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