A pre-authorized debit in CIBC is a providing to your suppliers or sellers your account and transit number to set up a recurring bill, rent, or loan payment.
Such details are usually indicated in a special pre-authorized debit form from CIBC.
You can get the CIBC pre-authorized payment form in online banking, for this:
- log in to Internet banking
- choose the banking account to be used
- open "Manage My Account"
- switch to the dropdown menu and click Void cheque/direct deposit info
This procedure does not apply to the organization of similar payments from CIBC cards, as this process is called a debit transaction.