CIBC Bank USA Overview and Product Offerings

CIBC Bank USA is a US-based bank that offers a range of financial products and services to individuals and businesses. CIBC Bank USA was established in 1987.

CIBC Bank USA is a subsidiary of the Canadian Imperial Bank of Commerce (CIBC), a multinational bank based in Toronto, Canada. CIBC is one of the largest banks in Canada.

CIBC Bank USA operates in the United States, offering banking services to clients across the country.

CIBC Bank USA offers a variety of account options to suit different needs and preferences.

You can choose from three checking accounts: iCan, myChoice Plus, and myChoice Prestige, all of which have no monthly service charge and can be opened with an initial deposit of $50 or less.

The iCan and myChoice Prestige accounts reimburse ATM fees charged by other banks, with the iCan account refunding up to $50 per month and the myChoice Prestige account refunding up to $50 per month as well.

The EasyPath Access Account is designed to avoid overdrafts and overdraft fees, with no minimum balance requirements and no monthly fees.

CIBC also offers savings accounts, including the CIBC eAdvantage Savings account and the CIBC Agility Savings account, both of which have low minimum balance requirements and competitive interest rates.

Here are some of the key features of CIBC's checking and savings accounts:

The CIBC Money Market account is another option, offering tiered interest rates and unlimited in-person or ATM withdrawals, but with a charge of $15 per monthly statement cycle if the daily account balance falls below $2,500.

To customize your account settings, start by navigating to the Account Options page.

Click on the "Edit Profile" button to update your profile information, such as your name, email address, and password.

Make sure to save your changes after updating your profile.

To manage your notification settings, click on the "Notification Preferences" tab.

Select the types of notifications you want to receive, such as email or in-app notifications.

Click on the "Save Changes" button to apply your notification settings.

To link or unlink your social media accounts, click on the "Social Media" tab.

Select the social media platforms you want to connect or disconnect from your account.

Click on the "Save Changes" button to apply your social media settings.

CIBC Bank USA offers a range of financial products beyond traditional banking services. Their wealth planning and trustee services can help individuals and families manage their finances and make informed decisions about their financial futures.

CIBC Bank USA's private banking services are designed for high net worth individuals and families, providing personalized financial advice and tailored investment solutions.

If you're a business owner, you can take advantage of CIBC Bank USA's business bank accounts, business loans, SBA loans, and corporate retirement plans to help your business grow and thrive.

Here are some of the business banking services offered by CIBC Bank USA:

CDs are a type of deposit account that offers a fixed interest rate for a specific term. They're a low-risk investment option, but you'll need to keep your money locked in for the agreed-upon period to avoid penalties.

The terms for CDs at CIBC Bank USA range from 30 days to five years. If you have less than $25,000 to deposit, you'll need to stick with the standard rate, but if you have more, you can opt for the jumbo rate or the Agility online CD.

Standard and Agility CDs have a minimum deposit requirement of $1,000, while jumbo CDs require a minimum deposit of $100,000. If you're outside the bank's footprint, the Agility online CD is a viable option.

CDs may be used as loan collateral and are automatically renewed at maturity. However, be aware that CIBC Bank USA charges a penalty for early withdrawal before the CD term matures, which can range from 90 days of interest to six months of interest, depending on the term.

Here's a breakdown of the Agility CD rates at CIBC Bank USA:

The Agility CD also offers a higher rate of interest if your balance is $25,000 or greater. Just be aware that the interest earned may be withdrawn or reinvested, and you'll need to meet the minimum balance requirements on a daily basis to earn interest.

CIBC Bank USA offers a wide range of financial products beyond its banking services.

Wealth planning and trustee services are available to help individuals manage their finances and plan for the future.

Private banking services cater to high-net-worth individuals, providing personalized financial advice and tailored solutions.

Escrow services can be used for real estate transactions, ensuring funds are held safely until specific conditions are met.

Custody services allow individuals to safely store and manage their investments, such as stocks and bonds.

Business bank accounts are designed for companies, offering features like check writing and online banking.

Business loans provide financing options for entrepreneurs and small business owners.

SBA loans are a type of business loan guaranteed by the Small Business Administration, offering favorable terms and lower interest rates.

Corporate retirement plans help companies provide pension and retirement benefits to their employees.

At CIBC Bank USA, customer experience is at the forefront of everything they do. They offer a wide range of banking services to meet the diverse needs of their customers.

Their mobile banking app allows customers to bank on the go, making it easy to check account balances, pay bills, and transfer funds. This app is available for both iOS and Android devices.

CIBC Bank USA prioritizes customer service, with a dedicated team available to assist with any questions or concerns. They also offer extended hours of operation to accommodate customers with busy schedules.

With over 40 branches across the US, CIBC Bank USA provides customers with convenient access to their services. Their branches are open Monday through Saturday, making it easy to stop by and speak with a representative.

Their customer service team is available to help with a variety of banking needs, from setting up new accounts to answering questions about existing accounts. They are committed to providing a positive experience for every customer.

CIBC Bank USA offers a digital lending platform that provides customers with flexible and convenient access to credit. This platform allows customers to apply for loans online and receive a decision quickly.

The digital lending platform is designed to be user-friendly, with a simple and streamlined application process. Customers can apply for loans online, 24/7, and receive a decision in a matter of minutes.

Digital lending platforms can provide borrowers with faster access to credit, with some platforms offering loan approvals in as little as 24 hours.

By leveraging advanced algorithms and data analytics, digital lending platforms can assess creditworthiness more accurately than traditional methods.

A key benefit of digital lending platforms is the ability to apply for loans from anywhere, at any time, using a smartphone or computer.

Digital lending platforms often have lower operational costs than traditional lenders, which can result in lower interest rates for borrowers.

Some digital lending platforms offer a more personalized experience, using machine learning to tailor loan offers to individual borrowers' needs.

Digital lending platforms can also provide more transparency into the lending process, with clear and concise information about loan terms and conditions.

Velocity Solutions, LLC announced that CIBC Bank USA will use their digital lending platform to support its small business banking division.

The Akouba platform was built to reduce the end-to-end time of loan origination and increase profits.

Akouba is a secure, cloud-based digital lending platform for retail and commercial lending.

The platform reduces the cost and time of originating loans, while increasing the profitability of each loan.

Financial institutions retain control over the decision, pricing, credit policy, risk metrics, loan dollars, and borrower experience.

CIBC Bank USA is building an innovative, relationship-focused bank with the help of Akouba.

The Akouba platform gives small business clients the ability to seek financing on any device at any time.

It's been two years since Velocity Solutions acquired Akouba, and they've made tremendous progress with the platform.

Velocity Solutions is continually refining the platform and adding new features and functionality.

Akouba is the only small business loan origination platform endorsed by the American Bankers Association (ABA).

CIBC Bank USA offers a range of personal banking services, including checking and savings accounts, which can be managed online or through the mobile app.

Their online banking platform is user-friendly and allows for easy account management, bill pay, and fund transfers. You can even set up account alerts to stay on top of your finances.

CIBC Bank USA has a wide range of account types to suit different needs, including student and senior accounts. These accounts often come with special perks, such as higher interest rates or waived fees.

Their mobile app is highly rated, with a 4.8-star rating on the App Store. It's available for both iOS and Android devices, making it easy to stay on top of your finances on the go.

CIBC Bank USA also offers a rewards program, which allows you to earn points on your purchases and redeem them for rewards such as gift cards or travel.