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How to Stop TFSA Contributions with CIBC

In this digital age, managing your financial portfolio is literally at your fingertips. Canadian Imperial Bank of Commerce (CIBC) provides multiple avenues for you to stop your Tax-Free Savings Account (TFSA) contributions. This article will guide you through the three main ways of stopping these transactions—online banking, mobile app, and calling customer service.

Stopping TFSA Contributions through CIBC's Online Banking

Online banking is a simple and convenient way to manage your TFSA contributions. Here is a step by step guide on how you can stop these transactions with CIBC:

• First, visit the CIBC website and login into your account.
• Next, proceed to 'My Accounts' and select your TFSA account from the list.
• Under the account management section, locate the 'pre-authorized contribution' setting.
• Click on 'edit' or 'manage' to navigate to the next page.
• Lastly, follow the prompts to cancel or modify your TFSA contributions.

Cessation of TFSA Contributions through the CIBC Mobile App

The CIBC mobile app offers a user-friendly interface to manage your TSFA contributions. Here's how:

• Download and install the CIBC mobile app from your device's app store.
• After logging in, tap on 'Accounts' and select your TFSA account.
• In the account details page, locate the 'pre-authorized contribution' setting.
• Navigate to this section and opt to 'edit' or 'stop' your contributions.
• Finally, confirm your decision, and your changes will be effected immediately.

Contacting CIBC Customer Service to Stop TFSA Contributions

If you're more comfortable with human interaction or need to discuss your financial decisions, you may opt to call CIBC’s customer service. Here's how:

• Prepare your account details and have them ready.
• Dial the customer service number indicated on the bank’s website.
• Wait for a representative to attend to you, explaining that you'd like to stop your TFSA contributions.
• Answer the required security questions to confirm your identity.
• Once your account is verified, the representative will guide you through the process of stopping your contributions.

In conclusion, CIBC provides a variety of ways for you to stop your TFSA contributions, whether you prefer the convenience of online banking, the simplicity of mobile banking, or the personal touch of customer service. Remember, make sure to consider your decision carefully before stopping your contributions as this might affect your financial and investment goals.