CIBC Launches Text Alerts for Insufficient Funds for Upcoming Payments

CIBC announced this morning a new feature called Smart Balance Alert, which it says will notify you when an account has insufficient funds to cover an upcoming payment.

“The first-in-Canada CIBC Smart Balance Alert provides clients with a reminder to transfer funds to avoid a returned payment,” explains the financial institution.

The bank says personal clients with a mobile number on file will get a text message to let them know an account balance doesn’t have enough funds to cover an upcoming pre-authorized payment or cheque. Account balances restored with sufficient funds by noon the same day will avoid non-sufficient funds fee or a declined payment.

“The world we live in is a busy one, and when juggling our day-to-day sometimes we inadvertently miss transferring funds or forget about an upcoming pre-authorized payment,” said John Ferren, Senior Vice-President, Deposits, CIBC, in a statement. “The CIBC Smart Balance Alert service puts our clients first and we are proud to offer this market-leading feature.”

Once an alert is received, CIBC personal banking customers can log online via the web or mobile banking to transfer funds. CIBC Smart Balance Alert is available on all CIBC deposit accounts, and will be available today in a phased rollout, and available nationwide by the end of March.

Text alerts are able to be seen without the need to login to online banking or mobile banking, where other alerts are sent to CIBC’s My Messages by default.