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For purposes of this policy:
When you deposit a cheque in your Personal Bank Account, a hold period may apply to allow time for the cheque to clear. The funds will appear in your account at the time of deposit, but you may not be able to access them until the hold period expires. The day of deposit and hold period expiry are based on the location of your branch of account (not local time where the deposit was made). Even after the hold period expires, there is no guarantee that a cheque will not be returned to us unpaid. If a cheque is returned unpaid for any reason at any time, either during or after the expiry of the hold period, we have the right to charge the amount of the cheque to your account.
We may also accept cheques from you on “collection”, meaning that only if and when CIBC receives payment from the financial institution on which the cheque is drawn will the funds be credited to your account and you have access to the funds.
The length of the hold period for cheques depends on the currency, amount of the cheque and other factors:
We may extend the maximum hold periods in some circumstances, including (but not limited to) where:
Access to Deposited Funds Limits may apply to cheque deposits you make in branch, at an ATM or any other way. These limits are the dollar amount you will have access to until the hold period expires on your deposit. To ask about your Access to Deposited Funds Limits, call Telephone Banking 24 hours a day, 7 days a week at 1-800-465-2422 or visit your nearest branch. CIBC’s Hold Policy and Access to Deposited Funds Limits are subject to the Personal Account Agreement, which governs your account.
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