CIBC Deposit Acceleration
An easier way to track and consolidate deposits for faster access to funds.
With Deposit Acceleration, your cash flow becomes easier to manage. Funds from across your organization are immediately credited to your concentration account and ready for use, regardless of where deposits are made. And Deposit Acceleration reports keep you informed of how each location is contributing to the company's cash flow.
Make deposits where it’s convenient for you
- Your depositors can make deposits at any CIBC branch in Canada capable of accepting commercial deposits.
- Eliminates the requirement for special arrangements with specific branches.
- Deposits are accepted and credited to your designated account.
Get access to your company funds faster
- Funds deposited across the country are instantly credited to your concentration account.
- Removes the need for wires, internal mail, and overnight transfer processes.
Save time reconciling sales to deposits
- Deposit Acceleration reports are easy to read because you decide how the information on them is organized.
- Details for the deposits made by each of your locations are displayed according to your company structure, so you can easily match sales results to deposits!
Simplify your accounting process
- Maintain one account for each stream of deposits you want to track, regardless of the number of potential deposits or the number of CIBC deposit locations.
- Eliminates the need to manually transfer funds between your company's accounts.
Is it right for my business?
Consider Deposit Acceleration if you:
- Have several retail or franchise locations.
- Make frequent deposits.
- Want the flexibility to make deposits where it’s convenient for you.
- Want better control over your cash flow.
Information you need to know
| Feature | Description |
| Deposit Locations | Deposits can be made directly to your Canadian dollar concentration account from any CIBC branch capable of accepting commercial deposits. Depositors do not have to be associated with specific CIBC branches. |
| Access | Deposits can be made over-the-counter at any CIBC branch capable of accepting commercial deposits. |
| Same Day Credit | Deposited funds are moved to the designated concentration account instantly for all for deposits made by 3:00 p.m. local time. |
| Easy Reconciliation | Depositors are identified on each deposit using a code, assigned by you, of up to twenty characters in length. |
| Detailed Reporting | You can choose any combination of daily, weekly or monthly reporting. Daily reports show details of all deposits processed the previous business day, as well as time, location and value date. Weekly and monthly reports show all deposit details organized by depositor and date. |
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:
- Talk to your CIBC representative
- Call the CIBC Business Contact Centre at 1 888 947-7736
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.
Rapidtrans®
Consolidate funds in your central account overnight, no matter where in Canada deposits are made. With Rapidtrans, CIBC provides you an easy to understand detailed snapshot of your deposits giving you better control over your cash flow.
Electronic Funds Transfer (EFT) Direct Deposit
EFT Direct Deposit service gives businesses a fast and simple way to make electronic payments and avoid the costs associated with preparing, distributing, and reconciling cheques.
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 shall be subject to the terms and conditions of the applicable agreement governing its use.
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You can also pay groups of employees, suppliers and investors in the United States in U.S. dollars. Your payees can bank with any financial institution in the United States.
We forward the US funds to the US accounts of payees you have specified. Funds will be withdrawn from your CIBC U.S. Dollar Current Account on the effective date.
Because ACH files sent by CIBC for processing in the United States are encrypted and authenticated, you can be assured of the integrity and security of your information.
- You can submit pre-notification entries to determine if subsequent payments can be processed.
- Send files up to 90 calendar days in advance of the specified due date.
- To use ACH Direct Deposit, you must adhere to file formats stipulated by CIBC to meet standards set by the National Automated Clearing House Association (NACHA).
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