Canadians sent a total of 78 billion text messages in 2011 and this number is expected to increase in 2012. CIBC is helping the cause and have rolled out the option for their 11 million customers to sign up for text message alerts. Sounds like an initiative from the 90’s, but it’s available today and the charges for the texts are subject to “Standard message and data rates.” So make sure you have a text message plan in place. You can sign up to receive various texts alerts, such as your upcoming credit card payments and due dates, future-dated bills or transfers. In addition, the texts can warn you of when your info changes, such as your PIN number, address or a new bill payee has been added.
Michael Martin, SVP, Alternate Channels CIBC, said “With the rapid growth in smartphone adoption and mobile banking in Canada, the addition of text message functionality puts more information about their day to day finances into our clients’ hands.”