Update 2/22/24: CIBC now has branches in CA (SF) and FL (Palm Beach). Hat tip to RM
Update 5/15/23: Deal is back. Hat tip to TOm
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: None
- Early account termination fee:
- Household limit: None listed
- Expiration date: December 31st, 2019
The Offer
- CIBC is offering a $200 checking bonus when you open a new iCan or MyChoice account in branch when you meet the following requirements:
- Open account with a minimum of $500+
- 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
Looks like all the checking accounts are now 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:
- A Beginners Guide To Bank Account Bonuses
- Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
- PSA: Don’t Call The Bank
- Introduction To ChexSystems
- Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
- What Banks & Credit Unions Do/Don’t Pull ChexSystems?
- How To Use Our Direct Deposit Page For Bank Bonuses Page
- Common Bank Bonus Misconceptions + Why You Should Give Them A Go
- How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
- Affiliate Links & Bank Bonuses – We Won’t Be Using Them
- Complete List Of Ways To Close Bank Accounts At Each Bank
- Banks That Allow/Don’t Allow Out Of State Checking Applications
- Bank Bonus Posting Times
Post history:
- Update 8/4/19: Bonus is back for 2019.
easy
P1 DP
1/2 – account opened in branch OOS with $500 deposit (existing CIBC customer – Agility Savings account)
1/5 – $10 ACH transfer from Chase, also enrolled in online statements
4/3 – $200 bonus posted
P2 has a nearly identical DP (threw in a $100 real DD for good measure) but has not yet received her bonus.
Additional note – no Chex pull for either of us when we opened, likely because we were existing customers.
Opened the account in-branch in SF, there’s absolutely no signage for the bank so just walk into the building and tell reception you are there to visit CIBC. Their office is on the 25th floor and has gorgeous views of the city.
Was not required to have the $500 on me, it just needs to be the opening deposit made but they said I could fund it online. No questions about Chex. Took about 30 minutes.
Did the banker know about the offer/put in a special code?
Did they explain to you what they mean by ACH transaction to get the bonus?
I opened the iCAN account in SF branch with $500 personal check. Pretty straight forward.
Be sure to have two forms of ID when opening the account.
I bit the bullet and opened in person. Make sure to have $500 cash on you, it needs to be deposited same day with the banker or you wont get the bonus.
Nope.
Does anyone know if there needs to be a code attached when opened in person? my banker didn’t have the bonus sheets but it’s a new branch so idk. I opened it anyway.
This bank’s name reminds me of CBDC and CNBC
Has anyone tried opening over the phone or somehow online? Driving from Miami to Palm beach is questionable especially if they’ll discuss all my Chex inquiries lol
Ive tried but no go. I made a CFPB complaint, especially since I am already a customer (I have a savings account) and got my fingers crossed
Yeah but the agility savings deal was Nationwide online-only offer.
If you’re not in one of their states that’s not really a true test, IMO. I don’t think it’ll work, but someone closer to a branch should try it.
I called the branch to set up an appointment to open the checking. At first the banker thought he could send me the app in the mail (because I already had a savings account), but then he realized I would have to get it notarized. So rather than deal with that, I made the appointment to come in. He said he will have everything ready to go so all I have to do is come in and sign.
The folks opening my account asked if I had earned a bonus with them before. If so, I wouldn’t qualify for a new bonus. I decided to be my own data point and find out if CIBC bonuses are indeed not churnable.
What did you reply?
Sounds like a case of a banker inventing rules that don’t exist. There are DP’s below of people getting this more than once. I would have shook my head and continued opening that account.
ChurningExperiences 
das1996
Lol. It’s been a few years since I opened anything in branch at cibc. I do recall the experience though.
It was a generally older banker who seemed more old school than the current flock i’ve dealt with at banks like 5/3, wells, citi, etc.
The process took longer than it should have. We’ll see. Frankly for $200 not really worth it – for another hit on the chex or ews.
I said I “didn’t remember” and asked them to verify that lol. They ended up finding a 1099 from years ago. I still opened the account but the manager came to ask the purpose of opening the account because of all the accounts opened under my name (she read the bank names in my report out loud). She said she wanted to make sure I wasn’t moving money around. The account was opened but then I forgot to sign the check so they called me asking if I could go back to sign the check. Too much of a hassle and I don’t feel it’s worth going back for the possibility of getting the bonus.
You’ve already got the time invested initially opening it. I’d complete the process at this point.
Indeed it sounds like they want more long term customers. Sounds like they’re pulling a ews report too. Doubt chex would be this revealing.
For those of us currently in the $500 agility savings offer, probably a good idea to keep the savings account open while enrolling in any other cibc offer.
What’s wrong with moving money around to maximize returns…. A particular chase banker refers to it as money based tetris. This banker even reaches out periodically if there’s good offers available.
If the account was opened, you would have access to mobile banking. I would have asked them to destroy the check and tell them you would submit a mobile check deposit.
The purpose is household bills & spending – Banks like transactors…. the other banks were for changing interest rates and savings/CD’s…
You already took the Chex hit… may as well follow through.