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- Funds will be withdrawn from your bank account on the date you specify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
- No need for your employees or suppliers to prepare deposits and visit the bank or bank 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
Information you need to know
| Feature | Description |
| Availability | Your beneficiaries can bank with any financial institution in Canada. Funds can be available to them on the morning of the due date. |
| Flexibility | You can submit files in Canadian or U.S. dollars for processing to accounts in Canada. EFT files can contain payments with different due dates. |
| Predictability | Funds will be withdrawn from your CIBC Business Operating Account™ on the due date. CIBC EFT services offer a convenient warehousing facility – files can be sent up to 100 calendar days in advance of the payment due date. |
| Traceability | Payments can be traced for up to 1 year after the payment was made, regardless of where the beneficiary banks. |
| Processing cut-off times | Files should be sent at least 2 business days before the due date. Payments can be recalled until 12 a.m. E.T. 1 business day before the due date. |
| Client Support | Service hours are 7 a.m. to 8 p.m., E.T. Monday to Friday. |
| Access | CIBC EFT Direct Deposit service is available through CIBC Business Banking® (CBB) 24 hours a day, 7 days a week. |
| Standards | Files must adhere to formats stipulated by CIBC to comply with standards set by the Canadian Payments Association (CPA). Copies of file format layout and enrolment forms are available from a CIBC advisor at your nearest branch. |
| Technical requirements | To submit your EFT files through CIBC Business Banking there are minimum technical requirements. Please ask a CIBC advisor for details. |
| Reports | EFT reports are available through CIBC Business Banking (CBB), Fax or CIBC File Transfer Service (FTS). Please ask your CIBC representative for details. |
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 a CIBC advisor at your nearest branch
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.
CIBC Government Payment and Filing Service (GPFS)
All businesses are required to remit taxes to Federal and Provincial government agencies. CIBC's Government Payment and Filing Service provides you with a simpler and faster way to remit payment, giving you more control over your cash flow.
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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