Canadian Banking System
By:Ramanjeet Virdi
Type of Ownership: Corporation
Current Stock Price: $99.84
Total Assets C$414.903 billion
Most Recent Profit: 1.17 billion
Global Operations:
-North America
-Barbados
Number of Branches: 1129
Hours of Operation:
Mon-Wed 9:30 - 5:00
Thu-Fri 9:30 - 7:00
Sat 9:30 - 4:00
Sun Closed
CDIC Members:
CIBC Mellon Trust Company
CIBC Mortgages Inc.
CIBC Trust Corporation
Number of ATMS: Almost 4000
CIBC- General Information
Accounts and Fees
At CIBC there are several different types of chequing and savings accounts. There are many different types of savings accounts, including: CIBC eAdvantage Savings account, CIBC bonus savings account, and CIBC premium growth account. First of the 3 is the CIBC eAdvantage savings account. This accounts main advantage is getting an interest of 1.05%, but only if there is $5000 of more in the account. Then there is a bonus of 0.95% on new deposit before march 31 2015. As for fees there are no monthly fees, for recieving interac e-transfers and non-CIBC bank machine withdrawals cost $1.50 each + transaction fees. Also there is a $5 fee for every cheque, withdrawal, transfers, pre-authorized payments, bill payments, and debit purchases transaftions. Next of the is the CIBC bonus savings account, this savings account gives you an intersest rate of 0.25% on balances that are $3000 or more. For interests it is 10% for $2999.99 or less and 25% for $3000 and up. For this one there are a few fees, there is no monthly fee, 1 free transaction and $5 for any extras. Sending INTERAC e-Transfer $1.50 each + transaction fees. Non-CIBC bank machine withdrawals is also $1.50 each + transaction fees. The monthly statement is $2.00 and with cheques is $2.50. The quarterley statement is $0.50 and the interim statement is $4.50 each. Lastley the bankbook record keeping is $2.00, all of these fees are monthly, something that is very important and should be noted. The final account out of the 3 is the CIBC premium growth account which is known for its 20% interest no matter how much is in the account. The banking fees for this account are the exact same as the CIBC bonus savings account.
Savings
Chequing
AT CIBC, like the savings accounts, there are many different types of chequing accounts, these include: CIBC unlimited chequing account, CIBC everydayplus chequing account, and CIBC everyday chequing account. The first is the CIBC unlimited chequing account, this account has unlimited transactions with a monthly fee of $13.95, and no minimum balance. The next account is the CIBC everydayplus chequing account which has 25 transactions a month, with a monthly fee of $9.95, and no minimum balance. The last account is the CIBC everyday chequing account which contains 10 transaction, for $3.90 a month, with a minimum balance of $1000 or more.
Students accounts for savings and chequing are also available.
Credit Cards
Travel Rewards Cards
CIBC Aventura Visa Infinite Card:
Annual Fees $120
15000 aventura points
Trip Cancellation insurance
purchase interest rate 19.99%
cash interest rate 21.99%
CIBC Aventura Gold Visa Card:
Annual Fees $120
15000 Aventura points
Out of province emergency travel medical insurance
Purchase interest rate 19.99%
Cas interest rate 21.99%
CIBC Aventura Visa Card
Annual Fees $39
5000 bonus adventura points
Out of Province emergency travel medical insurance
Purchase interest rate 19.99%
Cash interest rate 21.99%
CIBC Aerogold Visa Infinite Privelage Card
Annual Fees $399
25000 Aeroplan Miles
Purchase interest rate 19.99%
Cash interest rate 21.99%
CIBC Aerogold Visa Infinite Card
Annual Fees $120
15000 Aeroplan miles
Out of province emergency travl medical insurance
Purchase interest rate 19.99%
Cash interest rate 21.99%
CIBC Aero Platinum Visa Card
Annual Fees $39
5000 Aeroplan miles
$100000 common carrier accident Insurance
Purchase interest rate 19.99%
Cash interest rate 21.99%
Cash Back Cards
CIBC Dividend Unlimited World Elite Mastercard Card
Annual Fees $79
2% unlimited Cash back
Out of province emergency travel medical Insurance
Purchase interest rate 19.99%
Cash interest rate 21.99%
CIBC Divedend Visa Infinite Card
Annual Fees $79
2% Cash back
Out of province emergency travel medical Insurance
