This document, also known as the Payor's PAD Agreement, allows you to authorize automatic payments from your bank account. It covers personal, household, and consumer transactions under the Canadian Payments Association Rule H1 framework. Once completed, your financial institution processes recurring debits on your behalf, so you do not need to remember each payment due date. The standard notice period for changes to a pre-authorized debit is 15 calendar days before the next scheduled payment.
You will need to provide payor and payee contact details, including full legal names, mailing addresses, and telephone numbers. Financial institution information is also required. This includes your 5-digit transit number, 3-digit financial institution number, and 7-digit account number. A void cheque is typically needed to verify these details. The payment section asks for the amount (fixed or variable), the payment interval (weekly, biweekly, monthly, or quarterly), and the start date. If you also need to set up direct deposit, that process uses a similar format and requires the same banking details.
Canadian Payments Association guidelines protect your rights under this agreement. You can cancel or modify the authorization at any time by contacting your payee directly. Written cancellation notice must be provided at least 30 days before the next scheduled debit. If an unauthorized debit appears on your statement, you have 90 days from the date of the transaction to dispute it through your financial institution at no cost. The agreement also includes provisions for sporadic payments and amount adjustments when both parties consent. For other authorization documents, see the pre-authorized debit form template.
| Question | Answer |
|---|---|
| Form Name | Bmo Form |
| Form Length | 2 pages |
| Fillable? | No |
| Fillable fields | 0 |
| Avg. time to fill out | 30 sec |
| Other names | bmo pre authorized debit form, bmi formula calculation, form pre authorized, pad form |