Overview
CIBC, legally Canadian Imperial Bank of Commerce, offers business banking in Canada through a set of operating accounts and online tools.
Accounts
The bank lists four Business Operating Accounts: Unlimited, Advanced, Everyday and Basic, named by tier of use. It also offers an investment account and a US Dollar Current Account for companies that hold or pay in dollars.
Digital tools
Through Online Banking and SmartBanking, companies manage payments and cash flow. The bank also lists cash management services. According to CIBC, an online application can be completed in about 30 minutes, though this does not guarantee that an account will be opened.
Deposit protection
The bank cites CDIC coverage. Its current official list of eligible products includes the CIBC Business Operating Account, and insurance limits and categories apply.
Who it suits
The accounts suit Canadian businesses that want a major bank with a range of tiers, from basic to unlimited transaction plans, and that need a USD account alongside Canadian-dollar operations. Fees, transaction allowances and eligibility criteria are not given in the profile and should be checked against the current price list.
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What they do
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