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How Long Does a Cheque Take to Clear CIBC: Your Complete Guide

In the world of instant digital transactions, cheques may seem outdated, but they still serve an important role in financial transactions. This article will explore how long it takes for a cheque to clear through the Canadian Imperial Bank of Commerce (CIBC). Whether you're banking online, using the mobile app, or calling customer service, we have got you covered.

Online Banking

Online banking is a convenient way to do handle financial dealings and the process of cheque clearance through CIBC's online platform is no exception. On average, it takes about three to five business days for a cheque to clear. However, the exact timing can vary if there are public holidays or non-working days in between. Be sure to remember that business days refer to weekdays, excluding holidays. During this period, it's crucial not to rely on the funds deposited by the cheque until it has fully cleared to avoid possible bouncing cheque fees.

Mobile App

With the rise of technology, banking has never been easier. The CIBC mobile app allows customers to deposit cheques without setting foot in a bank. The app uses advanced technology to capture an image of the cheque and deposit it into your account. Once deposited, these usually take similar times to clear as they would online, typically three to five business days. However, using the mobile app for cheque clearing can be incredibly convenient, particularly in our modern, on-the-go society.

Customer Service

Alternatively, you can always contact CIBC's customer service if you prefer a more personal touch or lack access to online banking or a mobile device. After explaining your situation to the representative, they will be able to guide you through the steps to process your cheque deposit and give you an estimated time when it will clear.

Conclusion

In conclusion, clearing a cheque with CIBC typically takes three to five business days, whether you're using online banking, the mobile app, or customer service. However, this can vary due to holidays or non-business days. Be sure you don't rely on the funds until the cheque clears and shows in your available balance. With patience and proper planning, handling cheque transactions can be a breeze, even in the digital age.