When making a significant purchase, such as a down payment on a home or buying a used vehicle, a standard personal cheque may not be sufficient. In these scenarios, a certified cheque or a bank draft provided by the Canadian Imperial Bank of Commerce is often required. These instruments offer the payee a guarantee that the funds are available and have been set aside by the bank, eliminating the risk of a "bounced" payment due to non-sufficient funds.
It is important to note that the Canadian Imperial Bank of Commerce, like many major Canadian financial institutions, has largely transitioned toward the use of Bank Drafts over traditional certified cheques. While they serve the same purpose—guaranteeing funds—a bank draft is a payment order drawn by the bank on its own funds, whereas a certified cheque is a personal cheque that the bank confirms as valid. Below are the current tariffs and procedures for obtaining these secure payment methods.
At a Glance: CIBC Certified Cheque and Draft Tariffs
| Category | Details |
|---|---|
| Bank Draft (CAD) | $9.95 per item. |
| Certified Cheque | $15.00 per item (if available for your account type). |
| Bank Draft (USD) | $9.95 CAD plus applicable exchange rates. |
| Fee Waiver | Available for CIBC Smart Plus and select Senior accounts. |
Algorithm: How to Request a Certified Payment
To obtain a bank draft or certify a cheque through the Canadian Imperial Bank of Commerce, follow this exact sequence of actions:
- Log in to the CIBC Mobile Banking app to verify that you have the full amount plus the service fee available in your account.
- Visit a CIBC Banking Centre during regular business hours. Unlike standard cheques, guaranteed instruments usually require in-person verification.
- Present two pieces of valid government-issued ID to the teller (e.g., Driver's Licence and Passport).
- Provide the teller with the Payee Name. Double-check the spelling, as drafts are difficult to alter once printed.
- The teller will debit your account immediately and print the Bank Draft or apply the Certification Stamp to your personal cheque.
- Collect your Receipt and the physical document. It is recommended to take a photo of the draft for your records before handing it over to the payee.
Pro-Tip: Efficiency Hack: If you frequently require guaranteed payments, consider upgrading to the CIBC Smart Plus Account. This premium tier waives the $9.95 fee for bank drafts entirely, which can lead to significant savings for active real estate investors or business owners who handle multiple high-value transactions per month.
Troubleshooting Common "Pain Points"
If you encounter issues while trying to secure your funds, consider these three common hurdles:
- Insufficient Funds for Fees: The most common "pain point" is having the exact amount for the purchase but forgetting the $9.95 - $15.00 fee. If your account balance is exactly the amount of the cheque, the transaction will fail. Always keep a $20 buffer to cover the tariff.
- Identity Verification Delays: If your Online ID or profile has outdated information, the teller may be unable to issue the draft immediately. Ensure your home address and phone number are updated in the CIBC app before visiting the branch.
- Multi-Factor Authentication (MFA) Errors: If you are checking your balance at the branch and cannot log in due to a delayed One-Time Verification Code, ask to use the branch's Client Wi-Fi or request the code be sent via Voice Call to bypass cellular reception issues inside the vault area.
Frequently Asked Questions
What is the difference between a CIBC bank draft and a certified cheque?
A Bank Draft is an instrument where the Canadian Imperial Bank of Commerce itself is the payer, using its own funds (which you have pre-paid). A Certified Cheque is your personal cheque that the bank has stamped to confirm the funds are frozen in your account. Most payees today prefer bank drafts due to their standardized security features.
Can I cancel a CIBC bank draft if I don't use it?
Yes, but you must have the original physical document in your possession. Return the draft to any CIBC Banking Centre, and they will "stop" the draft and credit the funds back to your account. Note that the original service fee is usually non-refundable.
Can I order a certified cheque online?
While you can order standard Personal Cheques online through the CIBC portal, the act of Certification or the issuance of a Bank Draft typically requires an in-person visit to ensure the physical security features of the document are applied correctly.
