CIBC Digital Business Checking

What is CIBC Digital Business Checking?

CIBC Digital Business Checking is a no-monthly-fee business chequing account that uses the same digital portal as CIBC CMO, but is limited to deposit, payment, and cash-management functions.

The account is designed for small and medium businesses that need to receive payments, pay suppliers, and track balances without a branch visit.

The platform processed $12.4 billion in business transactions in 2022, according to its 2023-01-15 disclosure, and achieved 99.99% uptime for digital banking services in 2023.

Capital is protected by the CDIC; the account is administered under OSFI and FCAC oversight.

• Unlimited internal electronic transfers (between your own CIBC Digital Business accounts)
• Free external bill payments by EFT up to 50 per month
• Real-time transaction alerts by email and SMS
• Integration with major accounting software via CSV export

How does the checking account compare to typical business chequing?

CIBC Digital Business Checking eliminates the monthly fee that most banks charge for a business chequing account.

Most conventional small-business chequing plans carry monthly fees between $12 and $25, plus transaction and deposit charges.

With the platform, you pay $0 per month; you are charged a flat $0.60 per deposit above the included monthly threshold.

By contrast, standard small-business chequing at a typical bank imposes at least $72 per year in service fees before any transaction costs.

Note that the data below is proprietary to the platform's 2023 operating results; the benchmark figures were collected from public pricing sheets in January 2024.

Sample size was limited to the 2,300 accounts that were active for the full 12-month measurement window; accounts with fewer than five monthly deposits were excluded.

How to set up your checking account

1. Start the application

   Go to the account page and choose "Open a business checking account".

2. Verify your identity

   Upload a government-issued ID and enter your business registration number.

3. Choose funding method

   Select an external bank to link; verify via a small test deposit or instant transfer.

4. Review and sign

   Confirm your details and e-sign the account agreement in under 60 seconds.

5. Start transacting

   Fund the account and begin paying/invoicing through the portal on the same day.

Trust and compliance details

CIBC Digital Business is a digital banking service provided by a Canadian financial institution; the platform does not support third-party investment products.

The digital banking infrastructure maintained 99.99% uptime in 2023, and deposits are eligible for CDIC coverage up to the statutory limit.

The institution is regulated by OSFI; CDIC and FCAC provide additional oversight. Refer to the official methodology on these OSFI pages for charter details.

Neither the platform nor the checking account support cryptocurrency or foreign-currency-denominated chequing at this time; the account is limited to CAD and USD.

This method does NOT apply to accounts that require wire transfers in currencies beyond CAD or USD.

Initially we tried to include cheque image exchange for foreign drafts but found that the settlement window was unreliable; therefore, physical cheques are still mailed to a processing centre.

Frequently asked questions about the checking account

These questions cover the practical aspects of opening and using CIBC Digital Business Checking.

The official methodology is detailed in the CIBC Digital Business overview.

• CIBC business login and CIBC business online banking are available on desktop, tablet, and mobile browsers without a dedicated app.
• Adding a sub-user requires the primary account holder to grant access from the dashboard; the sub-user must have their own email address.
• Funds are protected by CDIC; the platform also supports a two-factor authentication toggle in the security centre.
• All checking pricing is transparent and published inside the account dashboard before you commit.