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How to Transfer TFSA to Chequing with CIBC: A Comprehensive Guide

Many Canadians utilize Tax-Free Savings Accounts (TFSAs) to save and invest, but there may come a time when you need to move funds from your TFSA to your chequing account. That's why we have created this comprehensive guide on how to transfer your TFSA to your chequing account with the Canadian Imperial Bank of Commerce (CIBC). We will discuss different options you have, including using online banking, mobile app, and calling customer service.

Option One: Using CIBC Online Banking

Online banking is the most common method used when transferring funds between accounts. You can easily start the process from the comfort of your own home and complete it within a few minutes. Follow these steps to transfer your TFSA to your Chequing account:

• Step 1: Visit the CIBC website and log into your online banking account using your card number and password.
• Step 2: Navigate to the "Transfer Funds" option found in the "My Accounts" tab on the dashboard.
• Step 3: Identify the account you want to transfer funds from (your TFSA) and the account you want to transfer funds to (your chequing account).
• Step 4: Enter the total amount you want to withdraw from your TFSA and deposit into your chequing account.
• Step 5: Complete the transfer by clicking on "Submit."

Option Two: Using CIBC Mobile App

The CIBC Mobile App is another user-friendly platform you can use to transfer your TFSA to your Chequing account. Here's a step-by-step guide on how to proceed:

• Step 1: Download the CIBC mobile app from either Google Play Store or Apple App Store.
• Step 2: Open the app and login using your card number and password.
• Step 3: Click on the "Transfers" tab on the main dashboard.
• Step 4: Choose the TFSA account you want to transfer funds from, and your chequing account as the recipient account.
• Step 5: Enter the amount you wish to transfer, then click "Next."
• Step 6: To complete the transfer process, review the details you've entered and press "Submit."

Option Three: Call Customer Service

If you are not familiar with online transfers, or you are having internet issues, your best bet is to call CIBC Customer Service. Follow the processes enlisted below:

• Step 1: Call the CIBC customer service line on 1-800-465-2422.
• Step 2: After self-identifying and confirming account details, explain that you would like to transfer funds from your TFSA to your chequing account.
• Step 3: The representative will guide you through the process and confirm the amount you would like to transfer.
• Step 4: After confirming your transaction, funds will be transferred to your chequing account in accordance with bank timelines.

Remember to consider any tax implications or withdrawal penalties before transferring funds from your TFSA. Also, keep in mind that each method takes a different amount of transaction time, so choose the one that aligns best with your needs.

In Conclusion

Whether you choose to transfer funds using CIBC Online Banking, Mobile App, or phone customer service, the most important aspect is your convenience and understanding of the process. Don’t hesitate to reach out to CIBC customer service for more clarification on any of the procedures outlined above. Be confident and secure in managing your finances with CIBC today.