Get the free Pre-authorized debits (PAD) - Canada.ca

Automatic Payment Authorization Form All payments are posted on the 25th of each month Customer Information CUSTOMER NAME: WATER ACCOUNT NUMBER: SERVICE ADDRESS: EMAIL ADDRESS: PHONE NUMBER: Financial

How to fill out pre-authorized debits pad

How to fill out pre-authorized debits pad

1. To fill out a pre-authorized debits pad, follow these steps:
2. Gather all necessary information: You will need the name and address of the payee, your account number, and the amount you wish to authorize for debit.
3. Start with the first line: Write the name of the payee in the designated space. Make sure to write it legibly and accurately.
4. Move to the second line: Write the address of the payee in the designated space. Again, ensure that you write it clearly.
5. Fill in the account number: On the third line, write your account number correctly.
6. Specify the amount: On the fourth line, write the amount you authorize for debit, using both numbers and words to avoid any confusion.
7. Sign and date: Finally, sign your name and provide the date below the amount you specified.
8. Tear off the sheet: If the pad includes a perforated edge, tear off the sheet along the perforation for your records.

Who needs pre-authorized debits pad?

1. Pre-authorized debits pads are useful for anyone who regularly makes recurring payments from their bank account.
2. Typically, individuals or businesses who have ongoing expenses such as rent, mortgage payments, subscription services, utility bills, or loan repayments find pre-authorized debits pads beneficial.
3. By using these pads, you can authorize payments in advance and ensure they are automatically deducted from your bank account on the specified dates without the hassle of manual payments each time.
4. It provides convenience and ensures timely payments, especially for those with busy schedules or who tend to forget payment due dates.

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What is pre-authorized debits pad?

A pre-authorized debit (PAD) is a financial arrangement where a customer authorizes a business or organization to withdraw funds directly from their bank account on a recurring basis.

Who is required to file pre-authorized debits pad?

Those businesses or organizations that wish to collect payments directly from customers' bank accounts are required to file a pre-authorized debits pad.

How to fill out pre-authorized debits pad?

To fill out a pre-authorized debits pad, a business must provide its banking information, authorization details from the customer, including their signed consent, and specify the amount and frequency of the debits.

What is the purpose of pre-authorized debits pad?

The purpose of a pre-authorized debits pad is to facilitate automatic and timely payment collection from customers, ensuring that payments are made consistently without the need for manual intervention.

What information must be reported on pre-authorized debits pad?

The information that must be reported includes the customer’s name, bank account details, authorization for withdrawal, payment amount, payment frequency, and the signature of the customer.