If you are asking how secure and protected your money is with CIBC, you can visit their website. http://www.cibc.ca

They are giving assurance that anything you invest with them will be safe. In addition, you will be able to use it anytime when you need it.

The company has been serving million of people already and through the years of service they had been doing, they are financially stable. If you are thinking that you might loose your hard earned money then you are wrong.

CIBC has all the resource they need to cater all the needs of the people and would aim for excellence in their service especially in how they handle their clients.

Yes, and the manager told me date on the cheque means nothing to CIBC and the other banks, that it's the responsibility of person writing the cheque to make sure the person receiving the cheque cashes on the date which it's posted for.

I even asked her "so if I wrote a cheque to someone for $10 and dated for the year 2020, if the cashed it the money would taken from my account?" the replie I got was "if you account has sufficent funds the cheque will be cashed".

Leathal

Update: My research has paid off, here is what I found!

There is legislation which was put in place in 1882 in Canada called - Bills of Exchange Act that has been amended over the years, the latest amendment was done on June 15, 2009. You can find it at the Deparment of Justice of Canada website. This is the LAW that all banks in Canada must abide by.

This is from the June 19th version:

Section 2 number 16 - Bill of Exchange:

A bill of exchange is an unconditional order in writing, addressed by one person to another, signed by the person giving it, requiring the perosn whom it is addressed to pay, on demand or at a fixed or determinable future time, a sum certain in money to or to the order of a specificed person or to bearer.

Section 2 number 26 - Valid Bill:

A bill is not invalid by reason only that it

(a) is not dated;
(b) does not specify the value given, or that any value has been given therefor;
(c) does not specify the place where it is drawn or the place where it is payable; or
(d) is antedated or post-dated, or bears date on a Sunday or other non-juridical day.

In the 1882 version of the Bills of Exchange Act they took the time to elaberate on what each of the points mean. Here is word for word what it says for (d) above:

A bill is not invalid by reason onl that it is antedated or postdated...

(meaning) If a bill payable on demand be issued bearing date after the date of issue, payment cannot be demanded before the date on the bill has come.

At another Government of Canada website for the Financial Consumer Agency of Canada it says this about Banking and Insurance with respect to cheques.

Post-dated Cheques:

The Canadian Payments Association (CPA) is the organization that develops rules for Canada's cheque-clearing and settlement system. CPA has developed a rule, called A1: Genernal Rules Pertaining to Items Acceptable for Exchange, for the Purposes of Clearing and Settlement, which states that any bank that is a member of the CPA cannont cash your cheque before the date indicated on it.

If your bank or trust company does cash the cheque before this date, CPA has another rule, called A4, Returned and Redirected Items, which allows for your finanical institution to return the cheque and put the money back into your account. You can only ask your bank or trust company to do this up to "the day before" the cheque should have been cashed.

CIBC btw is a member of CPA!
--

So there you have it! The "real" law and rules that Canadian banks must abide by otherwise you can take legal action against them and win no doubt!

Leathal

Thats news to me and defeats the purpose of post-dating cheques.

June30th vs July1st isn't that big of a deal (to the banks) considering the 1st is a stat holiday. Cashing a cheque several months prior to the date on the cheque is odd and more then likely a bad teller.

Did you ask a branch manager about this?

Back a year and half a go when I renting in a different area of the city than I am in now my land lord who didn't speak very good English accidently cashed two my rent cheques one day apart.

When I called CIBC telelphone banking and explained to them the cheque was post dated for the following month why didn't they look at it, the guy told me "banks don't go by the date on the cheque anymore", and when I asked him "so if I was to write a cheque out to someone for $10 and post date it for 2020 they would be able to cash it tomorrow?" he said "as long as the money was in your account, yes!".

I couldn't believe what I was hearing so I contacted CityTV to see if they were possibly interested in running this sorry as I am sure I am not the only one who has had this happen to them, there are a lot of renters out there, well CityTV showed some interest at first but dropped it because after talking to CIBC it think they got the impression I was lying...

On June 30th 2009 my recent land lord cashed my July 1st cheque at his bank BMO through the teller. The teller didn't stop him from depositing the cheque on the 30th even though it was clearly written in the date field and in the memo field on the cheuqe "July 1st 2009" and "Rent for July 1st" so of course it went NSF on me, I move money out of my business account late on the 30th to cover my expenses.

Anyhow I called CIBC again and this time I recorded the entire coversation with the telephone banking rep which you can hear by going to (www.smoothrunnings.ca/images/banks/july06-2009_CIBC.mp3) NOTE SAVE THIS FILE TO YOUR COMPUTER!!! CIBC tells me I am responsible to make sure the person receiving the cheque cashes on the date posted. And it's the LAW! So when I asked the firl to point it out to me, this LAW, she said I would have to go to my branch, well it turns out CIBC sent a memo around to their internal people but have not produced and written information to their clients about this...

Oh and the kicker here.. I told CIBC it's their responsibility to secure my money, and do you know what the said? "NO IT"S NOT"... So if they aren't securing our money, why are we using them? Would you trust a theif with the keys to your new house to look after it when your at work?

I just wonder how many other banks in Canada are doing the same thing, and how many people have been screwed?

Btw, the NSF charges were close to $100!! That's just crazy!

Leathal