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Pre-Authorized Debit (Pads) Agreement
Metropolitan Toronto Condominium Corporation # 1173
PLEASE COMPLETE THE PRE-AUTHORIZED DEBIT (PAD) PLAN AGREEMENT BELOW.
I/we authorize Metropolitan Toronto Condominium
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How to fill out pre-authorized debit pads agreement
How to fill out a pre-authorized debit pads agreement:
01
Obtain the pre-authorized debit pads agreement form from your financial institution or download it from their website.
02
Fill in your personal information accurately, including your full name, address, phone number, and email address.
03
Provide your banking information, such as your account number and branch transit number. Double-check the information to ensure it is correct.
04
Indicate the date you wish the pre-authorized debits to begin and specify whether it is a one-time payment or recurring.
05
Choose the frequency of the debits, whether it is monthly, bi-weekly, or a different interval depending on your agreement with the payee.
06
State the amount or percentage of each debit and the purpose or description of the payment.
07
Sign and date the agreement. Ensure your signature matches the one on file with your financial institution.
08
Keep a copy of the agreement for your records and return the original to the payee or financial institution as required.
Who needs a pre-authorized debit pads agreement?
01
Individuals who have regular monthly bills or payments, such as utility bills, rent, mortgages, or loan payments, can benefit from a pre-authorized debit pads agreement. It offers convenience and ensures timely payment without the need for manual payment each month.
02
Businesses or organizations that collect recurring payments from customers or clients, such as subscription services, membership fees, or installment payments, may require their customers to sign a pre-authorized debit pads agreement to facilitate automatic payments.
03
Non-profit organizations or charities that rely on regular donations or contributions can use pre-authorized debit pads agreements to make it easier for individuals to support their cause by automatically deducting donations from their bank accounts.
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