Suppose you are one of the 9 million Americans living abroad in Canada. In that case, you may want to consider a CIBC online account. And if you want to transact business in the best international bank for ex-pats in Canada and North America, the Canadian Imperial Bank of Commerce (CIBC), an award-winning bank, may offer you what you are looking for.
The bank offers multiple financial services and has its headquarters in Ontario, Toronto. And it has over 1,200 branches all over Canada, thus bringing banking services near you, wherever you are. In addition, it has multiple branches and affiliates in the U.S.
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Why You Should Open an Online Bank Account
You may already have a CIBC debit or credit card that you obtained when you became a member of the bank in your locale. But you should still consider opening an online account for several reasons.
Below are some of the benefits of an online bank account.
- A typical bank account in the U.S. will charge an average monthly maintenance fee of $5.41 for checking accounts. Usually, brick-and-mortar banks tend to charge more because they have higher operating costs. But digital bank accounts are likely to charge less. So, to cut down on your banking fees, you should consider a CIBC online account. Because it offers a hybrid account system, it is likely to offer lower costs than traditional banks.
- Traditional banks operate during limited business hours. However, if you have an online bank account, you can access it 24/7, thus enabling you to get the funds you need even in an emergency.
- Another added benefit of an online bank account is the speed and efficiency it offers. You don’t have to wait in line to be served. In addition, you don’t need to carry lots of cash, which is a safety issue. You can simply initiate transactions, such as payment of bills, and they will be sent to your creditor.
- It is also worth noting that online bank accounts are usually accessible via a dedicated app on mobile devices. So, you can conduct business from anywhere in the world while on the move, provided you have access to the internet.
- Multi-factor authentication offered by online banking companies makes it easier for you to safeguard your identity while performing financial activities online. As a result, it is more challenging for identity thieves to steal your funds.
With so many benefits offered by online accounts, it makes sense to open one via CIBC if you are in Canada or anywhere in North America.
Read More: The Pros & Cons of Online-Only Banking
How to Bank Online With CIBC
Below is the CIBC account opening process for online banking.
- Visit the CIBC homepage for personal banking and select the “Ways to Bank” tab. Alternatively, download the CIBC mobile banking app for your mobile device.
- Once you access the tab, select the “How-to” tab and go to the “Register for mobile and online banking” section.
- When prompted, put in your CIBC card number and expiry date and click next. If the card is not valid, you cannot continue.
- Choose how you want to receive your six-digit verification code.
- When you receive the code, enter the number in the verification box and select “continue.”
- Choose a password. And ensure it is robust and, thus, secure.
- Read the terms and conditions and accept them by checking the box.
- Congratulations, you now have a CIBC online account. Enjoy banking via phone, computer or tablet.
Always ensure that you keep your password private yet accessible when you are on the move.
- CNBC: The top reason why Americans abroad want to dump their U.S. citizenship
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- Forbes: Checking Account Fees Remain Costly: How To Avoid Them
- Forbes: 5 Benefits Of Digital Banking
- Go Banking Rates: Advantages and Disadvantages of Online Banking
- CIBC: How to register and sign on to CIBC Mobile and Online Banking
I have been a freelance writer since 2011. When I am not writing, I enjoy reading, watching cooking and lifestyle shows, and fantasizing about world travels.