Just so you know, regardless of how long it takes CIBC to process the payments made via on-line/phone banking from any Canadian FI (Financial Institution) they *must* value-date the transaction based on the day you paid it. This is because they are considered a CCIN transaction (their CCIN number is 90019171) and by participating in the CCIN program they are bound to the rules of the CPA (Canadian Paymnets Association).

I work in electronic payment processing - here is the clip from our operations manual:

"All of the billers who have a CCIN issued by the Canadian Payments Association must agree to deem its customer to have paid the Remittance Amount on the Payment Date. "Payment Date" is defined as the day on which payment was made at the payor's FI."

So, if you've been charged interest, call CIBC, they will refund the interest cahrged if their system hasn't put through an automatic reversing entry.