The Pre-Authorized Debit (PAD) form is an essential document for anyone looking to arrange for automated payments directly from their bank account to a beneficiary, in this case, the Scotia Jamaica Life Insurance Company Limited. This form facilitates the smooth transfer of funds for payments, ensuring that the account holder's obligations are met without the need for manual processing of each payment. It gives the bank the instruction to honor payment orders or electronic instructions made payable to Scotia Jamaica Life Insurance Company Limited, deducting the specified amounts from the account mentioned. The form encompasses permission for these deductions regardless of any account changes or transfers to different bank branches, providing a layer of convenience for the account holder. It also outlines the conditions under which the authorization can be revoked, requiring ten days' written notice to the bank. Furthermore, it addresses the bank's service charges, potential situations of insufficient funds, and the procedure for such occurrences, emphasizing the bank's authority to act on changes or variations in the payment orders. This form is a binding agreement that underlines the account holder's consent for the bank to process payments as requested, and it highlights the importance of having sufficient funds in the account to meet these commitments. Importantly, for joint accounts, the requirement is that all parties must sign the form, ensuring unanimity in the authorization for such transactions. The PAD form, therefore, is a critical tool for managing recurring financial obligations efficiently and securely, reducing the risk of missed payments and the inconvenience of manual payment submissions.
| Question | Answer |
|---|---|
| Form Name | Pre Authorized Debit Form |
| Form Length | 1 pages |
| Fillable? | No |
| Fillable fields | 0 |
| Avg. time to fill out | 15 sec |
| Other names | scotiabank pad form, pre authorized debit form scotiabank, how to get pre authorized debit form scotiabank app, kspadsto |
AUTHORIZATION
Scotia Jamaica Life Insurance Company Limited
To: ______________________________________________________________________________________________________
BANK’S NAME
You are hereby authorized and requested to pay and debit to the account of the undersigned mentioned below, whether it continues to be maintained at the branch named below or is from time to time transferred to another branch of the Bank, all payment Orders in the form or substantially in the form illustrated in Annexure “A” hereto purporting to be drawn on you on behalf of the undersigned, or of any of the undersigned if more than one, by and made payable to:
SCOTIA JAMAICA LIFE INSURANCE COMPANY LIMITED.
and presented to you for payment and to pay and debit to the said account all amounts specified on any electronic, magnetic or
The authorization may be revoked by the undersigned by giving ten days' written notice to the branch of the Bank at which the said account is for the time being maintained.
In consideration of your acting as aforesaid, it is agreed that your treatment of each such Payment Order including any variation of the amount specified and your rights with respect to it shall be the same as if it were signed by the undersigned, or by each of the undersigned if more than one, personally and that your rights by reasons of the payment and debit as aforesaid of the amount specified in each such instructions shall be the same as if such amount were specified in a written direction to credit such amount to the said account signed by the undersigned, or by each of the undersigned if more than one personally and that failure to pay such Payment Order or to credit or debit the amount specified on any such instruction shall give rise to no liability on your part even if such failure results in default in the fulfilment of any obligations of the undersigned or a forfeiture of insurance or loss or damage of any kind.
You are authorized to act on any change in the initial Payment Order or of any electronic, magnetic or
SCOTIA JAMAICA LIFE INSURANCE COMPANY LIMITED.
You are further authorized to debit to the said account any and all service charges, which you make from time to time for performing the above services, and to vary the amount of such service charges in accordance with the bank’s scale of fees or policy applicable from time to time.
In the event that there shall be insufficient funds standing to the credit of the said account at the time when any Payment Order or electronic, magnetic or
Any delivery of this authorization to you will constitute delivery by the undersigned.
(Delete the one that is inapplicable)
Current / Savings Account standing in the name of:
__________________________________________________________________________________________________________
PRINT NAME(S) IN WHICH ACCOUNT STANDS IN BANK RECORDS
Now maintained at ____________________________________________________________________________________ Branch
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NAME BRANCH WHERE ACCOUNT IS MAINTAINED |
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Bank Account Number ______________________________________ |
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Initial Regular Premium Amount |
______________________________ |
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Signature(s) of Depositor(s) as shown in Bank records for the account maintained above |
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NB: For a Joint Account, all account holders must sign this authorization. |
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________________________________________________ |
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DATE |
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________________________________________________ |
______________________________________________ |
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SIGNATURE OF ACCOUNT HOLDER |
SIGNATURE OF ACCOUNT HOLDER |
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E 0347 (12/03) |
™ Trademark of The Bank of Nova Scotia, Scotia Jamaica Life Insurance Company Limited is a licensed user of the trademark. |
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