CIBC today announced the wind-up of its bizSmart offering of no-fee daily banking for small businesses through the Internet and by telephone.

The bank advised that bizSmart will continue operating as usual for existing customers for the next several months. CIBC will be mailing bizSmart customers details of a new, no-fee daily business banking offer — exclusively for existing bizSmart customers — through CIBC Small Business Banking.

The decision to close bizSmart is associated with the restructuring measures announced by CIBC on October 21. It was introduced two-years ago.

CIBC says that it remains committed to the small business sector and has more than 1,200 employees serving more than 400,000 Canadian business customers.