Get the free Pre-Authorized Debit (PAD) Agreement - Extra Steps Learning Centres - extrasteps

Pre-Authorized Debit (PAD) Agreement CUSTOMER INFORMATION: Name: Mailing Address: City: Province: Postal Code: Telephone Number: BANK ACCOUNT INFORMATION: Financial Institution Name: Address: Account

How to fill out pre-authorized debit pad agreement

How to Fill Out Pre-Authorized Debit Pad Agreement:

1. Obtain the pre-authorized debit pad agreement form from your bank or financial institution. This form is typically available online or can be obtained in person.
2. Fill in your personal information accurately. This includes your full name, address, phone number, and email address. Be sure to provide the correct information to ensure that transactions are processed correctly.
3. Specify the payment details. Indicate the exact amount that will be debited from your account for each scheduled payment. Include the frequency of payments (e.g., monthly, quarterly, or annually) and the start date of the pre-authorized debits.
4. Provide your banking information. This will include your bank name, branch address, account number, and transit number. Ensure accuracy when entering this information to avoid any payment processing issues.
5. Sign and date the agreement. By signing the pre-authorized debit pad agreement, you acknowledge your consent for automatic withdrawals from your bank account. Be sure to carefully read and understand the terms and conditions before signing.
6. Return the completed form to your bank or financial institution. Some institutions may require you to submit the form in-person, while others may accept scanned copies or online submissions. Follow the instructions provided by your bank to ensure the form is properly submitted.

Who Needs Pre-Authorized Debit Pad Agreement?

1. Individuals who want to automate bill payments. Pre-authorized debit agreements are commonly used for recurring bills like utilities, insurance premiums, and loan payments. This convenient option saves time and ensures timely payment of bills.
2. Businesses that offer regular subscription services. Companies offering monthly or periodic subscription services, such as streaming platforms or gym memberships, may require customers to sign a pre-authorized debit pad agreement. This allows them to automatically collect payments on a regular basis.
3. Non-profit organizations and charities. To facilitate regular donations, non-profit organizations often encourage individuals to sign pre-authorized debit agreements. This ensures a steady flow of funds, making it easier for them to plan and budget their expenses.

By following the steps above, individuals and businesses can successfully fill out a pre-authorized debit pad agreement and enjoy the convenience of automatic payments.

For pdfFiller’s FAQs

What is pre-authorized debit pad agreement?

Pre-authorized debit pad agreement is a financial agreement that allows a third party to withdraw funds directly from a person's bank account.

Who is required to file pre-authorized debit pad agreement?

Any individual or organization that wishes to make automatic withdrawals from another person's bank account must file a pre-authorized debit pad agreement.

How to fill out pre-authorized debit pad agreement?

To fill out a pre-authorized debit pad agreement, you will need to provide your banking information, the amount to be withdrawn, the frequency of the withdrawals, and the purpose of the withdrawals.

What is the purpose of pre-authorized debit pad agreement?

The purpose of a pre-authorized debit pad agreement is to ensure a smooth and convenient way for businesses or organizations to receive payments from customers without the need for manual transactions.

What information must be reported on pre-authorized debit pad agreement?

The information that must be reported on a pre-authorized debit pad agreement includes the name of the account holder, bank account number, routing number, amount to be withdrawn, frequency of withdrawals, and purpose of withdrawals.

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