Corporate Clearing
Corporate Clearing is a cost-efficient, reliable cheque clearing service designed to meet the needs of clients who issue large volumes of cheques. As cheques drawn on your account are presented for payment, all pertinent data is "captured" electronically at the Bank's Processing Centre, the cheques are bundled and returned to you daily.
When you receive the paid cheques, you are responsible for verifying them on a daily basis. You must return any cheques that are irregular items (i.e. with respect to signatures, endorsements, dates and any other irregularities) to the designated CIBC branch by 3:00 p.m. the day the items are made available to you for pick-up. Any items not returned would be paid and that payment is considered final.
Why use Corporate Clearing?
- provides detailed information on disbursements
- improves processing efficiency
- allows you to assume many of the cheque processing functions
What's the bottom line on Corporate Clearing?
Corporate Clearing Service provides you the facility to manage the daily processing and reporting of paid items and assume control of many cheque processing functions currently performed by the Bank.
Service Features
- suggested minimum monthly volume is 1000 cheques with automated accounting
- a hard copy listing of all captured items and a summary of total dollar value and volumes are provided
- you assume responsibility for verification of cheques and the return of irregular items
- cheques are sorted by serial number and made available for pick-up at either a designated CIBC branch or Regional Processing Centre
- you receive the raw data file containing all the information in MICR line, making data manipulation and report generation possible from your own terminal
- comprehensive reporting is automatically generated
- Canadian dollars only; cheques cannot be certified
- specific Corporate Clearing cheques with a special transit number are used
Delivery Methods
The daily output file is made available via:
- PC based transmission through CIBC Business Banking at www.businessbanking.cibc.com
- PC based transmission through File Transfer Service
Service Hours
- the output file via transmission is available by 9:00 am local time on a next day basis; specific time is arranged with the client
The above is intended to be only a general description of this product and its features. 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.
For further information, please contact your CIBC representative or get in touch with us directly at 1-877-873-2765.
Copyright® 2004 Canadian Imperial Bank of Commerce. All rights reserved.
Copyright® 2008 Canadian Imperial Bank of Commerce. All rights reserved.