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CONSUMER PREAUTHORIZED DEBIT PLAN (PAD) (AUTHORIZATION OF THE MAYOR TO THE PAYEE TO DIRECT DEBIT AN ACCOUNT Instructions 1. Please complete all sections in order to instruct your financial institution

How to fill out consumer pre-authorized debit plan

How to fill out a consumer pre-authorized debit plan:

1. Gather necessary information: Collect all the required information, such as your name, address, bank account details, and the name of the company or organization you are authorizing to debit your account.
2. Review terms and conditions: Read carefully through the terms and conditions provided by the company or organization offering the pre-authorized debit plan. Understand the fees, payment schedule, cancellation policies, and any other relevant information.
3. Complete the authorization form: Fill out the pre-authorized debit authorization form provided by the company or organization. This form usually includes sections to input your personal details, bank account information, and the specific payment details.
4. Provide banking details: Enter your banking details accurately, including your bank account number, branch transit number, and institution number. Double-check these details to avoid any payment errors.
5. Specify payment details: Indicate the amount and frequency of the payments you authorize the company or organization to debit from your bank account. This can include weekly, monthly, or one-time payments.
6. Sign and date the form: Once you have completed the form, sign and date it to confirm your consent and agreement to the terms outlined. Ensure your signature matches the one on file with your bank.
7. Keep a copy: Make a copy of the filled-out form for your records. This will serve as a reference in case any disputes or issues arise in the future.

Who needs a consumer pre-authorized debit plan?

1. Individuals making regular payments: A consumer pre-authorized debit plan is beneficial for individuals who make recurring payments, such as monthly bills, subscriptions, or loan repayments. It simplifies the payment process by automating regular transactions.
2. Businesses and service providers: Companies and organizations that offer services or products on a recurring payment basis can benefit from pre-authorized debit plans. It ensures timely and consistent payment collection, reducing administrative tasks and potential payment delays.
3. Financial institutions: Banks and other financial institutions may also utilize consumer pre-authorized debit plans for loan or mortgage repayments. It helps them streamline payment collection and reduce the risk of missed or late payments.

Note: It is important to carefully review the terms and conditions of any pre-authorized debit plan before signing up to ensure you understand the obligations and rights associated with the authorization.

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What is consumer pre-authorized debit plan?

A consumer pre-authorized debit plan is an agreement between a consumer and a merchant that allows the merchant to automatically withdraw funds from the consumer's bank account to pay for goods or services.

Who is required to file consumer pre-authorized debit plan?

The merchant is required to file a consumer pre-authorized debit plan.

How to fill out consumer pre-authorized debit plan?

To fill out a consumer pre-authorized debit plan, the merchant must provide details of the agreement including the amount to be debited, the frequency of debits, and the consumer's bank account information.

What is the purpose of consumer pre-authorized debit plan?

The purpose of a consumer pre-authorized debit plan is to provide a convenient and automated way for consumers to make recurring payments for goods or services.

What information must be reported on consumer pre-authorized debit plan?

The consumer's bank account information, the amount and frequency of debits, and the start date of the plan must be reported on the consumer pre-authorized debit plan.