How to Pay Your CIBC Mortgage with Chexy

Quick Summary

Updating your CIBC mortgage payment account involves two simple steps: a phone call followed by a quick email. During your call, you'll provide your updated banking information, and afterward you'll email your Chexy void cheque to CIBC with your mortgage number and the representative's ID in the subject line. While you may not receive a confirmation email, your updated banking information should generally take effect within the following week.

Overview

Your mortgage payment is one of the largest recurring expenses you'll make each month. If you have a CIBC mortgage and want to start paying through Chexy, the first step is updating the bank account linked to your mortgage payments.

Unlike some lenders that only require a phone call or an in-person branch visit, CIBC's process includes two simple steps. First, you'll contact CIBC to update your mortgage payment information. Then, you'll email your Chexy void cheque so your request can be finalized.

Although there is an additional step compared to some other lenders, the overall process is straightforward and can usually be completed in just a few minutes once you have your banking information ready.

Whether you're switching bank accounts, updating your pre-authorized debit information, or setting up your mortgage payments through Chexy to earn rewards, preparing in advance can help make the transition as smooth as possible.

This guide explains everything you need to know about updating your CIBC mortgage payment account, including the information you'll need before calling, how the process works, what happens after your phone call, and helpful tips to ensure your new banking information is processed before your next mortgage payment.

Understanding the CIBC Mortgage Payment Update Process

CIBC mortgages are generally paid through a pre-authorized debit (PAD), meaning your mortgage payment is automatically withdrawn from the bank account you've authorized on your scheduled payment date.

If you'd like to change the account used for your mortgage payments, you'll need to provide CIBC with your updated banking information so future payments can be withdrawn from your new account.

Unlike some lenders that complete the entire process during a phone call, CIBC also requires homeowners to email a void cheque after speaking with a representative. This additional step helps verify your banking information before the update is finalized.

Once your request has been submitted and your void cheque has been received, CIBC can begin processing the change. Although you may not receive a confirmation email afterward, your updated banking information should generally take effect within the following week.

To help avoid interruptions to your mortgage payments, it's always recommended to complete the process well before your next scheduled payment date.

Before You Contact CIBC

Preparing before you call can make the process much faster. Having your banking information and required documents ready allows the representative to complete the request efficiently and helps you send your follow-up email immediately after the call.

Before contacting CIBC, gather everything you'll need.

Required Information

Have the following available before calling:

• Your institution number
• Your transit number
• Your account number
• Your Chexy void cheque

Preparing these items ahead of time can help ensure the process is completed as efficiently as possible.

Why This Information Is Required

Institution Number

Your institution number identifies the financial institution where your future mortgage payments will be withdrawn.

Providing the correct institution number ensures CIBC can accurately update your mortgage payment information.

Transit Number

Your transit number identifies the branch associated with your account.

Including the correct transit number helps ensure your future mortgage payments are linked to the correct banking information.

Account Number

Your account number identifies the exact account that will be used for future mortgage payments.

Before providing this information over the phone, take a moment to confirm every digit is correct. Verifying your account information beforehand can help prevent delays during processing.

Chexy Void Cheque

After speaking with a representative, you'll be asked to email your Chexy void cheque as part of the update process.

Having your void cheque ready before calling allows you to complete this final step immediately after your phone conversation.

How to Update Your CIBC Mortgage Payment Account

Once you've gathered your banking information and Chexy void cheque, you're ready to begin updating your mortgage payment account.

Although there are two steps involved, the process is straightforward and can usually be completed within a short period of time.

Step 1: Contact CIBC

Begin by calling CIBC and letting the representative know you'd like to update the bank account used for your mortgage payments.

The representative will verify your identity before collecting your updated banking information.

During the call, you'll typically be asked to provide:

• Institution number
• Transit number
• Account number

Once your banking information has been verified, the representative will explain the remaining steps needed to complete your request.

Step 2: Email Your Chexy Void Cheque

After your phone call, you'll be asked to email your Chexy void cheque to:

[email protected]

To help CIBC identify your request more quickly, include the following in the subject line of your email:

• Your mortgage number
• The representative's ID provided during your phone call

Providing both pieces of information helps ensure your email can be matched to the request submitted during your call.

