Small Business 101 Small business 101
Learn how to make the most of your CIBC Business Banking Convenience Card.
The CIBC Business Banking Convenience Card® is a debit card issued to your business. It lets you bank in the way that best suits you. Use the card at any CIBC banking centre or ATM. You can also use it for Interac® Direct Payment, CIBC Telephone Banking, CIBC Online Banking® and CIBC Mobile Banking®.
You can issue delegate cards to your employees and customize their levels of access.
What can a Business Banking Convenience Card do for me?
Your card gives you access to your accounts:
- CIBC Business Operating Account
- CIBC Business Investment Growth Account
- CIBC U.S. Dollar Current Account
- CIBC Business Overdraft or Line of Credit
- CIBC personal accounts and select credit cards1
With a Business Banking Convenience card, it’s easy to use online and mobile banking. Here’s how to register for CIBC online and mobile banking. Opens in a new window.
Signing officers have authority to sign alone. Here’s what they can do.
- Conduct day-to-day banking tasks:
- Pay registered bills and add new ones
- Transfer funds
- Send money through CIBC Global Money TransferTM
- Send and receive money through Interac e-Transfer®
- Arrange to stop payments
- Use online or mobile banking to review account details and eStatements for lines of credit, mortgages, CIBC business accountsand credit cards1, 2
- Re-order business cheques through the banking centre or online banking
- Make deposits, withdrawals, transfers, bill payments and account inquiries at CIBC ATMs
- Use Interac Direct Payment for point-of-sale purchases at retailers
- Make balance inquiries or change the business address online or through telephone banking
- File information and pay government business taxes online
Co-signatories are officers who are authorized to sign on behalf of the business, but can’t do so individually. Here’s what they can do:
- Make deposits at CIBC ATMs or banking centres
- Receive payments through Interac e-Transfer
- View CIBC business accounts and eStatements through online banking and mobile banking
How do I get a Business Banking Convenience Card?
Your CIBC business account includes a free Business Banking Convenience Card, plus free cards for delegates. To open a business account, visit a banking centre or apply online for a CIBC business account. Opens in a new window..
If you need a new, updated or replacement Business Banking Convenience Card, visit your banking centre Opens in a new window.. Or you can book a meeting with your CIBC business advisor Opens in a new window..
What banking can delegates do?
You can tailor each delegate’s level of access according to their responsibilities. It’s completely up to you.
- Routine banking tasks: Let your delegate do one task, or many
- Account access: From limited access to a single account to full access on all accounts
- Limits and access levels: For ATM transactions and Interac Direct Payment point of sale purchases
You can monitor your delegates’ activities on your monthly statement or online. And you can revoke or change access for delegates any time.
How do I add a delegate?
Once your business account is open, you can issue cards to your company’s delegates. Prepare a letter of direction3on your company’s letterhead authorizing CIBC to add your employee to your business account as a delegate. You and your employee will need to visit the banking centre and provide identification.
Your CIBC business advisor works with you to assign your company’s delegates and manage their access.
Are there limits on transactions?
Your card may be set up with limits on certain transactions:
- Daily ATM limits of up to $1,000 and Interac Direct Payments limit of up to $3,000. Your card or delegate cards can be set up with much lower daily limits, or no access to cash or point of sale.
- Pay bills and transfer funds up to $50,000.
- Send up to $80,000 through CIBC Global Money Transfer.
- Send up to $3,000 through Interac e-Transfer. Need a higher limit? Consider CIBC SmartBankingTM for Business.
Protect your PIN
It's important for you and your delegates to protect your PINs. Otherwise you could be liable for unauthorized transactions.
- Never share your Convenience Card or give your PIN to anyone.
- Never use an easily guessed password.
- When entering your PIN on a keypad, use your body or hand as a shield.
- If your card is lost or stolen, call 1-800-663-4575 Opens your phone app. immediately.
Written By
Joseph Campagna
Joseph Campagna is a CIBC Business Banking professional with expertise in deposits, cash management and credit. He has extensive experience developing relationships, providing advice and helping Business and Commercial Banking clients achieve their financial goals.
