Transcript: What’s the CIBC Smart Balance Alert™?

[Soft music playing throughout]

[An illustration of a desk with a laptop on it. The laptop screen showing that the available funds are $350.00]

As you manage your day-to-day banking, it’s important to ensure you have enough funds available for your payments, especially those that are pre-authorized.

[Six icon bubbles rising up from the laptop, each representing a different monthly payment: a house, a mobile phone, a letter in an envelope, a car, a credit card and a cheque. A smaller icon with 2 connected arrows appear next to each icon. As they spin, the available funds drop. The icons turn into checkmarks]

As our lives become increasingly busy, it’s hard to remember when payments are due when there are so many.

[Available funds decreasing to $63.50 before fading out]

We’re here to help.

[A sky with clouds slowly moving]

CIBC gives you a heads-up with the new CIBC Smart Balance Alert, available on CIBC personal deposit accounts.

We can help you avoid the hassle of missing a payment and incurring an NSF fee.

[A Non-Sufficient Funds (NSF) charge is placed on your account whenever there is an attempt to make a payment without sufficient funds in your account including any overdraft protection. The CIBC Smart Balance Alert feature is only available to clients with a valid mobile number on file and is not available on the CIBC Bank USA Smart Account and CIBC Personal Lines of Credit (PLC). See which accounts are eligible and  terms and conditions on cibc.com]

[A smartphone showing that the available funds are $10.00. A credit card icon and a smaller icon with 2 connected arrows. As the arrows spin, the available funds drop to negative $80.75. The arrow icon turns into an exclamation mark]

When your account is short on funds because of a pre-authorized payment or cheque, we’ll give you a grace period and send you a text message to remind you to transfer funds.

[The smartphone showing an alert that reads, “Incoming text message from CIBC!”]

[We’ll never send you a text or email that is

• From an unrelated third-party or that directs to a third-party site
• Asking for your banking information, personal information, or any passwords]

You’ll get the text message in the morning and have until noon of the same day to transfer or deposit funds into your CIBC personal account.

[The smartphone showing CIBC Personal Deposit Accounts. The savings account has 7 dollar sign icons, while the Smart Plus Chequing Account has 1. Three of the dollar icons move from the savings account to the Smart Plus Chequing Account]

[The smartphone showing that the available funds are $200.00 with the credit card icon below it. The spinning arrow icon becomes a checkmark]

To check your account, simply go to CIBC Online Banking or open your CIBC Mobile App to review your account balance and transactions.

[A different smartphone displaying account balances on the CIBC Mobile App.]

In this example, a pre-authorized phone bill was withdrawn from the account and caused it to be overdrawn.

[The smartphone displaying the transaction history of the chequing account. A preauthorized debit payment of $150.50 for a mobile phone bill is shown with negative $80.75 below it. The transaction is circled in red]

To make sure the payment goes through and to avoid an NSF charge, you can bring your account to a positive balance or within your overdraft limit by simply transferring funds from another CIBC account using CIBC Online or Mobile Banking.

[The account balance of negative $80.75 is circled in red. The Transfer Funds page showing. A one-time amount of $220.75 is transferred from the savings account to the chequing account on Tuesday, August 18, 2020]

You can also use Interac eTransfer to transfer funds from another bank.

[An envelope with a dollar sign going from one smartphone to another]

Or visit a CIBC Banking Centre or ATM to deposit funds.

[Dollar bills flying into the top of a CIBC Banking Centre]

Just remember to transfer enough funds before noon to ensure the payment is processed.

[Smartphone showing a text message that reads, “Simply transfer or deposit funds to your personal CIBC chequing or savings account by 12 PM.” Remember to transfer enough funds before the time shown in the CIBC Smart Balance Alert text message to ensure the payment is processed]

Now that your payment is taken care of, you can continue to enjoy your day without worrying about a declined payment or incurring an NSF fee.

[Laptop showing a list of monthly preauthorized payments, including mobile phone, auto insurance, tenant insurance, internet and cable, utilities and streaming subscription. As the list scrolls down, a checkmark appears next to each in succession]

CIBC personal deposit account clients are automatically enrolled for the CIBC Smart Balance Alert.

[The CIBC Smart Balance Alert feature is only available to clients with a valid mobile number on file and is not available on the CIBC Bank USA Smart Account and CIBC Personal Lines of Credit (PLC). See which accounts are eligible and  terms and conditions on cibc.com. Smartphone showing a text message that reads, “Incoming text message from CIBC!”]

To receive the CIBC Smart Balance Alert, please make sure the mobile phone number you have on file is up to date.

[Smartphone showing a phone number “416 123 4567” with a checkmark appearing next to it]

You can change it easily by logging into CIBC Online Banking.

[A sky with clouds slowly moving. CIBC logo. www.cibc.com. The CIBC Smart Balance Alert is sent in the morning after a pre-authorized debit or cheque is processed and your account balance (based on the previous business days closing balance) is below $0 or you exceed your overdraft limit. If you add sufficient funds to your account to cover the pre-authorized debit or cheque before 12 PM (noon) and bring your account to a positive balance, the payment will not be impacted. If you are unable to do so, the payment may be returned and a non-sufficient funds (NSF) fee may be charged. Your account must be in good standing and you must be over the age of majority to be eligible for this service]

For more information about this, please visit CIBC.com.