CIBC Palladian Deposit Account Disclosures

The following information applies to the Palladian savings account. Please also refer to the separate Consumer Deposit Account Agreement and Fee Schedule provided to you electronically when you open your Account for information about other fees and charges and other terms and conditions of your Account.

CIBC Palladian Savings

The following limitations apply to all Accounts.

Account Ownership

  • All Account holders must be U.S. citizens and U.S. residents.
  • Accounts must be owned in the name of one or more natural people, either individually or as a joint tenancy;
  • Accounts cannot be owned by a trust, or established as a fiduciary or custodial account. Payable-On-Death (POD) Accounts are not permitted nor can beneficiaries or authorized signers be designated.
  • No changes in Account ownership are permitted after the Account is opened except due to death or incompetency of an Account holder or as otherwise required by law.


Initial funding of the Account must be received by the Bank within 10 days after the Account is opened to receive the rate stated at the time of Account opening.


The initial deposit to the Account must be made by either:

  • An internal transfer from an existing deposit account at CIBC in which an Account holder has a primary or secondary ownership interest;
  • An ACH debit to an account at another bank; or
  • Mailing a Cashier’s Check or personal check made payable directly to the Account holder or CIBC. Third party checks, starter checks, foreign checks and temporary checks will not be accepted.

The initial deposit to the Account will be held for 10 business days from the effective date of deposit if it is made by check.

You may not make a deposit that would bring your total principal balance to more than $500,000 per account. We reserve the right to refuse or return additional deposits that would cause your balance to exceed this $500,000 limit.

Business days and effective dates of deposit are defined in the Consumer Deposit Account Agreement.


  • Withdrawals from the Account can be made only by: (i) calling the Client Support Center at (844) 704-7882; or (ii) written request sent to CIBC Bank USA, Palladian Savings Account Department, 6825 West 111th St. Worth, Illinois 60482.
  • Withdrawals must be paid either by: (i) check, payable to all holders of the Account, and mailed to the Account holders’ address of record; or (ii) an internal transfer to an existing account at CIBC in which the Account holders have a primary or secondary ownership interest.
  • Requests to close out an account within the first 90 days will only be completed by returning the funds by the method in which they were received.
    • ACH funding will be returned by ACH to the originating account.
    • Check funding by drafting and sending a check payable as the account is titled and to the address of record only.
    • Internal transfer by internal transfer back to the originating account.
  • We may take up to 72 hours to process a withdrawal request.


Account Fees

  • Account Closed Within 90 Days of Opening:  $25.00
  • Dormant Account Fee:  $5.00 month, max $60.00 annually
  • Excessive Savings or Money Market Transaction Fee:  $10.00 per occurrence
  • Hold Mail Fee:  $25.00 per request
  • Return Mail Fee:  $5.0 (Applies to all Checking, NOW, Money Market, and Savings Accounts)
  • Stop Payment:  $30.00 per check

Overdraft Fees

Overdraft fees and NSF Fees may be imposed for transactions conducted by check, in-person withdrawal, ATM withdrawal, or other electronic means.

  • Automatic Transfer of Funds from One Account to Another to Cover Overdraft:  $10.00 per transfer
  • Daily Overdraft Fee:  $10.00 per day (If your account remains overdrawn for three consecutive business days, the Daily Overdraft Fee is assessed on the fourth business day and each additional business day the account remains overdrawn)
  • NSF Fee (Item returned):  $35.00 per Item, max $175.00 day
  • Overdraft Fee (Item paid):  $35.00 per Item, max $175.00 day
  • Returned Deposited Item Fee (Chargeback):  $10.00


  • Account Activity (Since Last Statement Date):  Free
  • Account Research:  $25.00 per half hour, $25.00 minimum
  • Balance Inquiry:  Free

A complete listing of other fees and charges can be found in the Fee Schedule provided to you electronically when you open your Account.

Promotional Rate – The promotional annual percentage yield paid on the entire balance in your Account is 1.10%. The promotional interest rate for your Account is fixed at 1.30% for the first 6 months.

  • Variable Rate information – Your interest rate and annual percentage yield may change at any time after the first 6 months. After the promotional interest rate ends, the interest rate will be the non-promotional interest rate that we offer for savings accounts at that time (currently 1.25%).
  • Determination of rate – At our discretion, we may change the interest rate on your Account.
  • Frequency of rate changes – We may change the interest rate on your Account at any time.
  • Limitations on rate changes – There are no maximum or minimum interest rate limits for this Account.
  • Compounding and crediting frequency – Interest will be compounded every month. Interest must be credited to your Account every month.
  • Effect of closing an Account – If you close your Account before interest is credited, you will not receive the accrued interest.
  • Minimum balance to open the Account – You must deposit $1,000.00 to open this Account.
  • Minimum balance to obtain the annual percentage yield disclosed – You must maintain a minimum balance of $0.01 in the Account each day to obtain the disclosed annual percentage yield.
  • Daily balance computation method – We use the daily balance method to calculate the interest on your Account. This method applies a daily periodic rate to the principal in the Account each day.
  • Accrual of interest on non-cash deposits – Interest begins to accrue no later than the business day we receive credit for the deposit of non-cash items (for example, checks).
  • Transaction limitations – Federal regulations restrict the number of transactions that can be made from savings and money market Accounts during each calendar month or four week statement cycle. You may only make up to six transfers or withdrawals by preauthorized, automatic, or telephone transfer to another Account of yours or to a third party or by check or debit card. Preauthorized transfers are arrangements to pay a third party from your Account at a certain time or on a fixed schedule or by automated clearing house (ACH) requests. There is no limit on the number of transfers or withdrawals made in person, by mail, or at an ATM for payments to you, to us, or to your Accounts at the bank. A fee applies to transactions that exceed these restrictions as stated in the Fee Schedule. The bank may close your Account or transfer your funds to a different type of account if you continue to exceed these limitations.
  • Withdrawals – Withdrawals from your Account may also be made by external transfer to at another financial institution that you designate and we approve for transfer services through CIBC NetBanking after your Account has been opened for 90 days. Transfers to external accounts are limited to 10 transfers or $25,000.00 per day, and a maximum of $100,000.00 per month per Palladian Account holder regardless of the number of Accounts from which the transfers are made.

Additional limitations and features:

  • The initial deposit to the account may not exceed $100,000.00.
  • Subsequent additions may be made at any time, subject to the consent of CIBC. If an additional deposit is made by check, it will be subject to a 10 business day hold.
  • Statements will be mailed after the end of each calendar month. You may also enroll in CIBC NetBanking and elect to receive statements electronically.