Cheque formats are changing in Canada to support an industry-wide move to image-based clearing, from today's paper-based approach.

CIBC will be leveraging this change to introduce new services that will help you manage your business banking more effectively. Some of the changes being introduced will allow your business to quickly and conveniently access cheque images online, without having to wait for your cheques to be returned in your statement.

The Canadian Payments Association (CPA) is leading a national, industry-wide initiative to modernize Canada's cheque clearing system by exchanging images for clearing purposes, rather than paper-based cheques.

As a result, all cheques need to follow a new standardized format so they can be imaged clearly. For complete details about the new cheque formats for Canadian and U.S. dollar cheques, called "Standard 006", please visit the
Canadian Payments Association website.

If you ordered cheques from CIBC or Davis + Henderson since April 2005, your cheques already meet the new standards. If you are using cheques ordered before April 2005, please call Davis + Henderson (1-800-268-7862) to order your new supply of compliant cheques.

If you print your own cheques or order them from any other supplier you will need to ensure they meet the new standards. Businesses that have not yet changed their cheques are strongly encouraged to do so by
September 2, 2008. Here are the steps your business needs to follow if you are not ordering through CIBC or Davis + Henderson:

1. Contact your printer (if applicable) to find out if your cheques comply with the new standards; if they don't comply, follow the remaining steps

2. Download a copy of CIBC Cheque Specification Sheets or contact the Business Contact Centre; give it/them to your printer to help explain the changes

• Canadian Dollar Cheques (70 KB)
• U.S. Dollar Cheques Drawn on a Canadian Financial Institution (60 KB)
• U.S. Dollar Cheques Payable through New York (60 KB)

3. Request that your printer run 25 sample cheques prior to printing your order, and arrange for testing through the Business Contact Centre; the cheques should be marked VOID in the upper left corner

4. If the cheques don't comply (after you have received the test results), you will be asked to make required changes and forward new samples for retesting; once the cheques are compliant, we recommend you begin using the new cheques as early as possible and destroy any old stock that is no longer required

1. Numeric date field in 1 of 3 specified formats -YYYYMMDD, MMDDYYYY or DDMMYYYY

2. A mandatory serial number in the MICR line encoded on bottom of cheque

3. The minimum length of a cheque increases from 6" to 6 ¼" or 15.88 cm, to ensure there is enough space for the serial number in the MICR line

4. Positions for key fields on the cheque have been standardized, (e.g. date and amount)

5. Elements such as inverse printing, italics or slanted fonts, a bottom border or using black carbon on the reverse will not be permitted as they may hinder image or data capture

6. Security features should not interfere with key data, or "areas of interest"

7. New printing requirements for the reverse of the cheque

This sample highlights the new cheque standards, called "Standard 006".

Don't be left behind! Find out if your cheques are compliant today so you are ready for the image environment.