CIBC has added text message notifications to alert users when they have insufficient funds in their account to cover an upcoming payment.
The bank says the new feature provides customers a reminder to transfer funds to avoid a returned payment.
Personal banking customers who have a phone number on file with the bank will receive the ‘CIBC Smart Balance Alert’ when an account balance has insufficient funds because of an upcoming pre-authorized payment or cheque.
Customers can then transfer or deposit funds by noon the same day to avoid a declined payment and a non-sufficient funds fee. The new feature is available on CIBC’s full suite of deposit accounts.
“The world we live in is a busy one, and when juggling our day-to-day sometimes we inadvertently miss transferring funds or forget about an upcoming pre-authorized payment,” said John Ferren, senior vice-president of Deposits at CIBC, in a press release.
Through a phased rollout, many customers will have access to the feature starting March 9th, and it will available to all customers by the end of the month.
CIBC says this new feature follows other recent digital enhancements including, real-time text message notification when a credit card transaction is made.