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Review of Canadian Imperial Bank of Commerce

The Canadian Imperial Bank of Commerce (CIBC) is one of Canada’s oldest and most reputable financial institutions. The headquarters is located in Toronto, ON, Canada, but with branches in other cities and countries.

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Written by: Piggyy

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Canadian Imperial Bank of Commerce logo
4.2/5

Piggyy Rating

Canadian Imperial Bank of Commerce

  • CIBC Personal Loan

    4.4/5

  • CIBC Personal Car Loan

    4.5/5

  • CIBC RRSP Maximizer Loan

    4.7/5

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Borrowing from CIBC makes one a part of a work environment committed to our clients, employees, and communities. With CIBC, businesses can now excel!

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Information about the CIBC

 

The Canadian Imperial Bank of Commerce was created on June 1, 1961, by merging two chartered banks. The Canadian Bank of Commerce, founded in 1867, and The Imperial Bank of Canada, founded in 1875. This merger is the largest one that has ever gone down in the history of Canada, which is not very surprising, considering how big CIBC has turned out to be.

 

CIBC is more than just a bank where money is being handled; it also has a history of helping people, communities, and companies in Canada and all around the world prosper and grow to reach their full potential.

 

Over the years, CIBC has absorbed many security firms like the American securities firm Oppenheimer & Co. Inc and some smaller banks. The bank is part of the Depository Credit Intermediation industry and has an impressive number of over 44,000 total employees across all its branches.

 

CIBC generates close to $14 billion in sales, and the bank is driven by business cultures relying on common values: Teamwork, Trust, and Accountability.

 

Main Office Address

It is located at 199 Bay Street, Commerce Court Toronto, ON, CA, M5L 1A2.

 

Business Hours

  • Weekdays: The business centres are open from Monday to Friday: 8:30 am to 7 pm. In comparison, the customer service department is available from Monday to Friday, 24 hours a day.
  • Weekends: Opening on the weekend is dependent on the branch you are visiting. But generally, most CIBC business centers open on Saturday from 9:30 am to 4:00 pm. They don’t open on Sundays. But, the customer service department is open on Saturday and Sunday for 24 hours.

 

CIBC observed federal holidays. To be on the safe side, you should call the branch you want to visit before you go to know if they are available.

 

Email

The CIBC Bank customer service email address is [email protected]

CIBC Ombudsman: [email protected]

Business email address: [email protected]

 

Phone

The Canadian Imperial Bank of Commerce has different numbers for specific purposes. See below:

 

CIBC bank customer service: 1 800 465 2422

CIBC credit card services: 1 800 465 4653

CIBC media advisory: 1800 663 4575

For general banking questions:

English: 1 800 465 2422

French: 1 888 337 2422

Cantonese: 1 888 898 2828

Mandarin: 1 888 298 8822

TTY: 1 877 331 3338

Digital banking: 1 877 448 6500

Mobile banking: 1 877 433 1902

Personal loan: 1 866 525 8622

Travel assistance: 1 800 848 8454

CIBC Bank USA: 1 312 564 1378

Investor’s Edge: 1 800 567 3343

Everyday banking: 1 888 872 2422

 

Types of Loans Offered at CIBC

 

CIBC offers three types of loans to help you achieve your financial goals CIBC offers personal loans, car loans, and RRSP loans to maximize your retirement savings. You’ll find great interest rates and the perfect payment plan to work with your budget. Keep reading to find out about the types of loans CIBC offers. 

 

CIBC Personal Loan

CIBC personal loans are available for a wide variety of purposes. You can use a CIBC personal loan to consolidate debts, purchase something you need or want, pay for a vacation or cover an upcoming expense like home repairs or renovations.

