CIBC.ca is the Canadian
website of CIBC, a Canadian bank.
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 CIBC.CA
- The Canadian Imperial Bank of Commerce (TSX: CM NYSE: CM),
better known to most customers as CIBC, is one of Canada's major banks.
CIBC
is classified as a Domestic Chartered Bank (Schedule I). With its
headquarters in Toronto, Ontario, it also operates in the United States, the
Caribbean, Asia and the United Kingdom. CIBC provides a full range of
products and services to more than 11 million clients. It is currently
Canada's fifth largest chartered bank and has a worldwide workforce
of 40,457 employees.
CIBC is a member of
the Canadian Bankers Association (CBA) and registered member with the Canada
Deposit Insurance Corporation (CDIC), a federal agency insuring deposits at
all of Canada's chartered banks. It is also a member of:
In
1867 the Canadian Bank of Commerce opened in Toronto with a charter
in 1866 (purchased from the defunct Bank of Canada, which folded in 1858.
Imperial Bank of Canada opened a few years later in 1875, also in Toronto.
In 1961 the two banks merged to form the Canadian Imperial Bank of Commerce
and in 1962, opened a major new banking centre in Montreal, Quebec with the
construction of the CIBC building.
CIBC was the first Canadian bank to introduce bank machines, with the
Automated Cash Dispenser in 1969. In 1988 CIBC moved into the investment
market by purchasing Wood Gundy Inc. In 1997 it moved to do the same in the
United States by purchasing Oppenheimer & Co., Incorporated.
Besides its Canadian operations, CIBC has operations globally. CIBC National
Bank was established in the U.S. in 1999, but opened a foreign exchange
office in New York in 1875 (Canadian Bank of Commerce), London in 1901 and
in Asia (Hong Kong) in 1970.
Along with Loblaws, CIBC helps operate President's Choice Financial started
in 1996.
CIBC is currently one of Canada's chartered banks, also referred to as the
Big Six banks.
On
May 20, 2004 CIBC announced that it would refund $24 million to some of it's
customers as a result of erroneous overdraft and mortgage charges
which were discovered in the course of an internal review. "This is being
done as part of CIBC's effort to correct its error and to ensure that it
distributes to customers all of the money it received in error," the bank
said.
In another similar incident, CIBC announced on April 27, 2006 that it's
refunding an additional $27 million to about 200,000 clients who were
overcharged for certain overdraft fees and other borrowing transactions,
some of which date back to 1993. In cases where clients were undercharged,
the bank decided not to seek reimbursement.
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