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Frequently Asked Questions

Personal Bank Accounts

  1. What is considered acceptable identification to open accounts with CIBC?
  2. Where can I find out more about CIBC and the Canada Deposit Insurance Corporation?
  3. How do I close my CIBC account?
  4. Where are my service charges recorded?
  5. How do I reactivate a dormant account?
  6. How can I have holds partially or fully waived?
  7. How do I make an account joint?
  8. What is a post-dated cheque?
  9. What is the difference between a Business and a Non-Business day transaction date?
  10. What is Direct Deposit?
  11. What are Pre-Authorized Payments?

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  1. What is considered acceptable identification to open accounts with CIBC?

    We require two current forms of acceptable signed identification to open an account. Photo identification is preferred. Acceptable identification includes:

    • Employer identity card from a well-know employer with photo/security pass
    • Health cards for some provinces
    • Native status certificates
    • Personal reference by a known client or staff
    • Letter of introduction from previous bank
    • Canada-issued immigration documents
    • Major Credit Card
    • Major Bank Machine Card
    • Social Insurance Card
    • Valid Canadian driver's license
    • Senior citizen's card
    • You do not have to be employed and no minimum deposit is required to open an account with CIBC.
    • For more information on how to become a CIBC customer, please visit your nearest CIBC branch or call Telephone Banking at 1-866-525-8622.

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  2. Where can I find out more about CIBC and the Canada Deposit Insurance Corporation?

    CIBC is a member of the Canada Deposit Insurance Corporation (CDIC). Information is available on the website, under About CIBC. If you would like to order a paper-based copy of our Deposit Register and a copy of the CDIC brochure "Protecting your Deposits", please call CIBC Telephone Banking at 1-866-525-8622. Sales and Service Specialists are available to assist you 24 hours a day, 7 days a week. For further information, please contact the CDIC at 1-800-461-CDIC (2342).

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  3. How do I close my CIBC account?

    If you would like to close your personal deposit account and will be transferring the balance to another CIBC account, please call Telephone Banking at 1-866-525-8622. Sales and Service Specialists are available to assist you 24 hours a day, 7 days a week. If you would like to receive cash, a money order or a bank draft for the balance in your account, please visit the branch of your account to have it closed.

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  4. Where are my service charges recorded?

    Both your service charge and your service charge reward are recorded in your passbook or on your statement at the end of each month. The debit for your service charges appears first. Then, the credit for the rebate applicable to your account appears.

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  5. How do I activate a dormant (inactive) account?

    When there has been no activity other than interest or service charges on your account for 6 months (on non-interest bearing accounts+) or for 12 months (on interest bearing accounts), your account becomes dormant (inactive).

    To activate a dormant (inactive) personal deposit account, you can:

    • Make a deposit, withdrawal, transfer or bill payment at any CIBC branch or CIBC bank machine; or
    • Make a withdrawal at any other bank machine displaying the INTERAC® or PLUS* logo; or
    • Make a purchase using INTERAC Direct Payment

    Note: You will not be able to access your account through Online Banking or Telephone Banking until you have activated your account.

    + The CIBC Everyday Chequing Account and CIBC Unlimited Account are non-interest bearing accounts.

    ® INTERAC is a trademark of Interac Inc., CIBC authorized user of mark.

    *VISA Int./CIBC lic. user.

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  6. How can I have holds partially or fully waived?

    When you deposit a cheque in your Personal Deposit Account, either through the branch or at the bank machine, a fixed waiting period may apply for your cheque to clear before the funds are available to you. Funds will be credited to your account at the time of deposit, but you may not be able to access them for a set time period. The length of the hold period for cheques depends on the type of cheque and other factors. For a CDN $ cheque drawn on a financial institution's branch located in Canada, the normal length of time we will hold funds is 5 business days. In exceptional circumstances, CIBC may extend the maximum hold period for funds.

    CIBC's Hold Policy and Access to Deposited Funds Limit are subject to the Personal Account Agreement which governs your account. If you want to increase your Access to Deposited Funds Limit, contact your branch. CIBC will review your request and may be able to grant you an increase based on your credit score, and other factors.

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  7. How do I make an account joint?

    It is not possible to make a CIBC account joint via Online Banking or Telephone Banking. To make your account joint, please visit your CIBC branch and ensure that the individual you want to make a secondary account holder brings two pieces of identification with them. Please note that both parties must be present at the branch to make the account joint.

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  8. What is a post-dated cheque?

    A cheque that is dated ahead is post-dated and cannot be processed until the day indicated. An item may be returned for the reason "post-dated" up to and including the day prior to the due date. Items dated six months or more are unacceptable for encashment, excluding:

    • Government of Canada Cheques
    • Certified Cheques
    • Drafts
    • Money Orders
    • Travellers Cheques
    • For more information, please speak directly to a Sales and Service Specialist at 1-866-525-8622. Assistance is available 24 hours a day, 7 days a week.

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  9. What is the difference between a Business and a Non-Business day transaction date?

    Bank Machine/Debit Terminal Transactions you complete before 6 p.m. on a banking day will be effective as of the same day. Transactions you complete on a bank holiday or after 6 p.m. will be effective the next banking day. This is outlined in your CIBC Instant Banking Service Agreement. Bank dates change to the next business day at 6:00 p.m., Monday through Friday. As your transaction occurred on a weekend it is dated for the following business day.

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  10. What is Direct Deposit?

    Direct Deposit electronically credits funds to designated deposit accounts. You provide CIBC with the payee's bank, branch, account number, amount and date of payment. The deposit is made as an electronic funds credit to the payee's account. Direct Deposit is appropriate for the distribution of numerous, regular payments such as payroll, dividend payouts, annuity and pension payments, and investment interest payments.

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  11. What are Pre-Authorized Payments?

    Pre-Authorized Payments are recurring payments collected electronically from your customers' accounts. Your business provides CIBC with the date, amount, bank, branch and account number to be debited. The funds are electronically debited from the specified account and then are credited to your company's account. Pre-authorized payment reports are available the morning after the processing date. Pre-Authorized Payments can be set at a fixed or variable amount but must be recurrent, whether monthly, semi-monthly, bi-weekly or weekly. The minimum pre-authorized debit amount is $1.00 and the funds must be debited from a Canadian dollar account at a Canadian financial institution. For further information or to set up this service, please contact your business account manager at your home branch.

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