New Total Banking Rebate introduces savings for clients who meet their broader financial needs with CIBC

TORONTO, April 10, 2012 /CNW/ - CIBC today announced the new CIBC Total Banking Rebate, which provides a rebate on chequing account fees to clients who have a banking relationship with CIBC across multiple products. This savings opportunity is available to new CIBC clients, and applies to existing, eligible clients automatically, beginning this month.

Through the Total Banking Rebate, clients can save between 30 and 50 per cent on the cost of their monthly chequing account package. For many clients holding an eligible CIBC chequing account, this can provide an annual savings of almost $50. To be eligible for the rebate, clients only need to hold one banking product with CIBC across each of four common financial needs.

"Through the CIBC Total Banking Rebate, we are enhancing the value our clients receive as part of a banking relationship with CIBC by providing a new savings opportunity on their chequing account," said Colette Delaney, Executive Vice President, Mortgage, Lending, Insurance, and Deposit Products, CIBC. "Our intention is to recognize those clients who choose to meet their broader financial needs with advice and banking products from CIBC, and to provide an incentive for new clients to meet with a CIBC advisor for a conversation about their overall financial goals."

CIBC clients eligible for the Total Banking Rebate will save between 30 to 50 per cent on their monthly chequing account fees, beginning in April 2012. To be eligible for the rebate, clients need to hold at least one product from each of the following four categories:

• A Mortgage or Home Equity Line of Credit
• Any savings or investment product, which could include either a simple savings account, or other investment plans such as a TFSA, RESP, RDSP, or RRSP/RRIF.
• Any of CIBC's credit cards that carry an annual fee, or any creditor insurance policy on a borrowing product
• And, an eligible CIBC chequing account that carries a monthly package fee, to which the Total Banking Rebate will be applied.

In addition to the benefits for existing clients, the new rebate provides a money saving opportunity for clients currently holding two or three eligible products, who could realize these savings by moving more of their business to CIBC.

"The Total Banking Rebate is an opportunity for new clients to CIBC to consolidate their banking in one place and receive a benefit for doing so," added Ms. Delaney. "We also expect the rebate to appeal to clients who can save on chequing account fees by moving banking products they may have elsewhere to CIBC to be eligible for these savings."

The Total Banking Rebate builds on the value CIBC clients are already seeing in their banking relationship, including recent enhancements such as the launch of a new Mobile Banking App for iPad, and the advice available through CIBC Advisors that can help Canadians reach their financial goals.

CIBC is a leading North American financial institution with nearly 11 million personal banking and business clients. CIBC offers a full range of products and services through its comprehensive electronic banking network, branches and offices across Canada, and has offices in the United States and around the world. You can find other news releases and information about CIBC in our Press Centre on our corporate website at www.cibc.com.