 

Loan features

  • Minimum loan amount of $3000
  • Terms of one to five years
  • Monthly, bi-weekly or weekly payments by auto-debit
  • Unsecured or secured
  • Maximum unsecured limit of $200,000
  • No penalties or fees to pay off part or all of the loan early

 

Rates

  • Competitive interest rates
  • Lower rates for secured loans
  • Rates can be fixed or variable

 

Eligibility requirements for personal loans

  • You must be a Canadian citizen who has reached the age of majority in their province
  • You must not have declared bankruptcy within the last seven years 
  • You must not have been declined for credit at CIBC within the previous six months
  • You must meet CIBC’s lending criteria
  • You have a minimum income of $17,000 annually

 

Required Documents:

  • Numbers and statements of your bank accounts and credit cards 
  • Provide your financial information such as proof of income, employment, assets, and liabilities
  • Providing your Social Insurance Number is optional.

 

If you apply for this loan online, you’ll need to sign all the paperwork in person at a banking center.

 

CIBC Personal Car Loan

CIBC car loans are available to help you buy that vehicle you’ve always wanted, whether used or new.  CIBC car loans are available to Canadian citizens and to newcomers who’ve been in Canada for less than five years. Special offers are available for the purchase of green vehicles. 

 

Car loan features:

  • Minimum loan amount of $7500
  • Finance up to 100% of the price of the vehicle
  • Terms of 12-96 months
  • Weekly, bi-weekly or monthly payments by auto-debit
  • No fees or penalties to pay off some or all of the loan early
  • Financing for vehicles up to ten years old
  • Skip up to two payments yearly

 

CIBC green car loan features:

  • Minimum loan amount of $20,000
  • Finance up to 100% of the vehicle purchase
  • Terms from 12 to 96 months
  •  For the purchase of electric, hybrid and fuel cell vehicles
  • Available for new or used vehicles
  • Weekly, bi-weekly, monthly payments
  • No fees or penalties to pay off some or all of the loan early
  • Skip up to two payments yearly

 

Rates

  • Competitive rates guaranteed up to 90 days
  • Rates are fixed 
  • Special rates available for green car loans

 

Eligibility requirements for a CIBC car loan: 

  • You must be a Canadian citizen who has reached the age of majority in your province 
  • You must not have declared bankruptcy within the last seven years 
  • You must not have been declined for credit at CIBC within the previous six months
  • You must meet CIBC’s lending criteria
  • You have a minimum income of $17,000 annually

 

Required Documents:

  • Numbers or statements of your bank accounts and credit cards 
  • Provide your financial information such as proof of income, employment, assets, and liabilities
  • Your Social Insurance Number is optional

 

How to apply at a dealership:

  •  Apply for a CIBC car loan at more than 3200 car dealerships across Canada
  • Provide the dealership with one piece of government issued, photo identification
  • Bring a void check
  • Proof of employment such as a paystub, employment letter, T4, T4A, and recent Notice of Assessment
  • Quebec residents can provide a recent RL1 or TP1 with Notice of Assessment
  • Those in Canada less than five years can apply for a New to Canada loan with proof of permanent residency, a valid Canadian driver’s license and one proof of employment

 

If you apply for this loan online, you’ll need to sign all the paperwork in person at a banking center.

 

CIBC RRSP Maximizer Loan

At CIBC, you’ll find a great way to maximize your retirement savings. The earlier you start saving for retirement, the better. With the CIBC RRSP Maximizer Loan, you can have the funds you need to make your maximum RRSP contributions or top-up any unused contribution room from previous years.  Using the CIBC RRSP Maximizer Loan will help you take advantage of tax-deferred growth within your RRSP- you might even get a tax refund. Loan limits range from $1,000 to $50,000, making this a great option to fund your RRSP whether you need a little or a lot. 

