Update 2/22/24: CIBC now has branches in CA (SF) and FL (Palm Beach). Hat tip to RM
Update 5/15/23: Deal is back. Hat tip to TOm
Offer at a glance
- Maximum bonus amount:Â $200
- Availability: In branch only, branches are in IL, MI, MO & WIÂ [Branch locations]
- Direct deposit required:Â Direct deposit or ACH automated debit transaction
- Additional requirements:Â eStatements
- Hard/soft pull:Â Soft pull
- ChexSystems: Yes
- Credit card funding:Â None
- Monthly fees:Â None
- Early account termination fee:
- Household limit:Â None listed
- Expiration date:Â December 31st, 2019
The Offer
- CIBC is offering a $200 checking bonus when you open a new iCan or MyChoice account in branch when you meet the following requirements:
- Open account with a minimum of $500+
- Receive at least one direct deposit or ACH automated debit transaction
- Elect to receive electronic statements
The Fine Print
- Bonus will post within 100 days of account opening if requirements are met
- The account must remain open on the payment date to receive the bonus
- Only one bonus per person is allowed
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Looks like all the checking accounts are now fee free.
Early Account Termination Fee
There is a $25 early account termination fee if the account is closed within 90 days.
Our Verdict
We’ve previously posted another CIBC US deal for $300 that could be opened online but was only available to certain employer groupers. Some people were to sign up anyway and then their accounts were closed but CIBC did send them $150 check for the inconvenience. That’s always a good sign in terms of customer service in my opinion. This one should be open to anybody who can get to a branch, even if you live out of state. Definitely worth doing if you’re in the area as it seems like any ACH will trigger the direct deposit requirement. I’ve added it to the best bank bonus page.
Big thanks to reader, Jason who let us know. Learn how to find bonuses and contribute to the site here.
Useful posts regarding bank bonuses:
- A Beginners Guide To Bank Account Bonuses
- Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
- PSA: Don’t Call The Bank
- Introduction To ChexSystems
- Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
- What Banks & Credit Unions Do/Don’t Pull ChexSystems?
- How To Use Our Direct Deposit Page For Bank Bonuses Page
- Common Bank Bonus Misconceptions + Why You Should Give Them A Go
- How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
- Affiliate Links & Bank Bonuses – We Won’t Be Using Them
- Complete List Of Ways To Close Bank Accounts At Each Bank
- Banks That Allow/Don’t Allow Out Of State Checking Applications
- Bank Bonus Posting Times
Post history:
- Update 8/4/19: Bonus is back for 2019.
IL DP:
8/1/24 – iCan checking account opened with $500 check deposit (done in less than 20 minutes)
8/2/24 – $10 Fidelity push and withdrew initial deposit
11/6/24 – $200 bonus posted
7/12: Opened in branch with $500 check in SF
8/13: DD of $10
10/16: $200 Bonus
I withdrew monies and left about $5 in the account while waiting for the bonus.
5/31: Opened in branch with $500 check
6/10: Withdrew $500
6/12: Deposited 1 cent
9/04: $200 ADVICE OF CREDIT PROMOTIONAL REWARD CASH TRANSACTION
Pay attention kids, this is how it’s done!
Opened at Chicago suburban branch today. Branch manager stated that there has not been a $50 referral bonus that can be stacked with this for quite some time.
The iCan checking account has 1% cashback on debit purchases (up to $20 per month). Has anyone tried loading CashApp to see if it works to trigger the cashback?
I’ve found it works with Paypal balance reloads as well as FutureCard debit card funding, easy $240/year.
Simple bonus, though expect to wait. You do not need to deposit the $500 in cash immediately when opening the bonus in branch! I transferred in $500 from an external bank several weeks later and had no issues.
3/7: Account opened
3/27: $500 deposit from external bank account
4/9: $20 work DD
6/12: Bonus received
Opened: 1/26/24
Bonus Posted: 5/1/24
easy
P1 DP
1/2 – account opened in branch OOS with $500 deposit (existing CIBC customer – Agility Savings account)
1/5 – $10 ACH transfer from Chase, also enrolled in online statements
4/3 – $200 bonus posted
P2 has a nearly identical DP (threw in a $100 real DD for good measure) but has not yet received her bonus.
Additional note – no Chex pull for either of us when we opened, likely because we were existing customers.
Opened the account in-branch in SF, there’s absolutely no signage for the bank so just walk into the building and tell reception you are there to visit CIBC. Their office is on the 25th floor and has gorgeous views of the city.
Was not required to have the $500 on me, it just needs to be the opening deposit made but they said I could fund it online. No questions about Chex. Took about 30 minutes.
Did the banker know about the offer/put in a special code?
Did they explain to you what they mean by ACH transaction to get the bonus?
I went in today too. Great views, nice looking office. They recommended to call to set up an appointment since there is only a few people working there, but I was able to walk in a little before their 9am opening time. No chex questions, 30 minutes, I did $500 via check. Two forms of ID required. Got a tote bag from them to put my disclosures in.
Which ID’s did you provide? And a $500 check from another bank worked? Seems simple!
Passport and debit card. I also had my driver’s license with me but didn’t need to show it