Current Account Services

CIBC's current account services may be used to settle transactions in either Canadian or U.S. dollars anywhere in Canada without the need to maintain multiple accounts. We also offer account pooling services and a variety of account statements.

Some of the most common transactions include:

  • Treasury settlement, including Continuous Linked Settlement
  • Cash settlement of securities
  • Customer transfers to beneficiaries in Canada
  • Documentary credits and collections
  • Clean collections
  • Cash letters
  • Disbursements through the issuance of cheques or drafts

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Key benefits


1
. Multi-purpose account

  • Settle transactions in either Canadian or U.S. dollars anywhere in Canada, without the need to maintain multiple costly Nostro accounts1; a single account can be used for cash, cheque and securities clearing and settlement in the same currency
  • Open 1 or multiple accounts depending on your preference or requirement; CIBC can consolidate your account activities via notional account pooling
  • Facilitate the electronic transfer of funds to beneficiaries in Canada at any one of our branches or at any other Canadian financial institution
  • Issue cheques/drafts on your account
  • Choose from alternative compensation options (compensating balances, direct fees or a combination of both) and flexible interest arrangements


2. Convenient access to account information

  • View your daily account activities via SWIFT (Society for Worldwide Interbank Financial Telecommunication) statements of account and real-time SWIFT debit and credit advices
  • For correspondents without SWIFT access, receive your statement of account and advice by fax


3. Dedicated and experienced customer service

  • Our dedicated and experienced Customer Service Help Desk team is multilingual and can assist you in the investigation of all account activity, including payments, cash letters and collections
  • Our fully integrated investigation system allows us to address your inquiries in a timely manner
  • SWIFT inquiries are normally addressed within 1 business day

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