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The CIBC Smart Account is a distinctive banking solution designed to cater to customers’ specific needs. Relevance and convenience merge seamlessly with this account, making it an enticing choice for Canadians.
This sought-after chequing account sets itself apart by adopting a unique pricing structure based on transaction volume. This allows customers to pay only for what they use.
Along with this attractive feature, the Smart Account offers many other benefits and special perks to enhance the banking experience.
This article will delve into the details of the (Canadian imperial Bank of Commerce) CIBC Smart Account, exploring its notable features, benefits, and potential drawbacks. We will also provide a comprehensive breakdown of the associated fees and highlight any special offers.
CIBC Smart Account features
Let’s begin by exploring some of the unique features that make this one of the best CIBC chequing accounts:
- Electronic Statements: Access electronic statements for easy record-keeping and convenience.
- Mobile App: Manage your account on the go with the CIBC mobile app.
- Online Banking: Use secure online banking to handle financial transactions and view account details.
- Telephone Banking: Access customer support and banking services conveniently through telephone banking.
- ABM Access: Withdraw cash and perform various banking transactions at CIBC Automated Banking Machines (ABMs).
- CIBC ABM Network: Benefit from an extensive network of CIBC ABMs for easy access to your funds.
The pros of the CIBC Smart Account
Flexible Monthly Fee
The CIBC Smart Account’s flexible monthly fee structure stands out. Instead of a fixed fee, it adjusts based on your usage, starting at $0 and capped at $16.95. This means you only pay for your transactions, ensuring you’re not burdened with unnecessary charges.
Fee Waivers
One of the notable benefits of the CIBC Smart Account is the opportunity to waive the monthly fee. If your daily amount is $4,000 or more and you make two pre-authorized payments or direct installments each month, there is no monthly charge. This feature rewards customers who maintain a higher balance and engage in regular financial activities.
Free Interac e-Transfers
With the CIBC Smart Account, you can enjoy the convenience of free Interac e-Transfers. Depending on your needs, you have a range of 12 to unlimited free Interac e-Transfers included with your account. This eliminates the usual fee of $1.50 per transaction, saving you money while facilitating seamless fund transfers.
The cons of the CIBC Smart Account
e-Transfers count as transactions
Unlike some banks, CIBC includes e-Transfers as part of the monthly transaction count. This means that every e-Transfer you make will reduce the number of other transactions you can perform without incurring additional fees.
Everything is a transaction.
CIBC considers a wide range of activities as transactions, including debit purchases, withdrawals, e-Transfers, transfers, cheques, pre-authorized payments, and bill payments. This comprehensive definition means that even routine financial activities can quickly add to your monthly transaction limit.
Miscellaneous fees
The CIBC Smart Account has a variety of fees in addition to the flexible pricing. Bank drafts written in Canadian dollars incur a fee of $7.50, stop payments cost $20, and NSF checks cost $45.
CIBC Smart Account fees
The CIBC Smart account’s monthly fee is $16.95, providing access to several useful features and services. After the first 12 transactions are processed for free, each subsequent one will cost $1.25. You may rest assured that you won’t be overcharged for extra transactions because the $14.95 monthly price is the maximum.
In-person transactions cost $1.25, while Interac e-Transfers are free, allowing you to conveniently send money without any additional charges. There is a draft fee of $7.50 for every draft requested.
Withdrawals from ABMs not associated with your bank will cost you an additional $2.00, or $5.00 + 2.5%. Withdrawals from US ABMs cost $3.00 plus an extra 2.5% in processing fees.
Regarding record keeping, opting for paperless statements is free of charge, while paper statements have different pricing options. Monthly paper statements cost $2.25 per month, quarterly statements are $0.75 per month, and monthly statements with imaged cheques are priced at $2.75 per month.
CIBC Smart Account special offers
The CIBC Smart Account presents a special offer tailored for senior citizens aged 65 and up. Seniors can enjoy the benefit of no monthly fee, accompanied by 12 free monthly transactions.
Additionally, although each additional transaction costs $1.25, there is a cap of $10 for total monthly fees. Moreover, senior citizens are eligible for free bank drafts and money orders, providing added convenience and cost savings for their banking needs.
Other CIBC account options
In addition to the CIBC Smart Account, CIBC offers two other chequing account options:
CIBC Smart Plus Account
The Smart Plus Account provides unlimited transactions, annual savings on CIBC credit cards, free ABM withdrawals worldwide, and an overdraft protection service. This account comes with a $29.95 monthly cost. Fees are not charged for Smart Plus Accounts with balances of $6,000 or more or $100,000 in eligible savings and investments.
CIBC Everyday Chequing Account
CIBC’s Everyday Chequing Account comes at a fee of $4 per month. Any transactions over 12 per month cost $1.25 each. This account saves frequent Interac e-Transfer users $1.50 by avoiding charging the sending fee.
How to open the CIBC Smart Account
Opening this chequing account is a piece of cake. Simply follow these easy steps to get your account up and running:
- Click “Apply now” on CIBC’s website.
- Navigate to the Bank Accounts section.
- Select “CIBC Smart Account” and click “Apply now.”
- Fill out the form with your full name, DOB, address, citizenship status, and phone number.
- After you’ve entered each piece of information, select “Next” to proceed.
- Please explain how you intend to put the Smart Account to use.
- Take a look at the data you’ve entered, and then press the “Next” button.
Eligibility
The CIBC Smart Account is only available to those who meet the following requirements:
- A Canadian address is a requirement.
- You must be at least the minimum age required by law in your country, province, or territory.
- You need to provide proof of a legal Canadian address.
CIBC Smart Account conclusion
CIBC Smart Account offers a flexible fee structure, fee waivers based on account balance and transactions, and the convenience of free Interac e-Transfers. While it has some limitations, such as e-Transfers counting towards transaction limits, it provides various banking services and benefits.
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