Purchase interest rate 19.99%
Cash interest rate 21.99%
CIBC Dividend Platinum Visa Card
Annual Fees $79
2% Cash back
Out of province emergency travel medical Insurance
Purchase interest rate 19.99%
Cash interest rate 21.99%
CIBC Dividend Card
No Annual fees
1% Cash back
Purchase Security and Extended Protection Insurance
Purchase interest rate 19.99%
Cash interest rate 21.99%
Retail Rewards Cards
CIBC Petro-points Mastercard Card
No Annual Fees
Instantly Save $0.02 per litre of gas at Petro Canada
Earn 15 Petro Points for every $1 charged to your card at grocery and drug stores
Purchase interest rate 19.99%
Cash interest rate 21.99%
CIBC Tim Hortons Double Double Visa Card
No Annual Fees
Get the best of both worlds, a CIBC Visa card, plus a Tim Card
1% back in Tim Cash on all qualifying purchases
Purchase interest rate 19.99%
Cash interest rate 21.99%
Everyday cards
CIBC Platinum Visa Card
No Annual Fees
Higher purchasing power
Purchase Security and Extended Protection Insurance
Purchase interest rate 19.99%
Cash interest rate 21.99%
CIBC Classic Visa Card
No Annual fees
$100000 Common carrier accident insurance'
Instant Purchases with Visa payWave
Purchase interest rate 19.99%
Cash interest rate 21.99%
CIBC Select Visa Card
Annual Fees $29
Low Interest rate
$100000 Common carrier Accident insurance
Purchase interest rate 19.99%
Cash interest rate 21.99%
CIBC US Dollar Visa Card
Annual Fees $35(USD)
save on Foreign exchange conversions
$100000 Common Carrier Accident Insurance
Purchase interest rate 19.99%
Cash interest rate 21.99%
Student Cards
CIBC Aventura Visa Card for Students
Annual Fees $39
5000 aventura points after first purchase
Earn 1 aventura point for every $1 Spent on your card
Purchase interest rate 19.99%
Cash interest rate 21.99%
CIBC Aero Platinum Visa Card for Students
Annual Fees $39
5000 Aeroplan miles
Earn 1 Aeroplan mile for every $1.5 spent on your card
Purchase interest rate 19.99%
Cash interest rate 21.99%
CIBC Tim Hortons Double Double Visa Card for Students
No Annual Fees
Up to 1% back in Tim Cash on qualifying Purchases
Purchase interest rate 19.99%
Cash interest rate 21.99%
CIBC Classic Visa Card For Students
No Annual Fees
$100000 Common Carrier Accident Insurance
Purchase interest rate 19.99%
Cash interest rate 21.99%
Business Cards
CIBC Aventura Visa Card for Business
Annual Fees $120
$20000 Aventura Points
1.5 Aventura points for every $1 spent on gas
Purchase interest rate 19.99%
Cash interest rate 21.99%
CIBC Aerogold Visa Card for Business
Annual Fees $180
20000 Aeroplan miles
1.5 Aeroplan miles for every $1 spent on gas
Purchase interest rate 19.99%
Cash interest rate 21.99%
CIBC bizline Visa Card for Small Business
No Annual Fees
20000 Aeroplan Miles
Investments
Say $25000 was inherited to you for you to invest for your post secondary education plan, at CIBC there are many different investment types that you can use. One of those being the CIBC RESP GICs. This investment plan provides guaranteed principle and interest. This plan is available in terms ranging from 1-5 years, as an appropriate consideration for post-secondary level education. The minimum investment is $500 and it is mainly meant for wanting 100% guarantee on your investment, wanting the security of a guaranteed rate of return, looking to diversify an RESP portfolio, and wanting to take advantage of compound interest. Some extra useful information is RESP GICs will be automatically renewed upon maturity unless alternate investment instructions were provided prior to maturity, and These GICs are issued by CIBC Trust Corporation. The second type of investment you can get is the CIBC Mutual Funds. By purchasing a Mutual Fund, CIBC can help you match it to your savings goals. Some good things to know about these Mutual Funds is that they are affordable and easy to buy, they are professionally managed, and they can be help on their own in a RRSP, TFSA, of RRIF. The final plan you could use is just a normal savings account. Registering for a students savings account would be perfect for there is no minimum balance and no monthly fees. You can just save your money and not have to worry about it untill it is needed in post secondary.
