closing balance of $4,000. Note that this minimum closing balance is calculated daily.
Free Withdrawals from CIBC ATMs
Cash withdrawals from CIBC ATMs or branches are free.
No Minimum Income Requirement
This chequing account does not require a minimum income to become an eligible account holder. Hence, it is an ideal account for minimal bank users and low-average earners.
CIBC Everyday Chequing Account cons
Interac e-Transfer Fees
Though it is free to receive Interac e-Transfers, it is not for other transactions. Each Interac e-Transfer transaction costs $1.50.
Limited Monthly Transaction
Account holders are allowed only 12 free monthly transactions and an additional $1.25 per subsequent transaction. This is a limitation as many customers may dread exceeding the free transaction limit.
Other Banking Services Charge
Account holders incur fees for other banking services such as overdraft protection, international money transfers, and even withdrawals from non-CIBC ATMs.
CIBC Everyday Chequing Account fees
The CIBC Everyday Chequing account charges $4.00 monthly. This fee includes the 12 free transactions in a month. However, if you exceed the 12 transactions limit, there is an additional fee of $1.25 for each extra transaction.
Various transactions count towards the limit, such as purchases, ATM withdrawals, transfers, cheques, prepaid transactions, and other bills. Keeping track of your transactions is essential to avoid incurring additional fees.
CIBC offers free monthly or quarterly paperless and monthly paper statements for record-keeping. However, extra copies of your statements attract a fee of $5.00 and $4.5 for others, like interim statements. Also, sending an Interac e-Transfer costs $1.50 per transaction but is free to receive.
You also pay $2 for each non-CIBC ATM withdrawal within Canada, $3 in the US, and $5 elsewhere. Note that there are other fees with other banking services, such as account closing, money orders, and bank drafts. Therefore, ensure to review the details of fees provided by CIBC carefully.
CIBC Everyday Chequing Account special offers
- Journie rewards to eligible debit and credit card holders
- Available insight tools for all CIBC products
- Notifies customers before their accounts are overdrawn
- Additional benefits for specific groups include seniors, foreign workers, young customers, newcomers to Canada, and students.
Other CIBC chequing account options
Aside from Everyday Chequing Account, CIBC offers other chequing account options like CIBC Smart Account and CIBC Smart Plus Account.
How to open the CIBC Everyday Chequing Account
Those looking to open this chequing account will be pleased to learn how straightforward the application process is. Below, we’ve detailed how to apply for an account via the CIBC website and the bank’s mobile app.
Website Account Opening
- Visit the CIBC website, click “Bank Accounts,” and select “Chequing.”
- Scroll down and locate the “CIBC Everyday Chequing Account” option.
- Click on “Apply now.”
- Fill in the necessary information requested and tap “Next” to proceed.
- Indicate how you plan to use the Everyday Chequing Account and tap “Next.”
- Check to review your inputs and click “Next” to proceed.
Mobile Account Opening
- Download the CIBC Mobile Banking App from your applicable store
- Open the app and tap on “Register.”
- Provide the required information, then tap “Continue.”
- Choose to receive the verification code via your preferred channel and enter it appropriately.
- Generate a strong password.
- Confirm your agreement to the T&Cs.
- Sign in and start banking conveniently.
CIBC Everyday Chequing Account conclusion
The CIBC Everyday Chequing Account is ideal for minimal bank users. The fees associated with this account are monthly fees, transaction fees, charges for record-keeping, and other banking services charges.
This chequing account offers perks for specific categories of persons. However, before opening one, know the pros and cons of holding this account. It aids in making an informed decision that aligns with your banking needs.
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