Helping clients with what they need for them to emerge #AlbertaStrong
TORONTO, May 12, 2016 /CNW/ - To help displaced Fort McMurray residents in the long recovery ahead, CIBC (TSX: CM)(NYSE: CM) today announced it is expanding its financial support program to get clients back on their feet.
"We know this past week has been hard for everyone, not knowing if they have homes or jobs to return to," said Victor Dodig, President and Chief Executive Officer, CIBC. "We want to help make the journey easier for our clients and the residents of Fort McMurray. While we know the road to recovery will be long and challenging, we are confident the city will emerge stronger for having come together as a community to help one another."
The first step is to help create some sense of normalcy and certainty in the daily lives of those in Fort McMurray. The immediate focus for our clients is clear: Access to cash and payment relief. CIBC is helping our clients by:
- Deferring your payments on mortgages and personal loans.
- Re-amortizing your mortgage payments to lower monthly costs.
- Crediting your accounts for any fees caused by overdrafts, insufficient funds, and early withdrawals on term deposits or use of non-CIBC ATMs.
- Waiving all of your monthly service fees, transaction fees and non-CIBC ATM withdrawal fees on personal accounts.
- Allowing you to defer payments on your credit cards for two months without having to contact us. Please call if you require an extension.
- Waiving fees and the monthly interest, if needed, on your outstanding card balances.
- Offering unsecured personal lines of credit and loans of up to $10,000 through CIBC's Emergency Loan Assistance Program, known as ELAP.
- Special accommodation for small business and commercial clients affected by the fire.
- No holds on insurance cheques, provided they are deposited in branch.
Clients are encouraged to call CIBC toll free at 1-877-454-9030 or stop by any CIBC Banking Centre or our temporary banking facilities at evacuation sites for assistance. For more information, see cibc.com.
In addition to the multi-million-dollar commitment to clients outlined above, CIBC and its employees are working with Alberta Food Banks to help Fort McMurray residents fill their fridges and cupboards with healthy food when they return home. CIBC employees are hosting fundraisers across the country – from barbecues to Jeans Days -- and the bank will match the first $100,000 raised. Go to cibccares4FortMac.com to support this nationwide campaign.
"Our bank has deep roots in the communities we serve, and it's heart-warming to see so many on Team CIBC show their generosity," says Mr. Dodig. "We're committed to seeing our clients through the good and tough times."
This effort follows the bank's earlier donation of $250,000 to the Alberta Food Banks in March, which was made to meet the urgent demand for supplies at depleted food banks, the charity's largest-ever corporate donation.
CIBC previously announced a $100,000 donation to the Canadian Red Cross. To support the residents of Fort McMurray, Canadians can donate:
- At CIBC Banking Centres across Canada until June 6
- The most-needed food items through the Alberta Food Banks' emergency food drive
- By redeeming Aventura points on CIBC Rewards for a Canada Helps voucher to direct points to the Canadian Red Cross Society – Alberta Fires Appeal
- Directly to the Alberta Fires Appeal
Follow us on Twitter @cibc and facebook.com/cibc for updates.
CIBC is a leading Canadian-based global financial institution with 11 million personal banking and business clients. CIBC and our employees are committed to the social and economic development of our communities, with a focus on Kids, Cures and Community. In 2015, CIBC contributed more than $65 million to support community initiatives across Canada, including the Canadian Breast Cancer Foundation CIBC Run for the Cure, the CIBC Miracle Day™ and United Way. You can find other news releases and information about CIBC on our corporate website at www.cibc.com/ca/media-centre/.
SOURCE Canadian Imperial Bank of Commerce