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Introduction

One of the most reliable ways to transfer money, a bank draft, is a type of cheque where the funds are taken directly from the bank to guarantee the payment. This article will explore the charges imposed by the Canadian Imperial Bank of Commerce (CIBC) for a bank draft, focusing on three primary methods: Online banking, mobile app, and call customer service.

Bank Drafts in Brief

Before delving into the costs, it’s essential to understand what a bank draft is and how it works. A bank draft is a secure payment method, especially when making significant transactions. When you request a bank draft, the bank checks your account to ensure you have sufficient funds. Once confirmed, the bank guarantees the full amount of the draft.

Bank Draft Fee through CIBC's Online Banking

First, let's explore the costs associated with obtaining a bank draft through CIBC's online banking platform. Prices can vary depending on your account type. For instance, CIBC charges no bank draft fee for customers with Premium Growth Accounts but charges others a typical fee of $7.50 per draft. Information on these charges is regularly updated on CIBC's official website.

The Mobile App Experience

Users preferring a mobile approach will appreciate the convenience of the CIBC mobile app. The app’s layout is customer-friendly, which means getting a bank draft and learning about its cost is straightforward. Similar to the online platform, fees depend on the account type, and most customers pay the standard $7.50 fee unless their account bundles include the service for free.

Call Customer Service for a Bank Draft

Should individuals prefer a more personal touch or lack reliable internet access, contacting CIBC's customer service for a bank draft is a viable option. By calling the toll-free number, customers talk directly with a bank representative who guides them through the process. As with the two methods above, most individuals will pay a $7.50 fee, although some may qualify for exemptions based on their account type.

Conclusion

While each method has its unique benefits and limitations, all offer secure access to bank drafts. The fees are clearly communicated, and representatives can provide further information if required. It's worth mentioning that while trying to save on these fees by opting for conventional checks can be tempting, checks do not offer the same level of security as bank drafts. It is advisable to consider the pros and cons of each method before deciding.

All in all, obtaining a bank draft from CIBC, be it through online banking, the mobile app, or customer service, is a straightforward process. The most critical factor is choosing the method that best meets your financial needs and suits your convenience.