CIBC Everyday Chequing Account review

With a low monthly fee and limited transactions, the CIBC Everyday Chequing Account is a good choice for the minimal bank user. Account holders should be mindful of the cost associated with other banking services.

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• Low-cost chequing account for the minimal bank user.

• Other banking services are not included with the chequing account.

• There is no minimum income requirement to be eligible for this account.

What are the benefits of the CIBC Everyday Chequing Account?

CIBC is among Canada’s largest banks, which means their clients gain access to several perks. You can find a list of benefits that come with the Everyday Chequing Account below:

• Low monthly fee. This chequing account has a monthly fee of $4.
• Free CIBC withdrawals. Incur no fees when withdrawing from CIBC ATMs or branches.

What should I look out for?

The CIBC Everyday Chequing Account is a low-cost account, which means that it comes with limitations. Users should be aware of the following concerns:

• Interac e-Transfer fees. $1.50. Receiving Interac e-Transfers is free.
• Limited transactions. Account holders only have 12 transactions per month. Additional transactions cost $1.25 each.
• Cost for other banking services. Global money transfers, non-CIBC withdrawals, overdraft protection and other services are not included. Users will incur fees to utilize these services.

CIBC’s ATM network and fees

Account holders can utilize CIBC’s Canadian network of over 1,000 ATMs. When using a CIBC ATM, Everyday Chequing account users can view recent transactions, obtain paperless receipts and review debit and credit account balances. Some ATMs located in or near travel hubs allow customers to withdraw other currencies.

If you’re unable to find a CIBC ATM near you, there’s an option to use non-CIBC ATMs for a fee. Non-CIBC ATM withdrawals in Canada cost $2 per transaction. In the US, ATM withdrawals cost $3 each plus a 2.5% administration fee. Outside of Canada and the US, ATM withdrawals cost $5 each plus a 2.5% administration fee.

What other chequing account options does CIBC offer?

In addition to the Everyday Chequing Account, CIBC offers several other chequing account options. A brief summary of both can be found below:

• CIBC Smart Account. This is a chequing account for individuals with dynamic banking needs. The monthly fee varies between $4.95 and $16.95 depending on how many transactions you incur, and there’s an option for unlimited transactions.
• CIBC Smart Plus Account. This is a chequing account for frequent travellers and heavy bank users. Transactions are unlimited and free, including ATM withdrawals and Interac e-Transfers. The monthly fee is $29.95 per month. Account holders also have the option to get CIBC credit card rebates.

Compare other chequing accounts

How do I open a CIBC Everyday Chequing Account?

1. From CIBC’s website, click Bank Accounts then Chequing.
2. Scroll down to CIBC Everyday Chequing Account and click Apply now.
3. Provide CIBC with the necessary information, including your full name, date of birth, address, residential status and contact information. After entering each piece of information, click Next.
4. Indicate how you intend to use the Everyday Chequing Account. Click Next.
5. Review the information you entered and click Next.

Eligibility

You must meet the following criteria to be eligible for the CIBC Everyday Chequing Account:

• Be a Canadian resident
• Be the age of majority in your province or territory
• Reside at a valid Canadian, residential address

Required information

You will be asked to provide the following information during the application process:

• Full name
• Date of birth
• Address, residential status and length of time at that residence
• Phone number
• Email address
• Employment status
• The same information for a co-applicant, if applicable

How do I deposit or withdraw my money?

Individuals can deposit cash to their Everyday Chequing Account at a CIBC ATM or branch. Cheque deposits can be performed online, at an ATM or at a branch. Withdrawing cash can be done at an ATM or branch using your debit card. The majority of your banking can be completed through CIBC Online Banking or Mobile.

Expert review

Those who use a minimal amount of transactions and banking services will benefit from the Everyday Chequing Account offered by CIBC. If you’re looking for a day-to-day account that includes more features and services, continue researching other chequing accounts.

Frequently asked questions

• Is there a limit on how much money can be sent by Interac e-Transfer?

  Yes, there are limits on how much can be sent or received via Interac e-Transfer. The limits are as follows:

  You can send a maximum of $3,000 within any 24-hour period.
  You can send a maximum of $10,000 within any 7-day period.
  You can send a maximum of $30,000 within any 30-day period.

  These limits cannot be waived or changed.

• Can I change the ATM withdrawal limit?

  ATM withdrawal limits can be changed at a CIBC branch or by calling CIBC at 1-800-465-2422. There is an option to change the ATM withdrawal limit through CIBC Online Banking by sending a message through My Message Centre.

• There were unauthorized withdrawals from my account, what do I do?

  As soon as you notice an unauthorized withdrawal, contact CIBC immediately at 1-800-465-2422. Their account agreements state that the onus is on the customer to notify CIBC of account errors within 30 days of when you receive your statement or within 60 days of when an entry was or should have been incurred. To ensure that unauthorized transactions are not missed, review your account’s activity on a monthly basis or even more frequently.