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CIBC Small Business

Electronic Funds Transfer (EFT) Direct Deposit

An easy and cost-effective way to pay groups of employees, suppliers, or investors anywhere in Canada.

CIBC EFT Direct Deposit service gives your business a fast and simple way to make electronic payments and avoid the costs associated with preparing, distributing, and reconciling cheques.

Save time and money

  • Reduce the costs to buy, store and control blank cheque stock.
  • Avoid the cost of cheque and envelope preparation.
  • Save on postage costs.

Simplify your disbursements

  • Send your payment file to CIBC and your payees will get paid on the date you request.
  • No more delays in reconciling your bank account(s) while you wait for cheques to be cashed.
  • Direct Deposit is an easy way to make recurring payments, including travel and expense reimbursements, and payment of dividends and annuities.

Gain better control of your cash flow

  • Time your payments to the due date for accurate cash flow forecasting.
  • Take advantage of supplier discounts while reducing your handling costs for payment processing – your file can include payments with multiple due dates.
  • Future date your payments up to 100 business days in advance of the due date so you never miss a payment.
  • Funds will be withdrawn from your bank account on the date you specify.

Offer convenience to your employees and suppliers

  • Your employees and suppliers will receive their money on time, every time.
  • No need for your employees or suppliers to prepare deposits and visit the bank or banking machine.
  • Funds are usually not held when payments are deposited to an account electronically.
  • A direct deposit is safer and more private than a cheque.

Is it right for my business?

Consider CIBC EFT Direct Deposit service if you:

  • Write a large volume of cheques
  • Have 7 or more employees
  • Want an inexpensive and simple way to make payments to groups of individuals or businesses in Canada
  • Want better control over your cash flow.
  • Have access to the Internet.

Run your business your way

CIBC Cash Management Solutions can help you take better control of your banking needs - giving you more time to focus on what matters to your business. Get started today by asking your CIBC representative for details.

Additional CIBC business banking solutions

When it comes to your business banking needs, we want to ensure you get value, convenience and control. That's why CIBC offers a range of banking and cash management solutions designed to save you money, provide convenient access to your accounts, and give you more control over your cash flow.

CIBC Business Operating Account

The CIBC Business Operating Account is a Canadian dollar account for the day-to-day operation of your business. With the ability to conveniently conduct all your business transactions either in-branch, over the telephone or online, you'll have complete control over all your business banking. The account offers a choice of fee packages that offer maximum value while saving you money.

Electronic Funds Transfer (EFT) Pre-Authorized Payment

Depending on the size and complexity of your business, Electronic Funds Transfer (EFT) Pre-Authorized Payment (PAP) may be right for you. PAP allows you to collect regular and recurring payments from your clients more efficiently, and save time and money managing the bill collection process.

Automated Clearing House (ACH) US $ Cross Border Payment Service

If you need to make regular credit disbursements or debit collections to employees or clients in the United States, ACH provides a safe and secure method for sending southbound cross border payments efficiently and conveniently.

The above is intended to be only a general description of this product and its features. Some conditions may apply. CIBC reserves the right to change or discontinue this product or any of its features at any time. This product and its features are subject to the terms and conditions of the applicable agreement governing its use.

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® Registered trademark of CIBC.