Other Credit
At CIBC, you can get several different types of credit, some other types of credits that can be obtained are loans, lines of credits, and mortgages. The first of those three are loans. At CIBC you can choose from 3 different types of loans depending on what the loan is needed for. The first is the CIBC Personal Loan, this is a loan for personal needs. This loan has a fixed rate that depends on the amount requested for the loan. The term for this loan is 1-5 years with the loan ranging $3000 and up. For this loan security is not required it is totally optional. The second type of loan is the CIBC Personal Car Loan. This is a loan if a auto-motive is planned to be purchased. This like the other loan has a fixed rate that is pre-determined before the loan. The term can last 1-8 years with the lending range being $3000 and up. As for this loan, the security is required, without security the loan will not be accepted. The final loan is the CIBC RRSP maximizer Loan. This loan is mainly for those looking to retire but dont have the right ammount needed. This like the other loans is a fixed rate that is dependant on the ammount being lended. The term is anywhere between 12 months and 10 year. The lending range can vary up to $50000 and the security is optional.
The next of the 3 types of credit is the lines of credit. At CIBC there are two different lines of credits to choose from, CIBC Personal Line of Credit and CIBC Home Power Plan Line of Credit. The First is the CIBC Personal Line of Credit, thins line of credit is for everyday funds, expenses, or big-ticket items, all with interest rates lower than most credit cards. This is a line of credit for those who want:
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Access to funds on an ongoing basis
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Flexible funds for home renovations, vehicle purchases, daily spending and even consolidating your higher interest debt
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To only borrow the funds you need, and pay interest on what you borrow
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A one-time application process with no need to re-apply
Some aditional details are that you get 24 hour, no transaction fees access to your line of credit through CIBC branches, Bank machines, telephone banking, online banking, and mobile. You also recieve free personalized duplicate cheques, and itemized monthly statements. Finaly you get a pay off all or part of the balance at any time without penalty. The rate is fixed meaning it wont change, and the term is open-ended. The lending range is $5000 and up, and for this line of credit the security is optional. The next line of credit is the CIBC home Power Line of Credit. This Line of Credit also has a fixed rate and an open-ended term. The landing range is $10000 and up with the security being mandatory.
The final of the threee is the mortgages. CIBC offers two different types of mortgages, Fixed rate mortgages, and Variable Rate Mortgages.
Fixed Rate Mortgages
1 Year
2.99%
2 Years
2.94%
3 Years
3.65%
4 Years
4.24%
5 Years
4.99%
7 Years
5.95%
10 Years
6.75%
6 months
6.70%
1 Year
6.35%
6 Months
4.45%
Variable Rate Mortgages
5 Years
3.00%
Other Services
At CIBC there are several ways to bank, these include Online banking, Mobile Solutions, Telephone Banking, and Bank Machines. CIBC also offers Drafts, Direct deposits, and Safety Deposit Boxes. The online banking is something you can do day to day anywhere you want with a computer and internet access. This comes with no service fees in addition to the fees charged to your CIBC Accounts. At CIBC there are 4 Mbile solutions. The first is CIBC mobile banking where you can complete everyday CIBC banking transactions quickly, easily, and safely. The second is Monild Brokerage wher you can keep up with your investments. The third is the CIBC mobile pamyment which is making payments on the go with a smartphone without having to reach for your wallet. The fourth and final is the CIBC Mobile Business which allows users to securely and efficently manage their cash flow while on the go. Next is Telephone banking which is a convenient and secure way of banking without having to go to a branch. The telephone system runs 24 hours a day 7 days a week. Numbers and contact information can be found on the website. CIBC also offers the use of bank machines 24 hours a day 7 days a week. These machines are not only found in branches but also through Presidents Choice Financial bank machines. CIBC also has Drafts available which are purchases of money, maximum at $5000 CDN, $1000 USD. Direct Deposits are also at CIBC which is when electronic transfer service that credits funds to your account on a pre-determined schedule. Finally CIBC offers Safety Deposit Boxes which are individually secured container, usually held within a larger safe or bank vault. The size of which can vary in sizes based on the size of bow you require.