Posted by William Charles on July 4, 2018
Bank Account Bonuses

Published on July 4th, 2018 | by William Charles


[IL, MI, MO & WI] CIBC US $200 Checking Bonus – In Branch Only

Offer at a glance

  • Maximum bonus amount: $200
  • Availability: In branch only, branches are in IL, MI, MO & WI [Branch locations]
  • Direct deposit required: Direct deposit or ACH automated debit transaction
  • Additional requirements: eStatements
  • Hard/soft pull: Soft pull
  • ChexSystems: Yes
  • Credit card funding: None
  • Monthly fees: $9, avoidable
  • Early account termination fee:
  • Household limit: None listed
  • Expiration date: December 31st, 2018

The Offer

No direct link, offer is available in branch

  • CIBC is offering a $200 checking bonus when you open a new iCan or MyChoice account in branch when you meet the following requirements:
    • Receive at least one direct deposit or ACH automated debit transaction
    • Elect to receive electronic statements

The Fine Print

  • Bonus will post within 100 days of account opening if requirements are met
  • The account must remain open on the payment date to receive the bonus
  • Only one bonus per person is allowed
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

iCan Checking $9 Monthly Fee

These accounts are kind of confusing because they have different levels but if you go for the iCan checking account the monthly fee is waived if you have a balance of $1,000+. Having a direct deposit post to the account will also make it fee free.

Early Account Termination Fee

There is a $25 early account termination fee if the account is closed within 90 days.

Our Verdict

We’ve previously posted another CIBC US deal for $300 that could be opened online but was only available to certain employer groupers. Some people were to sign up anyway and then their accounts were closed but CIBC did send them $150 check for the inconvenience. That’s always a good sign in terms of customer service in my opinion. This one should be open to anybody who can get to a branch, even if you live out of state. Definitely worth doing if you’re in the area as it seems like any ACH will trigger the direct deposit requirement. I’ve added it to the best bank bonus page.

Big thanks to reader, Jason who let us know. Learn how to find bonuses and contribute to the site here.

Useful posts regarding bank bonuses:

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There’s a $300 offer for canadian citizens

Not just Canadian citizens, residents too. I’m starting a working holiday in Vancouver also, so I’m hitting both the US and Canadian bonuses.

Is there an Early account termination fee? Thanks

$25 if closed within 90 days.

Hey just an FYI, I went into the only location in Missouri (Saint Louis) and although everyone was very nice, they had a printed advertisement that said clearly on it the promo ended June 30, 2018. They may be getting ready to start a new one, but that was my experience. May be a good idea to call beforehand.

Thank you, Sam. I won’t be stopping by this one until the winter and will be sure to call ahead when I do go.

Hi, Sam. I went today, and saw the same guy you did. Same story.

Update: I was able to open an account today at the same branch in Brentwood, MO ! Also, I didn’t have updated proof of address, and they said there was no issue with opening 2 separate accounts for 2 individuals at the same address. We both got the addendum in our folders!! Super nice and efficient again…truly amazing to me. They did say you can waive that monthly fee on the lower tier iCan checking with the auto debit each month too without needing the 1k balance. I’m going to SM them though to make sure…sounding too good to be true. You get the standard 1 cycle though before you have to start meeting the requirements in the 2nd cycle.

Update: I am technically on my 3rd statement cycle now as the 1st closed a few days after opening at the end of July. No monthly fee, and not even close to 1k balance. I did confirm via SM too that the small credit card payments made via ACH/bank website had worked to help me avoid the fee. Great deal if this actually posts in the next month and half.

Sensitive to Chex. No recourse, even with an explanation.

FYI Banker told me they have a 2% Agility savings, which can ONLY be opened *online*, even for new customers. I got Chex-rejection upon entry of my SSN, so you might try opening the savings before making the trip into a bra ch.

Very helpful DP, Bob. Thx

I just signed up online for that savings account to test the waters, no way their chex sensitive (IL). I was approved, I have about 35 accounts the last 3 years, 5 within the last 8 weeks, so now i have to go in open the checking and close this savings bcsu I dont want to deposit $1k.

I opened an account for both players in our house in branch. Both approved, and we’ve both had 30+ bank accounts opened in the last 12 months.

not chex systems sensitive, see my reply (IL) see post below

Called the IL Branch at 120 S LaSalle St and was told that the $200 promotion is still ongoing. I’ve set up an appointment with them for tomorrow, to open the iCan Checking Account.

Just opened the iCan Checking Account in-branch. Pretty easy process. Not sure if they did a Chex Inquiry at all, couldn’t really tell and I didn’t ask. I have 20+ bank accounts so even if they did, they’re not Chex inquiry sensitive most likely.

Again, just need to do a few things to get the $200 bonus: 1) $50 Opening Deposit, 2) Sign up for Online Banking and e-Statements, 3) Receive an ACH Direct Deposit (any amount works).

Update on the stl branch in Brentwood, they now have the updated flyer for the $200 bonus just opened account today. A fellow member of DoC stopped by yesterday. She said they came in asking to open this exact account and heard about the bonus online even if it isn’t advertised. 👍🏼

Opened the iCan checking account today at the LaSalle Chicago location. Like John Doe said, you just need the following to get the bonus: 1) $50 Opening Deposit, 2) Sign up for Online Banking and e-Statements, 3) Receive an ACH Direct Deposit (any amount works).

The account rep couldn’t get me an end date for the bonus, but she said it will continue for at least a few more weeks.

was told in branch ach has to be completed by the 90th day and bonus will be deposited 100th day. any amount.

Just got back from CIBC(MO). Look out for chexsystems. A hard pull for me. Maybe I’ll try at the end of the year.

Anybody know if an “ACH automated debit transaction” is different than a “DDA purchase”?
Not sure how exactly this has to ring up in order for it to count.

Does anyone know whether a monthly ACH payment to the account keeps the account fee free?

Update: I signed up for my account today at a CIBC branch and they told me that the checking account would be fee free so long as the account has at least one ACH debit OR ACH credit per month (and this regardless of the account balance).

some datapoints saying hardpull – can anyone confirm? might go to the chicago location this week if the offer is still running..ive opened a lot of accounts this year though so not sure if chex sensitive will get me denied

Soft pull for me.

Has anyone gotten their bonus on this?

I opened my account on 7/30 and have still not gotten the bonus. The rep who opened the account said I would get it on the 90 day mark, so I guess we’ll see…

Still waiting (opened early September). I got the account bonus addendum in writing; says that the bonus should post within 100 days of account opening.

Both from same address- got our bonuses credited on 10/31 (opened on 7/26)

The pros:
-Friendly tellers and bankers.
-Free box of checks.
-iCan is easy to keep fee-free.
-Free snacks including coffee, water, and ice cream at my local branch.

The cons:
-Agility Savings (the online savings) doesn’t count towards your relationship balance total to keep the checking counts fee free, and myChoice’s interest rate bonus does not apply to AS.
-NetBanking UI is horrendous, mobile app works but isn’t very full featured.
-Small ATM network, although they do reimburse a limited amount of fees per month.
-Very conservative in terms of in-branch hours.

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