Once your email has been sent, no further action is typically required.

How Long Does the Process Take?

The phone call itself typically takes around 10 minutes.

After speaking with a representative, you'll need a few additional minutes to email your Chexy void cheque. Once both steps have been completed, CIBC can begin processing your request.

Although you may not receive a confirmation email after submitting your void cheque, your updated banking information should generally take effect within the following week.

Because processing times can vary, it's recommended to complete the request well before your next scheduled mortgage payment.

Tips Before Updating Your Mortgage Payment Account

Preparing ahead of time can help make the process faster and reduce unnecessary delays.

1. Have Your Void Cheque Ready

You'll need to email your Chexy void cheque after speaking with CIBC.

Having it ready before calling allows you to complete the second step immediately after your phone conversation.

2. Write Down Your Representative's ID

Before ending your call, make sure you write down the representative's ID.

You'll need to include both your mortgage number and the representative's ID in the subject line of your email to help CIBC process your request.

3. Double Check Your Banking Information

Before providing your institution number, transit number, and account number, verify that each number is correct.

Accurate banking information helps avoid delays and ensures future mortgage payments are withdrawn from the correct account.

4. Don't Worry if You Don't Receive a Confirmation Email

After submitting your void cheque, you may not receive a confirmation email.

This is normal. In most cases, your updated banking information should take effect within the following week.

Common Questions About Updating Your CIBC Mortgage Payment Account

Changing the bank account linked to your mortgage is a routine request, but many homeowners have questions before getting started.

Below are a few things worth knowing before contacting CIBC.

Why Do I Need to Email a Void Cheque?

Unlike some lenders that complete the entire update over the phone, CIBC requires a void cheque to verify your updated banking information before processing the request.

Submitting your void cheque helps ensure future mortgage payments are withdrawn from the correct account.

Will My Mortgage Payment Date Change?

Updating your banking information changes the account your mortgage payments are withdrawn from, but it does not typically change your mortgage payment schedule.

Unless you've made separate arrangements with CIBC, your payment frequency and due dates should remain the same.

Should I Keep My Previous Bank Account Open?

If your next mortgage payment is approaching, it's generally a good idea to keep your previous payment account active until you've confirmed your mortgage payments are being withdrawn from your updated account.

Doing so can help prevent returned payments while your banking information is being updated.

Frequently Asked Questions About CIBC Mortgage Payment Updates

Do I need to call CIBC?

Yes.

The process begins with a phone call to update the bank account linked to your mortgage payments.

What information should I have ready?

Before calling, have your:

• Institution numbe
• Transit number
• Account number
• Chexy void cheque

ready so the representative can process your request efficiently.

Will I need to send any documents?

Yes.

After your phone call, you'll be asked to email your Chexy void cheque to:

[email protected]

Include both your mortgage number and the representative's ID in the subject line to help CIBC process your request.

Will I receive a confirmation email?

You may not receive a confirmation email after submitting your void cheque.

In most cases, your updated banking information should take effect within the following week.

How long does the process take?

The phone call itself typically takes around 10 minutes.

After you've emailed your void cheque, CIBC can begin processing your request, with the updated banking information generally taking effect within the following week.

What happens after my banking information has been updated?

Once your request has been processed, future mortgage payments will begin withdrawing from your updated bank account.

If you'd like additional peace of mind, you can ask the representative about the expected processing timeline before ending your call.

Conclusion

Updating the bank account linked to your CIBC mortgage is a straightforward process that begins with a quick phone call and finishes with a simple email. By preparing your banking information ahead of time, having your Chexy void cheque ready, and including your mortgage number and representative's ID in your follow-up email, you can help ensure the transition is completed smoothly.

If you're planning to pay your mortgage through Chexy, updating your banking information is the first step toward earning rewards on one of your largest monthly expenses. Once your request has been processed, you'll be ready to make future mortgage payments through Chexy while continuing to enjoy the convenience of automatic payments.

Get started with Chexy today and turn your mortgage payments into an opportunity to earn cash back, travel points, or miles on eligible credit cards.

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