CIBC Mobile Banking now lets Canadians deposit cheques with their phones

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 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.

Adding a mobile cheque deposit feature was the top request identified by CIBC clients, who deposit millions of cheques each year. As with all of CIBC Mobile Banking Apps, the CIBC eDeposit feature is safe and secure. None of the financial information is stored on your device and all wireless transmissions are securely encrypted.

CIBC clients who already have the CIBC Mobile Banking App will see the new eDeposit feature after they update the App to the newest version. New users can download the CIBC Mobile Banking App with the new eDeposit feature today from the Apple App Store and Google Play Store. The CIBC Mobile Banking App works with iPhone, iPod touch, iPad and all 4.x Android smartphones and tablets.

For more information or to view an online demonstration of the new CIBC cheque deposit feature on the CIBC Mobile Banking App, visit cibc.com/edeposit.

CIBC is a leading North American financial institution with nearly 11 million personal banking and business clients. CIBC offers a full range of products and services through its comprehensive electronic banking network, branches and offices across Canada, and has offices in the United States and around the world. You can find other news releases and information about CIBC in our Press Centre on our corporate website at www.cibc.com.

SOURCE: CIBC

Kevin Dove, Head of External Communications, CIBC, 416-980-8835, [email protected]