 

CIBC RRSP Maximizer loan features:

  • Loan amounts from $1,000-$50,000
  • Terms from 12 months to 120 months
  • No penalties to pay down or pay off the loan

 

Rate:

  • Rates as low as CIBC prime plus 1%
  • Rates can be fixed or variable

 

To be eligible for a CIBC Maximizer Loan you must:

  • Be a Canadian citizen who has reached the age of majority in your province
  • Not have declared bankruptcy within the last seven years and meet CIBC’s lending criteria
  • Not have been declined credit at CIBC within the previous six months.
  • Have a minimum income of $17,000 annually

 

Required Documents:

  • Numbers or statements of your bank accounts and credit cards 
  • Provide your financial information such as proof of income, employment, assets, and liabilities
  • Your Social Insurance Number is optional

 

Why Choose CIBC?

 

The Canadian Imperial Bank of Commerce offers many wonderful products to its customers. The services you can get in this bank are:

  • Bank Accounts
  • Credit Cards
  • Mortgages
  • Lending 
  • Investments 
  • Insurance 
  • Smart Advice

 

CIBC is that bank that always delivers top-tier shareholder returns and superior client experience while still maintaining strong, durable financial strength. This bank focuses on significant client segments to accelerate earnings. CIBC can be used by any Canadian or individual worldwide that is the age of majority in their province.

 

CIBC has some wonderful offers going on right now; some of them are:

  • Get $300 with a CIBC Smart Account.
  • Open a student account and get $60.
  • Maximize your savings with our best interest rate.
  • Get over $1,200 in value!
  • Get $300+ with a CIBC Smart Plus Account.
  • Get up to $3,000 cashback when you get a CIBC mortgage.
  • Earn $300+ with a CIBC Business Operating Account.

 

How to apply:

1

Choose a method to apply for a personal loan or a car loan.

2

If you apply online, you will be asked to fill in the information on the following screen.

3

After you have made your selections, fill out your personal information on the next screen.

4

Once you finish the process, you’ll be asked to meet at a branch within five days.

5

Book an appointment to complete your application.

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Frequently asked questions

How can you protect your privacy online?

To do this, you should clear your browser’s cache after each session, use a powerful up-to-date firewall and software to keep your computer virus-free. You can also check out CIBC’s Privacy and Security page for more in-depth tips on online security.

How can you reduce the risk of identity theft?

CIBC is glad and eager to work with you to protect you from the risk of identity theft and fraud. We have a helpful guide that can help you protect yourself.

What are CIBC’s debt consolidation options?

As a CIBC client, there are two ways of consolidating your debts depending on your situation:

If you are up to date with your payment, you can combine your CIBC and non-CIBC debts into a loan. 

If you are falling behind on your minimum payments, you can find out if you are eligible to consolidate your CIBC debt. You can contact CIBC’s credit counselors.

Am I eligible to borrow funds?

Eligibility to borrow funds depend on these factors:

  • You have a personal investment in your place of work.
  • You have a well-written business plan.
  • You have a good credit score.
  • You have industry experience.
  • Your business inflows exceed your outflows for about 12-24 months.
How do I make an additional payment to my CIBC Personal Loan?

You can do this through CIBC Online Banking or CIBC Mobile Banking.

  • Sign in.
  • Select “Customer Services” from the menu.
  • Select “Make a loan payment” under “Mortgages and Loans”

It might take up to two business days to process your request. 

What does CIBC stand for?

CIBC stands for Canadian Imperial Bank of Commerce.

How do I pay a credit card bill online at CIBC?

Paying your credit card online is simple and convenient. You will need a CIBC bank account that is set up for banking online, CIBC mobile banking or you have the CIBC mobile banking app. 

If your credit card is not already set up, you can set it up by signing on to your online banking, going to “bill payments”, adding the payee and entering the account number. You will need to indicate how you would like to receive your verification code. After receiving the verification code, enter it into the “identity verification” box and select “continue”. Choose the credit card as a bill payment and enter the amount you want to pay.

How do I get a void cheque from CIBC?

If you have a book of cheques from CIBC, you can use one of those as a void cheque by striking a line through it and writing “Void” across the cheque. If you don’t have a book of cheques, you can use the form for “Payroll, Direct Deposit, and Pre-Authorized debits.” You can get this form in a number of ways.

