Positive Pay

CIBC's Positive Pay service is an automated cheque matching process which is run out of our Account Reconciliation service and which is available for clients who meet the service requirements. Your issued cheque list is matched to the daily paid items and exception items (i.e. items that are not contained in the cheques issued file you have supplied us and therefore may be fraudulent) are identified. They are then captured on a daily report and referred to you for pay/no pay instructions.

Why use Positive Pay?

• may reduce potential exposure related to cheque fraud
• identifies exception items at the time of presentment, rather than during subsequent statement reconciliation
• limits the reconciliation process to unmatched items only
• upon request, copies of specific exception items can be faxed to you for review

What's the bottom line on Positive Pay?

Positive Pay will help you to more quickly identify potentially fraudulent and other exception items and allow you to promptly instruct CIBC to return any such item(s) to the negotiating financial institution.

Service Features

• electronic matching is based on cheque serial number and the encoded amount
• cheques matching information on the issued cheque file you provide us are automatically paid
• CIBC will fax you a copy of the exception items report, which details the cheque serial number and amount, by 11:00 am EST and you are required to provide the Bank with your pay/no pay instructions by 2:30 pm EST the same day
• you will receive a full account reconciliation at the end of your accounting period

Delivery Methods

• PC based transmission through CIBC Business Banking at http://www.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

Service Hours

Pay/No Pay Instructions

• CIBC requires advice of your pay/no pay instructions by fax by 2:30 p.m. EST on the same day
• if instructions have not been received by 3:00 p.m. EST, the exception items will automatically be paid

Receipt of your cheques issued file

• the cheques issued file can be provided to CIBC daily or in accordance with your established cheque issuance cycle
• the cheques issued file must be received by CIBC no later than 3:00 p.m. on the day before the cheques begin to clear

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 visit a branch or contact a business advisor toll-free at 1-800-465-2422.

Copyright® 2004 Canadian Imperial Bank of Commerce. All rights reserved.