Sample Pre-Authorized Debit (PAD) Plan agreement

[KevinMatwichuk]

Hi everyone. I am trying to set up a pre-authorized debit account so that I can collect rent through electronic fund transfer EFT. Do anyone have a sample authorization form that I can use as a template?

If you do, can you please email me a copy @ [email protected]

Thanks in advance...

 

[rymac]

QUOTE (KevinMatwichuk @ Mar 26 2009, 04:58 PM) Hi everyone. I am trying to set up a pre-authorized debit account so that I can collect rent through electronic fund transfer EFT. Do anyone have a sample authorization form that I can use as a template?

If you do, can you please email me a copy @ [email protected]

Thanks in advance...


Hey Kevin,

I emailed you a copy of the document i wrote for doing pre-authorized debit. The agency in Canada that oversees this area, including the rules and some sample templates, showing what you need can be found at www.cdnpay.ca

Cheers,

 

[seanverret]

Ryan,

Could you just post the document as an attachment?

Thanks

 

[seanverret]

That website you posted had some really good information:

http://www.cdnpay.ca/news/pdfs_news/rule_h1_appendix_2.pdf

http://www.cdnpay.ca/publications/pdfs_pub...h_sept_2008.pdf

http://www.cdnpay.ca/publications/pdfs_pub...ch_nov_2008.pdf

 

[RobM]

What is the overhead (service charges) for accepting an EFT/PAD?

 

[brentdavies]

Landlord Alert

Unspoken banking rules that may bite you hard.

The old Banking clearing rules provide the payee ( tenant) was able to get up to 6 months of payments refunded, if the payee provide written notice that the payments were not allowed, and the bank had no choice but to refund.

The newer rules had shorten this to 2 months. and is making the tenant harder to complain.

I am not sure what the General Bank Clearing Rules are for refunds today.

Still had the occasional tenant receive a refund from the bank, and then we had to chase the tenant. Of course, my bank just took the funds from my account.

I currently do not pre-authorized chequing payments for rent and have not for about a year. My property manager does it on my behalf.

I only offered this service to "the best tenants only" .