 

You can get the form by going to a CIBC banking center and requesting they print off the form for you with your information.

 

The form is accessible online as well. Go to cibc.com to download the “Payroll, Direct Deposit, and Pre Authorized Payment” form (pdf:510 kb). Type in the information on the form and save it on your computer. Print out the form once it is complete and sign it in the space provided for the customer’s authorized signature. Once that’s done, you can submit it to whoever needs it.

 

If you bank online, you can sign in to online banking, and then select “My Accounts” from the menu. Choose the account that you want the form for. In the “Manage My Accounts” drop-down box, you’ll choose the “Void Cheque Direct Deposit Information.” Review the details to make sure the transit, institution number and account number are correct. Print the form and sign and date it.

How do I get a direct deposit form CIBC?

Follow the steps outlined above to get a direct deposit form.

How do I check my credit score at CIBC?

CIBC offers customers the ability to check their credit score free of charge with no impact to their credit score. Scores are updated every three months so you can monitor your credit score if you like.

 

Get the mobile app on your phone and simply click the “free credit score” option in the menu. You will then be able to see your credit score.

How do I activate a CIBC credit card?

You can activate your new CIBC credit card online or through mobile banking. Go to the “my accounts” menu and choose “activate card” from the “credit selection” option or, if using mobile banking, you can activate your credit card from the main navigation menu. Follow the steps outlined to activate your card.

What time does CIBC close?

The hours of business for CIBC banking centers vary so you will need to check with the banking center you want to deal with to find their hours of operation. Automated bank machines, online banking, mobile banking and phone banking are available 24/7.

How do I cancel an e-transfer at CIBC?

You can cancel an e-transfer by putting a “Stop Payment” on it.  To do this, sign on to CIBC online banking. From the menu, choose “Interac e-transfer” and then choose “Status.”  Review the list of e-transfers and choose the one you want to cancel. Choose the “Stop This Interac e-transfer” and then click on “Ok.” You will then be required to review the “Stop Interac e-transfers Terms and Conditions” and then select “I agree”. You will then be asked to choose the account you want the interac e-transfer deposited to once it is canceled. Then, choose “Stop Interac e-transfer”, confirm the information of the e-transfer and choose “Stop Transfer Now.”

What is CIBC prime rate?

CIBC prime rate is currently 2.70%. It is subject to change as the Bank of Canada rate changes.

How do I deposit a cheque online at CIBC?

You can deposit a cheque (or cheques) using the CIBC mobile banking app. You need a CIBC bank account and you need to have the mobile app. The cheque must be in Canadian funds and endorsed. To endorse the cheque, sign the back and print “for deposit only.” Sign in to your mobile banking and choose “e-deposit”. Put the cheque on a flat surface and take a picture of the front and back or your cheque using the camera on your phone. Choose the account you want the cheque to be deposited to and enter the amount of the cheque. Confirm the deposit by choosing “deposit.” You should be able to access your funds within four business days of the deposit. Keep the cheque for at least five business days after the deposit before destroying it.

Conclusion

The Canadian Imperial Bank of Commerce is one of the leading banks in North America, especially in Canada. You can be proud of being a member of this bank.

 

CIBC was named the Best Bank for Cash Management in North America and Canada’s Best Treasury and Cash Management Bank. It is a testament to its strong endorsement for a client-focused approach and its good job of delivering the best services to clients on both sides of the border.

 

If you are a Canadian looking to open a bank where you can perform safe, secure, and swift transactions, the Canadian Imperial Bank of Commerce is the one for you.

 

Piggyy

״The secret of happiness, is not found in seeking more, but in developing the capacity to enjoy less״ - Socrates

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    Piggyy

    ״The secret of happiness, is not found in seeking more, but in developing the capacity to enjoy less״ - Socrates

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      Share this article:

      Piggyy

      ״The secret of happiness, is not found in seeking more, but in developing the capacity to enjoy less״ - Socrates