How to transfer money from CIBC credit card to bank account?

Effortlessly Transfer Funds from Your CIBC Credit Card to Your Bank Account

Moving money from your CIBC credit card to your bank account shouldn’t be a complicated process. Fortunately, CIBC offers a straightforward and secure method to do so directly through their online banking platform. This eliminates the need for cumbersome checks or potentially expensive cash advances. Here’s a step-by-step guide to help you transfer funds quickly and efficiently:

Before You Begin:

• Ensure your accounts are linked: Before initiating a transfer, verify that your CIBC credit card and your designated bank account are properly linked within your online banking profile. If they aren’t linked, you’ll need to do so through your account settings – this usually involves providing relevant account numbers. Contact CIBC customer service if you need assistance with linking your accounts.
• Understand the fees: While convenient, transferring funds from a credit card to a bank account might incur fees. Check your CIBC credit card agreement for details on any applicable transfer fees or interest charges. These fees can vary depending on your credit card type and the amount transferred. Knowing this upfront will help you budget accordingly.
• Available funds: Ensure you have sufficient available credit on your CIBC credit card to cover the amount you wish to transfer, plus any associated fees.

Step-by-Step Guide to Transferring Funds:

1. Log in to CIBC Online Banking: Access your CIBC online banking account using your secure login credentials.

2. Navigate to the Transfer Funds Section: Once logged in, locate the “Transfer Funds” or a similarly named section. This is typically found under the “Accounts” or “Transactions” tab. The exact location might vary slightly depending on the current interface of the CIBC online banking platform.

3. Specify Source and Destination: Select your CIBC credit card as the “source” account from the dropdown menu of available accounts. Then, choose your linked bank account as the “destination” account.

4. Enter Transfer Details: Input the amount you wish to transfer. Double-check this amount for accuracy before proceeding. You might also have the option to add a reference number or description for your own record-keeping.

5. Review and Confirm: Before finalizing the transfer, CIBC will present a summary screen detailing the transaction. Carefully review all the information, including the source and destination accounts, the amount, and any associated fees. If everything is correct, click the “Confirm” or similar button to complete the transfer.

6. Confirmation: Once confirmed, you will typically receive an on-screen confirmation and a transaction record will be added to your online banking history. You can check your bank account balance later to confirm the successful transfer.

Important Considerations:

• Processing Time: Transfers usually take a few business days to complete. The exact timeframe can depend on various factors.
• Security: CIBC employs robust security measures to protect your financial information. Always access your online banking account from a secure device and connection.
• Contact CIBC Support: If you encounter any difficulties or have questions during the process, don’t hesitate to contact CIBC customer support for assistance.

By following these steps, you can confidently and efficiently transfer funds from your CIBC credit card to your bank account using the convenience of online banking. Remember to always prioritize security and review all transaction details before confirmation.