Account Reconciliation Service

Account Reconciliation Service provides you the ability to reconcile your cheques in an automated fashion. Depending on the service options you select, Account Reconciliation Service will provide you with different levels of information to facilitate the reconciliation of your Business Operating Account statement for a selected period.

Why use Account Reconciliation Service?

• Comprehensive reports in balance with your bank statement are available to you as electronic files or paper reports
• The service has flexible reconciliation periods which can correspond to your internal accounting periods (e.g. daily, weekly, bi-weekly or monthly)
• Service options allow you to tailor the Account Reconciliation Service to a variety of needs

What's the bottom line on Account Reconciliation Service?

Account Reconciliation Service saves you time in reconciling your Bank statement and helps you to quickly identify exceptions (e.g. fraudulent item).

Service Features

• Paid cheques can be matched against the issued cheque list you provide us
• Paid cheques can be provided in serial number order
• Reports are available electronically or on paper
• Flexible reconciliation period
• Input and output is available by PC based transmission through CIBC Business Banking at businessbanking.cibc.com or through CIBC's File Transfer Service is available 24 hours a day, 7 days a week
• CIBC will accept most client-specified formats generated by in-house accounting system for input data

Service hours

Input

• PC based transmission through CIBC Business Banking at businessbanking.cibc.com or through CIBC's File Transfer Service is available 24 hours a day, 7 days a week
• Data transmissions are scheduled through your Business Banking Services Representative

Output

• PC based transmission through CIBC Business Banking at businessbanking.cibc.com or through CIBC’s File Transfer Service is available 24 hours a day, 7 days a week
• Data transmissions are scheduled through your Business Banking Services Representative
• Paper reports are available for pick up one business day after the end of the reconciliation period
• Pick-up is through your local branch during their regular business hours

The above is intended to be only a general description of this product and its features. CIBC reserves the right to change or discontinue this product or any of its features at any time. This product and its features shall be subject to the terms and conditions of the applicable agreement governing its use.

For further information, please contact your CIBC representative or call the CIBC Business Contact Centre at 1-888-947-7736.

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