Feature gives clients advance notice, grace period to help avoid fees
TORONTO, March 9, 2020 /CNW/ - As our lives become increasingly busy, keeping track of personal finances and upcoming payments can be a challenge. Today CIBC introduces text message notifications alerting clients when there are insufficient funds in their account to cover an upcoming payment. The first-in-Canada CIBC Smart Balance Alert provides clients a reminder to transfer funds to avoid a returned payment.
With a simple text message, this feature helps clients manage their day-to-day finances while avoiding additional fees. Personal banking clients who have a mobile number on file with CIBC will receive the CIBC Smart Balance Alert when an account balance has insufficient funds because of an upcoming pre-authorized payment or cheque. Clients can then transfer or deposit funds by noon the same day to avoid a declined payment and non-sufficient funds fee.
"The world we live in is a busy one, and when juggling our day-to-day sometimes we inadvertently miss transferring funds or forget about an upcoming pre-authorized payment," said John Ferren, Senior Vice-President, Deposits, CIBC. "The CIBC Smart Balance Alert service puts our clients first and we are proud to offer this market-leading feature."
Clients can then log into CIBC online or mobile banking to transfer funds and avoid a returned payment. The CIBC Smart Balance Alert is available on CIBC's full suite of deposit accounts, including our all-in-one CIBC SmartTM Plus Account and CIBC SmartTM Account. Through a phased rollout, many clients have access to this feature today and it will be available to all clients nationally by the end of this month.
"This offering builds on our focus of helping clients achieve their financial goals," added Mr. Ferren. "Clients have already told us how the CIBC Smart Balance Alert is helping to make it easier to manage their banking in an increasingly busy world."
The new CIBC Smart Balance Alert follows other recent digital enhancements including real-time text message notifications when a credit card transaction is made.
About CIBC
CIBC is a leading Canadian-based global financial institution with 10 million personal banking, business, public sector and institutional clients. Across Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets businesses, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world. Ongoing news releases and more information about CIBC can be found at www.cibc.com/en/about-cibc/media-centre.html.
SOURCE CIBC
