How to Read A CIBC Cheque for First-Time Clients

As a new CIBC customer, you must know how to read a CIBC cheque for first-time clients. Even though there are other digital ways to make payments, some customers prefer cheques because of their convenience and affordability. 

All the details in a cheque are essential. The personal information is on the left corner of the document, and the bank information is at the bottom. Other numbers are on different sides of the cheque. 

How to Read A Cheque CIBC?

The first information in a cheque is your personal information. It is mainly found in the top left corner and shows that you are the authorized user of the account. You can also use this information as proof that you own the account. 

Personal information

The first line is your full name. It is the name you used to open the CIBC account with and the one you used to withdraw money. Next is information containing your home and street address. Finally, the last line shows your city, province, and postal code. 

If you buy the starter or temporary cheques, you must write your personal information. However, personalized cheques come with all the details filled out. 

Bank information

One of the numbers you will quickly notice is the first number at the bottom left of the cheque. It is a three-digit number and represents the cheque number. Other significant numbers are the transit, institution, and account numbers. 

The transit number represents the branch of the bank where you opened your account. It is a five-digit number found immediately after the cheque number. 

Next is the institution number. It is a three-digit number found after the transit number, and it identifies your financial institution. Every bank has a unique code to identify them. So the institution number and transit number combine to make the routing number. 

Last is the account number. The unique number given to identify your account at CIBC is usually a 7-digit, but it can be 12 for other financial institutions. If you write a cheque, money will get drawn from this account to the recipient’s account. 

Other information

While the personal and bank information are the essential parts of a cheque, the document cannot be complete without these sections;

• The payee line– the line written “pay to the order of” shows who the receiver is. You will note the name of the company or individual you pay to; only the indicated payee can deposit or cash out the cheque. 
• Amount to pay– you will write the payment amount in words in this space. Next, there is a section to write the amount in numbers beside the dollar box. Here, you write the amount to pay in numerical. 
• Dateline– the cheque date is below the cheque number. The payer indicates the date they signed the cheque. 
• Signature line– a cheque is not complete without the owner’s signature. It is an authorization for the money to be drawn from your account. 

How to Write A CIBC Cheque

Now that you know CIBC how to read a cheque, the next important thing is learning to write one. Filling a cheque is straightforward with these simple steps;

• Fill in the date

Check for the date box at the top right corner and fill it in correctly. You should indicate the correct date you filled out and signed your cheque. 

• Write the recipient’s name

 To whom are you writing the cheque? You should write the recipient’s information in the line that indicates ‘pay to the order of’ under your personal information. 

For example, you can write the individual’s first and last name or the company or institution you are paying to. Ensure you write the correct name the company uses for payments. 

• Indicate the amount

Write down the amount to pay in numbers in the box indicated with a dollar sign. You should also include cents in two decimal places and replace them with two zeros if there are no cents. 

You should also write the amount in words. If there are cents, ensure you include them in your amount in words. 

• Your signature

Your cheque is incomplete without your signature. Use the signature you used when opening your bank account, and check if all the details provided are correct. Lastly, you can write the reason for the payment in the memo section. This can be for school fees or rent. 

What to Do If You Make A Mistake Writing the Cheque

Sometimes you will make mistakes and end up with a void cheque from CIBC. For example, you could realize missing information, misspelled name, or a wrong account number. Although there isn’t a fix to the mistake, there is a way out. 

Write the word VOID across the cheque in capital letters. That makes the document useless, and nobody can cash it. Writing ‘VOID’ on a spoiled cheque reduces the chances of it being stolen and deposited by another person. 

However, if the mistake is as small as a spelling mistake on the recipient’s name, you can cross and write the correct name. Ensure you write your initials after the crossed name to show that you’re the one who crossed it. Also, avoid making mistakes on cheques to prevent rejection. 

Depositing A Cheque

Once you write the cheque, you must send it to the payee to deposit it. The payee can deposit a cheque in person or using a mobile device. 

If you take the document to the bank, give it to the teller to confirm its information. They will deposit the cheque to your account, which takes up to two business days to mature. 

If you take your cheque to an automatic banking machine, look for the option to deposit a cheque. Then, you must select the account to deposit it, confirm the details on the document and insert it—lastly, deposit to finish the process. 

Your bank will guide you if you deposit the cheque using a mobile device. You will need to take a picture of the front and behind and confirm the cheque details. Ensure you keep the cheque safe until the money reflects in your account. 

Note that you could incur a foreign currency exchange fee if you pay using a different currency. Banks charge higher exchange rates, but you can exchange at Knightsbridge FX. Here, you save some coins because you will exchange cash at lower rates. 

How to Be Safe Around Cheques

Cheques are a suitable money transfer method, but they can cause inconveniences and losses if wrongly handled. For safety;

Ensure you have a record of all the cheques you have issued. It helps you monitor your transactions and spot those you did not authorize. Also, always check if the cheques received are signed and correctly dated. The bank cannot recognize an unsigned cheque.

You cannot cash post-dated cheques. So, always check the dates on cheques before accepting them. It would help if you also cashed your cheque as soon as you received it so it doesn’t get outdated. 

Always ensure the cheques you receive are written for you and signed over to you. The bank will not accept a cheque bearing another person or company’s name. Also, ensure you keep your checkbook safe so they don’t get into the wrong hands. 

Final Words

Once you know how to read a CIBC cheque, you can guide a first-time client. The document contains personal information like your name and address. The bank information on the cheque includes the transit number, the institution number, and your account number. When filling out a cheque, ensure you correctly fill in the payee’s details, amount, and signature.