CIBC Announces Enhanced Debit Card Features Allowing Clients to Pay by Debit
at Millions of Online Merchants or when Travelling the Globe

The CIBC Advantage Card is the first debit card to offer Canadians the global reach of Visa Debit in addition to the day-to-day benefits of INTERAC Direct Payment for retail purchases in Canada

TORONTO, Oct. 18 /CNW/ - CIBC (CM:TSX,NYSE) today announced the first debit card in Canada to combine all the familiar benefits of existing CIBC debit cards with new features including vastly expanded acceptance for online purchases and international debit transactions.

The CIBC Advantage Card is available beginning today. Clients can use the card to:

• withdraw money at an ABM, transfer funds and pay bills
• pay with INTERAC Direct Payment at Canadian retailers
• log in to CIBC Online or Mobile Banking
• call in to CIBC Telephone Banking

By adding new features to the card, CIBC clients will also be able to:

• pay with debit for purchases from online retailers based here in Canada and around the world, and have the funds come straight out of their bank account
• use their debit card to pay for purchases at the register anywhere outside of Canada Visa Debit is accepted
• benefit from additional security for Visa Debit purchases with the Visa Zero Liability Policy and Verified by Visa

"The CIBC Advantage Card combines the same debit card that our clients value today with new features that allow our clients to do so much more," said Stephen Forbes, Executive Vice-President of Marketing, Communications and Public Affairs, CIBC.  "Our clients can now use their enhanced debit card to shop on the Internet, withdraw cash from an ABM, and make purchases from retailers both here in Canada through INTERAC Direct Payment and in the over 200 countries around the world where Visa Debit is accepted."

The CIBC Advantage Card allows CIBC clients to pay by debit at thousands of Canadian-based online merchants, and millions of online merchants around the world, giving clients added choice in how they pay when they shop on the Internet.   

In addition, the CIBC Advantage Card can be used in person to pay by debit at 29 million merchants globally that accept Visa Debit. The cards will be available to CIBC clients beginning today at CIBC branches or through Telephone Banking, and replacing their current debit card will be seamless for clients as their debit card number will remain the same.

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, 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.

For further information:

Kevin Dove, Senior Director, Media Relations, CIBC, Tel: [phone], [email protected]