As one of Canada's five largest banks, Canadian Imperial Bank of Commerce (CIBC) automated teller machines (ATMs) can be found across the country. These ATMs allow CIBC customers to make withdrawals and deposits, but can also be used by customers of other banks to withdraw cash. Here's our review of CIBC ATMs.
What denominations of cash can be withdrawn at a CIBC ATM?
In terms of the variety of denominations that can be withdrawn, CIBC ATMs stand out. They offer $20, $50 and $100 bills. While other Canadian bank machines offer up to four different denominations, this is one area where CIBC stands out, as many machines only offer $20 bills. What's more, CIBC ATMs allow users to choose from several denomination combinations that add up to the amount they wish to withdraw.
What are the withdrawal fees for non-customers?
CIBC customers can make withdrawals from all CIBC ATMs without paying a convenience fee. However, if you are not a CIBC customer, you will be charged a convenience fee of $3.50, plus any other fees charged by your own financial institution.
The convenience fee does not represent the entire cost of withdrawing money from an ATM of a bank where you are not a customer. In addition to the convenience fee, there may be an Interac network access fee (between $0 and $1.90) and a transaction fee (between $0 and $2). Of course, you won't pay any additional transaction fees if your banking package includes a certain number of transactions per month, or if you have a Canadian chequing account with no fees.
According to the Financial Consumer Agency of Canada, the total fee for withdrawing money from another bank's ATM ranges from $1 to $7.90, and the fee for withdrawing money from a private ATM ranges from $1.50 to $8.90!
How do I make a deposit at a CIBC ATM?
CIBC ATMs are state-of-the-art, so CIBC clients can deposit cash or cheques by inserting them directly into the deposit slot without an envelope. This envelope-less technology allows for faster deposit processing, and eliminates the need for CIBC clients to reschedule deposits due to envelope shortages.
How do I find a CIBC ATM?
CIBC ATMs are available at most CIBC bank branches, as well as in many stores and shopping centres. The easiest way to find the CIBC ATM nearest you is to use the CIBC Branches and ATMs locator. Simply enter your postal code or city and the locator will generate a map showing nearby CIBC bank machines.
What we think of CIBC ATMs
|Variety of denominations offered||4/5|
|Withdrawal fee for non-customers||4/5|
|Accessibility of counters||3/5|
|+ According to our analysis grid, CIBC's bank machines are among the most competitive in Canada. In fact, we believe they deserve an overall rating of 4/5.||4/5|
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About The Author: Arthur Dubois
Passionate about personal finance and financial technology, Arthur Dubois is a writer and SEO specialist at Hardbacon. Since his arrival in Canada, he’s built his credit score from nothing.
Arthur invests in the stock market but doesn’t pay any fees because he uses National Bank Direct Brokerage online broker and Wealthsimple’s robo-advisor. He pays for his subscriptions online with his KOHO prepaid card, and uses his Tangerine credit card for most of his in-store purchases. When he buys bitcoins, it’s with the BitBuy online platform. Of course it goes without saying that he uses the Hardbacon app so that he can manage all of his finances from one convenient place.
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