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Adding Money to Your TFSA with CIBC: A Comprehensive Guide

Are you interested in growing your wealth by depositing money into a CIBC Tax-Free Savings Account (TFSA)? The Canadian Imperial Bank of Commerce (CIBC), one of Canada’s largest banks, offers multiple ways for you to accomplish this. This article will guide you through the different methods, which include online banking, the mobile app, and calling customer service. Let's dive in and discuss these platforms in detail.

Option 1: Online Banking

For those acquainted with online banking, this option is possibly the most comfortable. It's convenient, easily accessible, and takes only a few steps. Follow our guide below to add money to your TFSA via CIBC’s Online Banking platform:

• The first step is to navigate to CIBC's online banking login page on CIBC's website.
• Use your card number and password to log in to your account.
• Once logged in, hover over "My Accounts" at the top of the page to view all your accounts.
• Find your TFSA account and click "Transfer funds" next to it.
• Enter the desired amount you wish to add to your TFSA account, and select the account you wish to transfer from, then confirm the transaction.
• A confirmation page should appear to notify that your funds have been successfully transferred to your TFSA account.

Option 2: Mobile App

Since smartphones have virtually become extensions of our arms, banking has evolved to offer mobile solutions. CIBC's mobile app allows customers to handle their banking on the go. Here is a step-by-step guide to add money to your TFSA using the CIBC Mobile App:

• Download and install the CIBC Mobile Banking App from Google Play Store or Apple App Store.
• Open the app and use your online banking credentials to log in.
• Press the "Menu" button at the top left and tap on "Accounts".
• Select your TFSA account and tap “Transfer Money”.
• Choose the transfer "From" and "To", input the amount you want to transfer, and confirm.
• A confirmation message will appear to indicate that the funds have been transferred successfully.

Option 3: Call Customer Service

CIBC offers customer service for those who prefer a more personal approach. Their financial representatives are available to guide you through the process of adding money to your TFSA over the phone. Follow the steps listed below:

• Dial the number for CIBC Telephone Banking. For English service, the number is 1-800-465-2422.
• Follow the automated prompts to reach a representative.
• Provide them with your banking information to access your account.
• Ask the representative to transfer funds to your TFSA from one of your other accounts.
• Once the transfer is confirmed, keep a record of the transaction for your reference.

In conclusion, there are several options for increasing the balance of your CIBC TFSA. Whether you prefer the traditional method of using online banking, the modern and quick mobile app, or the personal touch of a customer service representative – CIBC offers a solution to satisfy every customer’s preference. Be sure to review your deposit limit for the year, as you don’t want to go over the maximum allowable limit set by the CRA. Happy saving!