How to Set Up Pre-Authorized Payments with CIBC: A Comprehensive Guide

In today's fast-paced world, conveniently managing your finances is a priority. One of the ways to achieve smooth financial management is by setting up pre-authorized payments. This article explores three comprehensive methods of setting up pre-authorized payments with the Canadian Imperial Bank of Commerce (CIBC): online banking, mobile application, and customer service call.

Setting Up Pre-Authorized Payments Via Online Banking

The online banking portal of CIBC is an efficient way of setting up pre-authorized payments. It offers a user-friendly interface and around-the-clock access. Here is a step-by-step guide:

• Log into your CIBC Online Banking account.
• On your account dashboard, locate the 'Payments and Transfers' option and click on it.
• A new page will open. Select 'Set up a Pre-Authorized Payment'.
• Choose the account from which you want the payments to be withdrawn.
• Next, enter the payee details accurately. If the payee is already saved in your CIBC account, select it from the provided list.
• Decide the payment frequency and input the amount to be paid.
• Review all the details carefully before you confirm the set-up. A successful confirmation will ensure your Pre-Authorized Payments are set.

Setting Up Pre-Authorized Payments Through Mobile App

The CIBC Mobile Banking App further simplifies the process of setting up pre-authorized payments. Follow these steps:

• Open your CIBC Mobile Banking app and sign in to your account.
• Tap on the 'Menu' icon situated on the top left corner and then select 'Transfers and Payments'.
• From the set of options, tap on 'Set up a Pre-Authorized Payment'.
• Select the appropriate account for withdrawal of the payment.
• Key in the payee details or if the payee is pre-listed, select from the list.
• Enter the recurring payment amount.
• Choose the payment frequency according to the billing cycle.
• Review and confirm the information entered, thus successfully setting up your pre-authorized payment.

Setting Up Pre-Authorized Payments Via Customer Service Call

If you prefer a more personal approach or need assistance, CIBC provides a full-service experience via phone. The customer service representatives can guide you through the entire process:

• Call the CIBC customer service hotline at 1-800-465-2422 (for personal banking) or 1-800-465-CIBC (for business banking).
• Follow the instructions provided by the automated response system to speak to a representative.
• Once connected, let them know that you want to set up a pre-authorized payment.
• The representative will need to verify your identity. They will ask for your account number, full name, and other verifying information.
• Provide the representative with accurate payee details, payment amount, payment frequency, and account details.
• After the representative confirms the details of the pre-authorized payment and you give your approval, your pre-authorized payment will be set up.

Choosing one method over the other largely depends on your comfort level with technology and your banking habits. Setting up pre-authorized payments can significantly reduce the hassle related to remembering and making payments on time, giving you more time to focus on other essential tasks.