CIBC to transfer US deposits to E-Trade under e-banking closure programme

CIBC to transfer US deposits to E-Trade under e-banking closure programme

Canadian Imperial Bank of Commerce (CIBC) has formally announced the closure of its US electronic banking operations, CIBC National Bank and Amicus FSB, subject to regulatory approval.

CIBC National Bank provides financial services under the Marketplace Bank brand, and Amicus FSB provides financial services under the Safeway Select Bank brand.

Both operations are being closed down under a major restructuring of the Canadian bank's operations which has also claimed the two-year old bizSmart service for SMEs and led to a wave of redundancies in wealth management and investment banking.

CIBC says that customer deposits with a balance of $1000 or more on the date of closing will be transferred to E-Trade Bank, subject to regulatory approval.

Customer loans and credit card accounts will continue to be serviced in accordance with their existing terms unless transferred to another financial institution or otherwise closed, says the bank.

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