Why are My Funds on Hold at CIBC? - Understanding and Resolving the Issue

As a CIBC customer, there may come a time when you realize your account shows funds on hold. This can leave you puzzled, especially since you might need to access these funds immediately. So, why does CIBC put your funds on hold, and how can you rectify this? This article delves into the reasons for the hold, and the ways you can resolve the problem.

Understanding Why Your Funds are on Hold at CIBC

At CIBC, funds can be put on hold for a few reasons. First, if there's a large deposit into your account, CIBC might hold the funds to ensure it’s legitimate. Secondly, if there are suspected fraudulent activities on your account, a hold might be placed on your funds. Lastly, if you've had overdraft issues or bounced cheques in the past, CIBC might place your funds on hold as a precautionary measure.

Option 1: Resolving the Issue through Online Banking

Online Banking provides a convenient and accessible option for resolving funds on hold issues. Here's how to use this platform.

1. Log in to your CIBC Online Banking.
2. Navigate to the 'account details' section, which shows the status of your account and the details of the hold on funds.
3. Contact customer service using the provided link in the online banking dashboard, or send an inquiry explaining your issue.

Option 2: Using CIBC Mobile App

The CIBC Mobile App is another handy tool, providing a portable and streamlined method for handling banking issues.

1. Log in to your account on the CIBC Mobile App.
2. Go to the account details section, just like in online banking.
3. Use the in-app messaging feature to communicate directly with a customer service representative.

Option 3: Call Customer Service

For those who prefer traditional methods or need immediate assistance, calling CIBC customer service can be the quickest way to resolve the issue.

1. Find the customer service number on the back of your CIBC bank card or on the official CIBC website.
2. Call the number and navigate through the automated service until you connect with a representative.
3. Explain your issue and provide any necessary information to have the hold removed.

Conclusion

Understanding why your funds may be on hold at CIBC can save you a lot of stress and time. By using the available options - online banking, the mobile app, or calling customer service, you can resolve the issue efficiently and conveniently. Always ensure that you follow banking norms and maintain excellent financial health to avoid such issues in the future.