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00652 (01/2017)PreAuthorized Debit Agreement
For the purposes of paying premiums under the following:
Policy Cumbersome of (Proposed) InsuredPreAuthorized Debit (PAD) Agreement:
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How to fill out pre-authorized debit pad agreement
How to fill out pre-authorized debit pad agreement
01
To fill out a pre-authorized debit pad agreement, follow these steps:
02
Gather the necessary information: You will need the name and address of the payee (the organization or individual you are authorizing to withdraw funds from your account), the name and address of your financial institution, and your account information such as account number and branch transit number.
03
Review the terms and conditions: Read the agreement carefully to understand the rights and responsibilities of both parties involved.
04
Fill out the payee information: Provide the name and address of the payee accurately.
05
Fill out your account information: Enter your financial institution's name, your account number, and the branch transit number. Double-check the accuracy of this information to ensure the funds are withdrawn from the correct account.
06
Review and sign the agreement: Carefully review all the details filled in the agreement, and if everything is accurate, sign the agreement.
07
Keep a copy: Make a copy of the filled and signed agreement for your records.
08
Submit the agreement: Send the agreement to the payee by the preferred method stated in the agreement (mail, email, in-person, etc.).
Who needs pre-authorized debit pad agreement?
01
Anyone who wants to authorize a payee to withdraw funds from their bank account on a recurring basis needs a pre-authorized debit pad agreement.
02
This agreement is commonly used by individuals or businesses who have regular bills, mortgages, loans, or subscription-based services that require automatic payments.
03
It provides convenience and ensures timely payments without the need for manual interventions each time a payment is due.
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What is pre-authorized debit pad agreement?
Pre-authorized debit pad agreement is a form of payment authorization where a payer gives permission to a payee to withdraw funds from their account on a regular basis.
Who is required to file pre-authorized debit pad agreement?
Both the payer and the payee are required to file a pre-authorized debit pad agreement.
How to fill out pre-authorized debit pad agreement?
Pre-authorized debit pad agreements can be filled out by providing all necessary information, including the payer's account details, the payee's information, and the frequency of withdrawals.
What is the purpose of pre-authorized debit pad agreement?
The purpose of pre-authorized debit pad agreement is to streamline recurring payments and automate the payment process for both the payer and the payee.
What information must be reported on pre-authorized debit pad agreement?
The pre-authorized debit pad agreement must include the payer's account information, the payee's details, the amount to be withdrawn, the frequency of withdrawals, and any other terms and conditions.
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