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How to Transfer Money from TFSA to Chequing Account at CIBC

There are a number of reasons why you might want to transfer funds from your Tax-Free Savings Account (TFSA) to a Chequing account with the Canadian Imperial Bank of Commerce (CIBC). It can be a necessary step when managing your personal finances. Whatever the reason, this guide will assist you with the transfer process. Utilize the Canadian banking giant's digital services to make accurate, secure transactions every time you need to, whether it's through online banking, mobile application or a call to the customer service.

Online Banking

Online banking is a convenient and secure way to transfer funds, including moving money from your TFSA to your chequing account. Here's how to do it with CIBC.

• Step 1: Navigate to the CIBC homepage and sign in to your online banking account.
• Step 2: Go to 'Transfer Funds' in the menu.
• Step 3: From the dropdown menu, select the account the funds will be transferred from, which in this case, is your TFSA.
• Step 4: Then, select the account the funds will be transferred to - your chequing account.
• Step 5: Input the amount you want to transfer. Ensure the amount doesn't exceed the TFSA balance.
• Step 6: Confirm the details and submit the transfer.

Once you’ve transferred the funds successfully, you can expect to see the changes in both accounts immediately or within a few hours, depending on the processing time.

Mobile App

Mobile apps offer the same features as online banking, but with the benefit of convenience. You can transfer money between accounts from anywhere and at any time.

• Step 1: Download the CIBC Mobile Banking App from the Google Play Store or Apple App Store and log in using your online banking credentials.
• Step 2: Tap on the 'Transfer' icon from the list of features available.
• Step 3: Just like with online banking, choose your TFSA as the account you are transferring money from, and your chequing account as the account you are transferring to.
• Step 4: Enter the transfer amount.
• Step 5: Confirm the details and submit.

The mobile app is fast and convenient but remember to keep your mobile device secure to protect your account information.

Customer Service

If digital banking isn't accessible or you would prefer to talk with a person, you can always call CIBC’s customer service for assistance. This option, however, might take a bit longer than a digital transfer.

• Step 1: Call CIBC Telephone Banking at 1-800-465-2422.
• Step 2: Follow the automated prompts or request to speak with a representative.
• Step 3: Provide the necessary details such as account numbers and transfer amount.
• Step 4: The representative will confirm the details and execute the transfer.

Remember, when speaking to a representative, never share sensitive information like your online banking password or your card's PIN.

Whether you choose to transfer funds through online banking, mobile app, or a call to customer services, CIBC ensures a secure and reliable banking experience.