Your mortgage payments will come out of your bank account automatically on the payment date by Pre-Authorized Debit.
To set this up, the lender will need your permission authorized through signing their PAD form (see the PAD condition) and a VOID cheque for the account where you’d like the mortgage payments to be withdrawn.
The VOID cheque confirms your ownership of the account and acts a confirmation that the bank account numbers filled into the PAD form are correct. If you don’t have paper cheques, most online banking systems allow you to generate a digital version of a VOID cheque and download it as a PDF. Alternatively, we can accept a Pre-Authorized Payment form printed from your online banking or received from a bank teller, as long as it shows your name and the bank account information (transit number, institution number and account number). If your bank teller fills in the form by hand, please have them use their teller stamp to certify it for authenticity.