New flex fee account with unlimited Interac e-Transfers and lower fees when clients bank less, is another banking first from CIBC

Canadians can now open the new CIBC Smart™ Account or other chequing and savings accounts with their smartphone or tablet

TORONTO, April 4, 2016 /CNW/ - To simplify everyday banking for Canadians, CIBC (TSX:CM) (NYSE: CM) is introducing a first-of-its-kind bank account with flex fees that are capped monthly, and that automatically adjusts to client needs with lower fees in months where clients' banking needs are less.

With the CIBC Smart Account, clients pay $4.95 per month for up to 12 transactions to a cap of $14.95 for unlimited everyday banking, including Interac e-Transfers® to reflect the growing popularity of sending money digitally. In fact, a recent CIBC poll finds that approximately half (49 per cent) of Canadians have sent an Interac e-Transfer, and among those, roughly two-thirds (61 per cent) say they would send more if there were no extra fees to do so.

"Canadians clearly told us they want banking to be easier and more flexible," says Veni Iozzo, Senior Vice President, CIBC. "Rather than doing a retake on the traditional chequing account that has been around for decades, we built something that works with the way people bank today. Rather than just an unlimited account that charges a flat fee no matter whether a client has five transactions or forty, CIBC has the only account that automatically adjusts the fee for months when clients are transacting less."

"The CIBC Smart Account is also the first account of its kind to offer unlimited Interac e-Transfers, an increasingly popular way to send money. We also made it possible to open an account with your smartphone or tablet. The new digital account open feature on the CIBC Mobile Banking App allows you to open an account from virtually anywhere at any time," adds Ms. Iozzo.

Canadians want to send more Interac e-Transfers: poll

While about half of all Canadians have sent an Interac e-Transfer, among millennials the number rises:

• Two-thirds (66 per cent) of millennials have sent an Interac e-Transfer. Among them:
  • 63 per cent say they don't send as many as they'd like because of the extra fees

"With features like unlimited Interac e-Transfers, easy and convenient ways to open an account digitally and the ability to discount or completely waive the monthly fee, we are offering an innovative approach to deliver value to our clients," Ms. Iozzo says.

"Whether you bank a little or a lot each month or even if your banking varies from month to month, you can rest easy knowing that you'll only pay for what you use and your monthly fee will be capped at $14.95."

About the CIBC Smart Account:

Flexible monthly fee	Monthly fee starts at $4.95 for up to 12 everyday transactions (Plus $1.25 for each additional everyday transaction to no more than $14.95 per month) Monthly fee is capped at $14.95 for unlimited everyday transactions
Unlimited Interac e-Transfers	Now included as an everyday transaction so clients can send money quickly and easily by email without paying additional fees (not offered by any other Big 5 Canadian bank in a comparable account)
Monthly fee waiver	Clients can have their monthly fee waived entirely by maintaining a minimum daily balance of $3,000 and a recurring direct deposit or two pre-authorized payments each month - the lowest comparable fee waiver among the Big 5 Canadian banks
Helpful Alerts (coming soon)	Clients can set up alerts to help keep track of their CIBC Smart Account banking activity

Key Findings from the CIBC Poll:

From March 9^th to 10^th, 2016, an online survey was conducted among 1,510 randomly selected Canadian adults who are Angus Reid Forum panelists. The margin of error - which measures sampling variability - is +/- 2.5 per cent, 19 times out of 20. The results have been statistically weighted according to education, age, gender and region (and in Quebec language) Census data to ensure a sample representative of the entire adult population of Canada. Discrepancies in or between totals are due to rounding.

Canadians who say they have sent an Interac e-Transfer:

	All	18-34	35-54	55+
Yes	49%	66%	51%	32%
No	51%	34%	49%	68%

Among Canadians who have sent an Interac e-Transfer, the percentage who say the extra fees have caused them to send fewer than they would like:

	All	18-34	35-54	55+
Yes	56%	63%	59%	37%
No	44%	37%	41%	63%

Among Canadians who have sent an Interac e-Transfer, how usage would be affected if there were no extra fees to send them:

	All	18-34	35-54	55+
I would send more	61%	72%	66%	36%
It would have no impact	37%	25%	32%	64%

About CIBC

CIBC is a leading Canadian-based global financial institution with 11 million personal banking and business clients. Through our three major business units - Retail and Business Banking, Wealth Management and Capital Markets - CIBC offers a full range of products and services through its comprehensive electronic banking network, banking centres and offices across Canada with offices in the United States and around the world. You can find other news releases and information about CIBC in our Media Centre on our corporate website at www.cibc.com.

SOURCE Canadian Imperial Bank of Commerce

Olga Petrycki, Director, External Communications, 416-306-9760 or [email protected]