CIBC Electronic Funds Transfer - Direct Deposit
An easy and cost-effective way to pay groups of employees, suppliers or investors anywhere in Canada
CIBC Electronic Funds Transfer (EFT) Direct Deposit is an electronic payment service that provides your business with a fast and simple way to issue Canadian and U.S. dollar payments to accounts at any financial institution in Canada.
Reduce the uncertainties associated with the timing of payments and the possibility of fraud from lost or misdirected cheques.
Submit your electronic payment files online and your beneficiaries will be paid on the date you request.
Gain better control of your cash flow
- Control when payments are disbursed and debited from your account for accurate cash flow forecasting
- Take advantage of supplier discounts related to payment terms, while reducing your handling costs for payment processing
- Avoid missing due dates by future-dating your payments
Save time and money
- Avoid the cost of buying and preparing cheques and envelopes
- Eliminate potential delays caused by sending payments through regular mail
- Submit electronic payment files with multiple due dates
Offer convenience to your employees and suppliers
- Send money on time, every time, to your employees and suppliers
- Eliminate the inconvenience of your employees or suppliers having to prepare and process deposits
- Provide a safe and private payment method
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 for details or call our Business Contact Centre at
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.