Canadian Imperial Bank of Commerce (CIBC) has launched a new CIBC Unlimited Business Operating Account. Reportedly, the new account offers unlimited monthly transactions, such as withdrawals, bill payments, and account transfers, all for one low monthly fee. Additionally, CIBC is giving clients convenient options for their day-to-day banking as part of the new account, including banking at their local branch, by phone, or online.
The bank has said that with no additional fees for depositing up to 100 cheques, $15,000 in cash, or $1,000 in coin monthly, most business clients need not to pay deposit handling fees. This is expected to allow business clients to focus on their business, without worrying about per transaction fees, or how much they’ll pay at the end of the month.
Colette Delaney, senior vice president, CIBC Retail Markets, said: “The new CIBC Unlimited Business Operating Account is the most exciting development in the business banking market in some time. Business owners have told us they want the certainty of a single, low monthly fee to cover all of their day-to-day banking, and that’s what the new CIBC Unlimited Business Operating Account delivers.”
