Finance & Economics

Canadian Imperial Bank of Commerce: Everything you need to know about Canada’s leading online bank

Here are the main advantages of CIBC’s digital offerings, which make the bank a leading netbanking institution in the country

canada

Canadian Imperial Bank of Commerce: Everything you need to know about Canada’s leading online bank. Source: depositphotos.com

The Canadian Imperial Bank of Commerce has received many awards for its digital excellence and innovation lately. CIBC’s mobile banking app offers the best customer experience and most advanced services in Canada.

Online Banking

CIBC customers can perform practically every financial operation without the need to visit the bank branch in person. Its online resources allow you to:

  • Pay bills with recurring payments.
  • Manage balances and multiple accounts including Tax-Free Savings Account (TFSA).
  • Update contact details.
  • Send and automatically deposit money securely, using phone contacts or email with Interac e-Transfer.
  • Set and track savings goals. Automate your savings.
  • Go through a financial HealthCheck that identifies your money management problems, gives useful tips, and helps set up a financial plan.
  • Send money abroad without transfer fees.
  • Get remote advice via online chats and virtual assistants.
  • Set up direct deposits to receive your salary or CRA benefits.
  • Receive fraud alerts if suspicious activity is spotted.
  • Sign up for eStatements and get your annual mortgage statements, tax slips, or trade confirmations by mail throughout the year.
  • Use the tools and calculators to perfect your money management and financial planning (education savings plan, loan advice, mortgage calculator, retirement planning, investment calculator, etc).
  • Use CIBC GoalPlanner to turn your personal financial activity insights into actionable solutions.

Mobile banking

CIBC’s award-winning app has outstanding features which many other banking apps in Canada lack:

  • Opening a new account remotely.
  • Ordering foreign cash from the app.
  • Instantly getting your credit score for free without impacting it.
  • Depositing a cheque using its photos via eDeposit.

CIBC Mobile Wealth App, in its turn, makes it easy to view all your investing accounts. You can:

  • Monitor your investments to see how they’re performing.
  • Build customised watch lists to track investments.
  • Set up alerts for price movements and earning estimates.
  • Transfer funds between your CIBC accounts.
  • Review your transaction history.
  • Get real-time quotes to keep up with current stock prices.
  • Stay up-to-date with market information.
  • Use charts to identify trends and analyse stock performance.
  • Get expert advice through email, phone or in-person appointment.

Telephone banking

Even if there’s no Internet, you can bank remotely using a dedicated phone number. Telephone banking enables customers with no access to WiFi:

  • Register and pay bills.
  • Reverse a payment on the same day.
  • Review your payment history. Stop payment on a cheque.
  • Set up post-dated bill payments.
  • Transfer money quickly and securely between your accounts.
  • Set up recurring transfers.

Security features

Being a reputable institution with a long history, CIBC pays great attention to the safety of customers’ funds and data.

All deposited money is protected by the CIBC Digital Banking Guarantee. Hence, if you’ve been a victim of fraud, and you’ve met all of your responsibilities as a customer, the bank will return 100% of the money you’ve lost from your CIBC accounts.

Multiple layers of encryption keep your private information safe. Any account changes are verified by 2FA for security purposes. You can authenticate your identity using PIN entry, Touch ID or Face ID.

SEE ALSO:

Pay Space

6889 Posts 0 Comments

Our editorial team delivers daily news and insights on the global payment industry, covering fintech innovations, worldwide payment methods, and modern payment options.