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How to Increase Your Overdraft Limit at CIBC: A Comprehensive Guide

Data shows that many Canadians use the overdraft facility provided by their banks. This enables them to cover unexpected expenses or to mitigate any financial shortfall they might be experiencing. Increasing your overdraft limit can give you more financial flexibility. If you are a customer of CIBC (Canadian Imperial Bank of Commerce), you have several options available for increasing your overdraft limit, including using online banking, navigating through the mobile app, or contacting customer service directly. Read on to find out more.

Increasing Your Overdraft Limit via Online Banking

Most CIBC customers find the online banking process the most convenient method for managing their account, including increasing their overdraft limit. Here is how you can execute this action:

• Log in to your online banking account on the CIBC homepage. Enter your card number and password.
• Once signed in, head to 'Account Management' from the dashboard.
• Choose 'Overdraft Protection' from the options available.
• Select the account for which you wish to increase the overdraft limit.
• Follow the prompt to adjust your limit — depending on your credit score and account standing, you may be able to increase it substantially.
• Finalize the changes by reviewing and accepting the terms and conditions.

Increasing Your Overdraft Limit via CIBC’s Mobile App

If you prefer banking on-the-go, CIBC’s Mobile Banking app allows you to manage your finances from your smartphone or tablet— this includes changing your overdraft limit. Here's how:

• Open the CIBC Mobile Banking app and sign in.
• Tap on 'More' at the bottom of the screen.
• Select 'Overdraft Protection' under the 'Banking' section.
• Choose the account for which you want to change the overdraft protection.
• Adjust the overdraft limit to your desired value—remember this may be dependent on your credit rating and other account factors.
• Review and agree to the terms and conditions to apply the changes.

Increasing Your Overdraft Limit by Calling CIBC Customer Service

If you are not comfortable conducting your banking affairs digitally, or you prefer a personal touch, you can reach out to CIBC’s customer service team to increase your overdraft limit. Here are the steps:

• Dial CIBC's customer service number at 1-800-465-2422.
• Authenticate your identity by providing the necessary information upon request.
• Ask to speak with a representative and express your intention to increase your overdraft limit.
• The representative will guide you through the process. They might need additional information about your finances to complete the request.
• Confirm your agreement to any changes in terms and conditions related to your account.

Whichever method you choose, remember to handle your overdraft responsibly. Stay informed about the interest rates and fees associated with overdraft use to avoid any unpleasant financial surprises. As a CIBC customer, you have access to numerous resources for managing your account smartly and efficiently. Increase your overdraft limit today for better financial peace of mind.