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CIBC Mobile Banking Now Lets Canadians Deposit Cheques With Their Phones

Stocks in this article: CM

New feature will save individual and small business clients time and provide faster access to funds

TORONTO, Nov. 27, 2013 /CNW/ - CIBC, the first bank in Canada to launch a Mobile Banking App, today extended its suite of mobile banking innovations with eDeposit, a new feature that lets personal and small business clients deposit cheques to their CIBC account simply by taking a photo of the cheque with their mobile device.

"The convenience of depositing cheques simply by taking a picture with your phone means you can make a deposit where, how and when you would like, which will save CIBC's 11 million clients time and provide faster access to those funds," said David Williamson Senior Executive Vice President and Group Head, Retail and Business Banking, CIBC."Whether you are a are a small business owner with a handful of customer cheques at the end of day or an employee getting your weekly paycheque, you can literally make a deposit within seconds."

This innovation makes CIBC the first of the major banks in Canada to offer Canadians deposit taking where, how and when they would like - in more than 1100 branches, over 3500 ABMs or from the comfort of their homes using their mobile devices.

The CIBC eDeposit process is simple, quick and easy.

  • Just open the CIBC Mobile Banking App and select the eDeposit feature.
  • Endorse the back of the cheque.
  • Take a picture of the front and back of the cheque.
  • Select the account to receive the deposit and enter the amount of the cheque.
  • Tap submit, wait for confirmation, and then mark the paper cheque as paid.
  • Retain the cheque for 5 days, and then destroy it.




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