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CIBC lands N.L. government accounts

['Money']
['Money']

Move following request for proposals process will save money, minister says

The company handling day-to-day banking for the Government of Newfoundland and Labrador is changing.

The service contract has been moved to the Canadian Imperial Bank of Commerce (CIBC) from the Royal Bank of Canada (RBC) after CIBC landed the government account at the end of a request for proposals process.

People who receive payments by cheque from the province will see the change in financial institutions, Finance Minister Tom Osborne stated Wednesday in a news release.

There are no other changes anticipated, he stated.

“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.”

In some parts of the province, given the availability of services, other banks may still handle certain payments or deposits. Anyone with questions is encouraged to call 709-729-4866.

The change is expected to provide a more cost-effective service to the government, Osborne stated.

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