CIBC Smart™ Account

¹ Eligible recurring transactions: Most recurring direct deposits and pre-authorized debits are eligible. Examples of common recurring direct deposits are payroll, CPP/QPP, disability payments, dividends, and government deposits such as Employment Insurance and provincial parental insurance plan (PPIP). Examples of common recurring pre-authorized debits are pre-authorized bill payments and loan or mortgage payments where you set up pre-authorized instructions with your mortgage, loan, credit card and/or other provider directly from your CIBC Smart Account. Recurring pre-authorized fund transfers that you initiate (i.e., if you use telephone banking, ATM and/or online banking to set up) to other CIBC deposit, credit card or line of credit accounts, or to accounts at other financial institutions, are not eligible for the fee waiver. For further details, consult with your advisor or telephone banking representative to determine whether any given pre-authorized debits or direct deposits are eligible for the fee waiver.

² A transaction includes cheques, withdrawals, transfers, pre-authorized payments, bill payments (including CIBC Credit Cards and CIBC Personal Lines of Credit) and debit purchases. For CIBC eAdvantage^® Savings Accounts, a transaction does not include transfers to your other CIBC bank account(s) using the transfer function on CIBC Online Banking^®, CIBC Mobile Banking^®, CIBC Telephone Banking and at CIBC ATMs. For all accounts, transfers to CIBC-branded loans (excluding CIBC Personal Lines of Credit), mortgages and investments (registered and non-registered) are free. “CIBC-branded” means any brand that has CIBC in its name. Additional fee(s) apply to withdrawals from non-CIBC bank machines, Interac e-Transfer^® transactions and transactions in foreign currency (including cheques written in currencies other than the account currency).

³ Any free or unused transactions cannot be carried forward for use in subsequent months.

⁴ In addition to transaction fee, if applicable to account. Some bank machines may levy additional surcharges.

⁵ The additional $1.50 service fee is waived for sending Interac e-Transfer transactions. Each Interac e-Transfer transaction you send counts as a transaction for calculating your monthly fee.

⁶ “Paperless” record-keeping is a paper-free alternative to printed statements. This option enables clients to track account activity online or by phone or CIBC bank machine. Please note, no printed statements will be sent to clients selecting this option. Clients must review their account transactions through CIBC Online Banking, CIBC Mobile Banking, CIBC Telephone Banking or CIBC bank machines at least once every 30 days and examine all entries and balances at that time. If there are any errors, omissions or irregularities, clients must notify CIBC in writing within 60 days after the date on which the entry was, or should have been, posted to the account.

⁷ Only the front of cheques will be imaged.

⁸ CIBC foreign exchange rates apply. A Global Money Transfer and a Foreign Exchange transaction counts towards your allowable transaction limit, bank account transaction fees may apply. Must have a CIBC chequing, savings or personal line of credit account to send a CIBC Global Money Transfer. Most transfers are completed by the next business day. However, there are times when a transfer requires 2 to 3 business days to be completed. Read the CIBC Global Money Transfer Agreement (PDF, 100 KB).

⁹ The CIBC free credit score service is a feature in the CIBC Mobile Banking^® App which allows CIBC clients to subscribe to get their credit score from Equifax Canada through Borrowell, our third-party service provider. The Equifax credit score is based on Equifax’s proprietary model and may not be the same score used by third parties or by CIBC in certain instances to assess your creditworthiness. The provision of this score to you is intended for your own educational use. Third parties and CIBC will take into consideration other information in addition to a credit score when evaluating your creditworthiness. You should always get the most up-to-date credit information and credit scores from Equifax Canada to ensure accuracy before making a major financial decision. 

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