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How To Set Up Automatic Payments CIBC

Do you want to set up automatic payments on CIBC but don’t know how? Maybe you are looking to make your life easier and automate your payments but aren’t sure where to start? Or are you curious and want to know more? No matter the reason that brought you here, I have the answers you need!

Working out how to set up automatic payments can be tricky, especially if you have never done it before. You want to save yourself time and effort, but with so many conflicting opinions and steps out there, you quickly find yourself frustrated and overwhelmed, unsure where to turn or who to trust.

You wonder if you will ever know how to set up automatic payments CIBC. 

Well, no more! Today, I am here with the answers you need! Keep reading to see how to set up automatic payments on CIBC and everything else you need to know about them. 

What Is CIBC?

Before we get into it, let’s have a quick recap for anyone that needs it! CIBC is a leading financial institution in North America. Their goal is to build a modern bank based on relationships, where customers can enjoy a fantastic experience, and shareholders get outstanding returns. 

Originally founded in Canada, their focus is strengthening their Canadian franchise, growing a base in North America, and accelerating ongoing investments. They offer a range of investment opportunities, credit cards, loans, and mortgages, allowing you to fund emergency vet bills, repairs, and buy your own home. 

CIBC also offers plenty of advice and guidance that can help your money go further. This includes their Smart Advice scheme and high-interest rates that allow you to see a healthy return on the money you set aside for the future.

You can bank with them in person, over the phone, or with their super handy smartphone app. It’s never been easier to keep track of your finances! 

Now that I have briefly established what CIBC is, let’s move on to see how you can set up automatic payments with them! 

How To Set Up Automatic Payments CIBC

Automatic payments are a fantastic way to save money or pay your bills. You don’t need to think about it after you have set it up. The money will simply leave your account on the day you have selected and pay your bills, be added to your savings pot, or go anywhere you have selected it to go.

But setting up automatic payments can seem a little tricky. So I am here with a complete guide that will walk you through the entire process. 

Keep reading to check out my step-by-step guide below. It’s worth noting that CIBC refers to automatic payments as pre-approved payments or scheduled payments, so when you are setting this up with them, make sure to look out for these phrases!

Step 1 – Log Into Online Banking 

You can set up these payments in person too, but I found it easier to set up payments on the app or mobile site! To start, simply log into your online banking account.

Step 2 – Choose Your Account 

Next, choose the account where you want the payment to be withdrawn. Remember, there will need to be enough money in this account to regularly make the payment, so be sure to check this before you go any further! 

Step 3 – Click Deposit Account Details 

On this page, find the Manage my Account section and click on it. A drop-down menu will appear, where you can select Void cheque/direct deposit info. This opens up a pre-filled Account Information form. 

Fill in this form, including where you want the money to be sent, how much, and the frequency. Once the form is completed you will be notified that payments have been set up and when the first one will leave your account. 

Optional Method 

If you don’t want to follow the three steps outlined above, there is another option. You can simply download a Direct Deposit, Payroll, or Pre-Authorized Form directly from CIBC. you simply fill in the required information and submit the form at your local CIBC. 

They will input the information for you and set up the payments. This is a good option if you don’t have the mobile app,  as you can request the form at your local CIBC too, or have a friend or relative print the form for you. 

Final Thoughts

And there you have it, two methods that allow you to set up automatic payments with CIBC! These pre-approved payments take the hassle out of you paying your bills, paying debts, or moving money into your savings account. They are also a fantastic way to help you budget and can transform the way you bank.

Why not give them a go today?

Frequently Asked Questions 

Before you leave today, check out my brief FAQ section to get the answers to your last-minute queries! 

How Do I Stop Automatic Payments?

To stop your pre-authorized payments, you will need to contact the payee or merchant directly if these were set up with your debit card details. If the payment was set up through the pre-authorized payments form, you can manage this on your Account Details page, or simply pop into your local CIBC branch which can stop the payments for you! 

How Long Do Automatic Payments Take To Set Up?

Automatic payments take no time at all to be set up! The form you need to complete is straightforward and is processed immediately. If you set up the payments at your local CIBC, they will let you know how long the form will take to be processed. Usually, it is the same day, with your payments being processed automatically on the day you set. 

So if you set it up mid-month for payment to be taken at the end of the month, your first payment will be taken at the end of the same month. Remember that weekends and public holidays can impact processing time.