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Why Does CIBC Hold Cheques and How You Can Handle This?

Understanding the bank procedures can sometimes feel like learning a new foreign language. One practice that Canadian Imperial Bank of Commerce (CIBC) and other banks adhere to is the holding of cheques. This can cause delays, especially to customers who want to access their funds fast. In this article, we will delve into the reasons why CIBC holds cheques and the steps you could take through online banking, mobile app, and contacting customer service.

Understanding Cheque Holding

First, it's important to clarify what it means when banks hold cheques. This is a security measure that allows the bank to verify the cheque before releasing the funds. The cheque hold period is determined by various factors, such as the source of the cheque and your banking history.

Reasons Why CIBC Holds Cheques

CIBC performs cheque holding to minimize risks and protect their customers from potential fraud. The primary reasons include ensuring the cheque is legitimate, the person cashing the cheque is the intended recipient, and verifying that the account from which the funds come has sufficient balance.

Manage Cheque Holds Through Online Banking

Experiencing a cheque hold can be frustrating, but CIBC Online Banking offers some steps to follow in such cases.

• First, you need to log in to your online banking account.
• Next, navigate to the Accounts Summary page, where you'll see a list of recent transactions.
• Look for the cheque deposit in question, it should show as 'Hold' or 'Pending'.
• Click on it for more details about the hold period and when the funds will be available.

Navigate Cheque Holds On the CIBC Mobile App

Alternatively, you could manage cheque holds using the CIBC Mobile App.

• After successful login, select the account linked with the cheque.
• Tap on Recent Transactions to display the list of your transactions.
• Find the cheque in question to view the hold details and availability date of the funds.

Contact CIBC Customer Service For Cheque Holds

If you prefer to speak directly to a person, CIBC’s customer service and support are available.

• Dial the customer service number, which is provided at the back of your bank card. Representatives are available 24/7.
• Once connected, you will have the option to speak to a customer service representative or use an automated system for information.
• Explain your issue involving the cheque hold, and they will provide the necessary assistance or explanations.

Even though cheque holds can be troublesome, understanding why the practice occurs and the available methods offered by CIBC for managing it can mitigate the frustration. Be it through online banking, mobile app services or contacting customer service, every pathway will guide you towards resolving your concern efficiently.

Conclusion

In today's fast-moving world, everybody wants immediate access to their funds when they need them. However, the security measure of cheque holding can often cause delay. By understanding the reasons behind cheque holds, how CIBC handles such instances, and the options available to you, you can ensure a smoother banking experience. Keep in mind that every banking operation has a strong reason behind it, mostly to ensure your financial safety.