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Mayors PAD Agreement Personal PreAuthorized Debit Plan Authorization of the Mayor to the Payee to Direct Debit an Account Mayor Information (please type or print clearly) Instructions: 1. Please complete

How to fill out personal pre-authorized debit plan

How to fill out personal pre-authorized debit plan:

1. Obtain the necessary forms: Contact your financial institution or visit their website to locate the personal pre-authorized debit plan form. It is typically available for download or can be obtained in person from a branch.
2. Fill in personal information: Start by providing your full name, address, phone number, and email address. This information is required for identification purposes and communication.
3. Provide banking details: Include your bank account number, transit number, and institution number. These details ensure that the funds are withdrawn accurately from your designated bank account.
4. Specify the payment amount and frequency: Indicate the specific dollar amount you wish to be debited from your account on a regular basis. Additionally, specify the frequency, whether it's monthly, bi-weekly, or weekly.
5. Choose the start date: Decide on the date you want the pre-authorized debits to begin. It's important to consider your financial situation and ensure the account has sufficient funds at the selected start date.
6. Consent and signature: Read and understand the terms and conditions of the pre-authorized debit plan. Sign and date the form to provide your consent for the automatic withdrawals.

Who needs a personal pre-authorized debit plan?

1. Individuals with recurring bills: A personal pre-authorized debit plan is beneficial for individuals with regular expenses such as rent, mortgage payments, utility bills, or membership dues. It ensures timely payments without the hassle of manually initiating transactions each time.
2. Those with fluctuating income: If your income varies from month to month, a pre-authorized debit plan can help you stay organized and ensure your bills are promptly paid, regardless of your earnings.
3. Busy professionals: For individuals with hectic schedules, a personal pre-authorized debit plan can be a time-saving solution. You won't need to remember due dates or spend time manually making payments since the funds will be automatically withdrawn from your account.
4. Individuals seeking convenience and peace of mind: Having a personal pre-authorized debit plan offers convenience and peace of mind, knowing that your bills will be taken care of automatically. It reduces the risk of late payments, penalties, and the stress of managing multiple due dates.

In conclusion, filling out a personal pre-authorized debit plan involves obtaining the necessary forms, providing personal and banking details, specifying payment amount and frequency, choosing a start date, and providing consent through a signature. This financial tool is beneficial for individuals with recurring expenses, fluctuating income, busy schedules, and those seeking convenience and peace of mind.

For pdfFiller’s FAQs

What is personal pre-authorized debit plan?

Personal pre-authorized debit plan is a payment method where the account holder authorizes a company to withdraw funds from their bank account on a regular basis to pay for goods or services.

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

Individuals who wish to set up automatic payments for bills or services are required to file a personal pre-authorized debit plan.

How to fill out personal pre-authorized debit plan?

To fill out a personal pre-authorized debit plan, the individual needs to provide their banking information, the amount to be deducted, the frequency of payments, and authorization for the transactions.

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

The purpose of a personal pre-authorized debit plan is to make bill payments more convenient and ensure timely payment of bills without the need for manual intervention each time.

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

The personal pre-authorized debit plan must include the account holder's name, bank account number, transit number, amount and frequency of payments, and authorization signature.

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