Canadian Imperial Bank of Commerce (CIBC) has its U.S. headquarters in Toronto. Still, its retail banking operations are handled by CIBC Bank USA, a Chicago-based institution that provides various deposit products such as savings, checking, money market, and CDs. In 2018, it began offering savings accounts and certificates of deposits through its digital banking platform.

CIBC Bank USA provides a wide range of banking and financial services, including mortgage loans, home loans, home equity loans, home improvement loans, auto loans, secured loans, savings plans, individual retirement accounts, capital management, financial advisory, consumer banking products, and products for small businesses.

CIBC US bank, founded initially as PrivateBancorp in 1991, now has 23 physical locations across four states (primarily in Illinois). Anyone with a U.S. mailing address can use the bank's online services. As of 2017, however, CIBC owns PrivateBancorp. The Canadian Imperial Bank of Commerce (founded in 1867) and the Canadian Bank of Commerce (1867) merged in 1961 to form the current CIBC, headquartered in Toronto.

In September 2020, CIBC Bank USA reported having assets of close to $39.5 billion.

This review focuses mostly on the electronic banking services offered by CIBC Bank USA. Read on to find out how CIBC Bank USA stacks up to the competition and its services.

Pros and Cons of citizens bank

Pros

• Any consumer checking account is free of charge every month.
• Costs of using a foreign ATM abroad are covered up to $50 per month.
• High-yield online savings account

Cons

• The limited presence of U.S. branches
• Does not provide immediate, live phone assistance to customers.
• Current interest rates are not available online.

Explained Pros

Absolutely no service charges on checking accounts for individual consumers.

There are five different types of personal checking accounts offered by CIBC Bank USA. There's a plan that lets you get as much as 1% back on debit card buys. No account maintenance fees and minimum opening deposit are required at this bank.

Fees for using ATMs outside the country are covered by up to $50 monthly.

CIBC Bank USA will return up to $50 of your monthly overseas ATM costs, depending on the kind of account you have. This is because the bank only has 29 ATMs in operation within the United States.

High-yield savings account available exclusively online.

The bank's online savings account has a substantially more significant interest rate than regular savings and money market accounts. Your first deposit into the account must be at least $1,000 to get started. Once an account is set up, however, neither monthly fees nor minimum balances apply.

Explained Cons

Fewer locations in the United States

There are 24 locations in Illinois, Michigan, Missouri as well as Wisconsin where consumers can visit a bank branch. Even though many customers never step foot in a branch, it is comforting to know that one is close by in case they ever have a question or concern and would prefer to talk with an actual person.

Does not provide immediate telephone assistance to customers.

CIBC US bank provides online and telephone banking services around the clock. However, if you need assistance outside of regular business hours, you won't be able to get in touch with anyone. The customer service department is available from Monday through Friday within limited hours.

Online access to current branch interest rates is not accessible.

Existing and potential customers who would like to view interest rates for standard branch accounts on the bank's website cannot do so. Branches' current interest rates are not displayed on their websites. The current savings and CD rates offered by Agility Online Bank may be seen on their website. Branches' current interest rates may only be obtained by contacting either customer care or a physical location.

Is CIBC US bank Right for You?

The clients who would benefit most from banking with CIBC Bank USA are:

• Located in the Midwest, notably in Illinois, Michigan, Missouri, and Wisconsin
• Looking for a checking account with no maintenance fees and a low minimum initial deposit.
• Need a higher-yielding online savings account
• Don't require constant phone assistance

CIBC US bank Products

Savings Accounts

• There are two possible account types.
• An attractive interest rate is offered on the CIBC AgilityTM Online Savings Account.

Certificates of Deposit

• Rental periods might be anywhere from 30 days to 5 years in length.
• Requires a deposit of $1,000
• The minimum deposit for Jumbo CDs is $100,000.

Money Market Account

• Obtains interest based on the account balance.
• The affordable regular price may be waived

Checking Accounts

• With three distinct bank account choices
• One account that earns interest

Other CIBC US bank Products

Numerous other banking and financial options are available from CIBC US bank:

• Wealth Planning and Trustee Services
• Private Banking
• Escrow Services
• Custody Services
• Commercial Banking Services
• Loans to Businesses
• SBA Loans
• Plans for Retiring Employees

Features of a CIBC Bank, USA Account

Both the CIBC NetBanking website and the CIBC US Mobile Banking app provide convenient online access to all CIBC Bank USA accounts. Once you've received your account details from CIBC, you'll need to enroll in CIBC NetBanking. After registering for online banking with one CIBC account, you'll have access to all of your accounts from any computer with an internet connection. This allows you to access your funds whenever you choose, giving you greater freedom over handling your finances. To access your checking account funds from any ATM, simply use the free debit card that comes with your checking account.

Customer Service of CIBC Bank USA

Telephone banking, Internet banking, and a mobile app for iOS and Android devices give customers round-the-clock access to their money.

It is only possible to receive live telephone help through the Client Support Center during normal business hours by calling 877-448-6500. Monday through Friday, 8 a.m. to 7 p.m., you'll be able to talk to a customer support representative (CST). On Saturdays, our business is open from 8:00 AM to 13:00 PM (CST). Sundays are not available for live phone support.

Although the Canadian parent of CIBC Bank USA won many honors in 2021, the American branch was not included in the rankings for J.D. Power rankings. Among mobile applications for Canadian credit cards, it has the best satisfaction rating. When looking at customer satisfaction in both Canadian online banking and Canadian banking applications, it comes in at a respectable second place.

You can get the CIBC US Mobile Banking app on your iPhone or your Android phone. You may use it to make in-app purchases, remote check deposits, and bill payments. Feedback from independent reviewers of the US version of the app has been mixed.

Conclusion

The financial services provided by CIBC Bank USA are extensive. This Midwest-based regional bank has the support of one of Canada's five major financial institutions. Customers who are located in one of the four states where CIBC Bank USA has physical locations will benefit the most from the bank's services. However, consumers in any part of the United States can make use of the bank's excellent online savings account service. There are four alternatives available to customers seeking a checking account that doesn't charge monthly fees and just requires a low minimum deposit to create. Despite offering only 29 ATMs, CIBC Bank USA will refund customers up to $50 in foreign ATM costs. Refunds from ATMs vary in amount based on the kind of checking account used.