The CIBC eDeposit requires customers to open the CIBC mobile banking application, select the eDeposit feature, 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.
In recent news, Payfirma, a Canadian mobile payment processing technology company, has entered an agreement with CIBC.
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