How Long Does It Take to Clear A Cheque CIBC: An In-Depth Look

With technological advancements coming to play, banking has never been easier. The Canadian Imperial Bank of Commerce (CIBC) provides multiple platforms to bank conveniently. One common concern among banking customers is the time it takes to clear a cheque. Each medium has its own procedure and timelines, which can influence the duration. In this article, we delve into the process of cheque clearing with CIBC through online banking, mobile app, and their customer service via phone call.

Online Banking

Today, the majority of banking services, including cheque clearance, can be handled without leaving the comfort of your home. CIBC's online banking platform provides an effortless method for cheque clearance. Once you log in, it's a matter of clicking a few buttons. Cheques submitted online before 6:00 PM ET on a business day are normally processed within two business days.

However, depending on the amount and the cheque issuer, the funds may not be available immediately after it's processed. It may take additional days for the cheque to clear completely, especially for large amounts. CIBC's hold policy on newly deposited funds may temporarily restrict access.

Mobile App

A more on-hand banking platform that is massively gaining preference is mobile banking. With CIBC's mobile app, you can deposit a cheque with just a click. The cheque deposited through the app before 10:00 PM local time on a business day is processed the next business day.

Once the cheque has been processed, it can take around 4-5 business days for the funds to be fully accessible. But additional delay can be expected if the cheque is from a foreign bank. Despite the convenience of mobile app banking, its limitations and policies can affect how long it takes to clear a cheque.

Customer Service via Phone Call

If you are in need of personalized attention and prefer human conversation during your banking operations, CIBC's customer service is a call away. Although it might seem traditional, calling customer service is quite efficient. After all, nothing beats asking your queries directly to a customer service representative.

If a cheque is deposited via phone banking during regular business hours, usually between 9:00 AM to 5:00 PM, it is normally processed within two business days. However, similar to online and mobile app banking, clearing might take additional days depending on the cheque's details and bank policies.

Conclusion

Cheque clearance is a time-sensitive procedure that depends upon the medium of banking. In CIBC, the online banking, mobile app, and phone banking customer service all provide distinct methods with varying processing times. The best way is to choose the one that aligns with your comfort, convenience, and urgency. Always remember to check CIBC's up-to-date policies to prevent any uncertainties.

Banking has been transformed with the advent of digital platforms; however, the speed of processing transactions like cheque clearance still takes into account traditional banking rules. Despite these wait times, the convenience of sitting back at home or calling up to get your banking done has made the experience quite seamless.

No matter which platform you use, rest assured that your transaction is secure and will be processed in a timely manner with CIBC. Be patient, and know that your bank is working diligently to get your funds available for use as soon as possible.