Provincial Government Enters into New Banking Agreement with CIBC #nlpoli
The Provincial Government will begin transitioning its banking services from the Royal Bank of Canada (RBC) to the Canadian Imperial Bank of Commerce (CIBC). This change is the result of a competitive Request for Proposal process, and will provide government with a more cost-effective service for its day-to-day banking requirements.
CIBC will provide banking services for government’s payment issuances and revenue deposit functions. Anyone receiving a cheque from the Government of Newfoundland and Labrador will see a change in the financial institution name on their cheques. There are no other anticipated changes to the payment process.
Individuals or organizations who are required to submit payments to the Provincial Government have been previously alerted to this change, and should ensure their banking profiles are updated to direct payments to government’s new bank account.
Depending on the availability of banking services in certain regions of the province, certain payments or deposits will continue to be provided by other financial institutions.