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.
Similar to my 2023 DP, CIBC is still fairly Chex sensitive in-branch but they will manually approve you.
P1 was flagged for manual review after the Chex inquiry and the banker asked why I had so many recent account openings. P1 Chex numbers were 3/1, 7/3, 8/6, and 18/12.
P2 was not flagged after the Chex inquiry. P2 Chex numbers were 2/1, 3/3, 4/6, and 11/12.
When I applied, the manager glanced at my Chex and said, “so you’re a bonus shopper”. 🤣
Told him it was CDs and savings accounts, and how I wanted to open an Agility savings but got denied for ID verification, and he OK’ed it.
My default response is shopping around for high APY. I can’t recall ever getting labeled as a bonus chaser, although it shouldn’t be too hard for them to connect the dots.
It is pretty funny to watch their faces when the Chex alert comes up on their screen and they excuse themselves to speak with their supervisor. 🤣
DP:
8/28/2024 Opened myChoice Plus Checking OOS in branch
10/7/2024 Small push from Chase personal
12/31/2024 $200 Bonus posted as ADVICE OF CREDIT PROMOTIONAL REWARD CASH TRANSACTION
Bonus was dated 12/31/2024 but actually posted overnight on 1/1/2025.
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