A pre-authorized debit (PAD) agreement with RBC is a convenient way to pay bills or make regular payments, such as rent or mortgage payments, without worrying about missing a due date. With a PAD agreement, you authorize RBC to automatically withdraw funds from your account on a regular basis to pay your bills.
To set up a PAD agreement with RBC, you will need to provide the company or person you are paying with your banking information and the amount of the payment. The process of setting up a PAD agreement varies depending on the company or person you are paying, but typically you will need to sign a form authorizing the payments. You can also set up a PAD agreement through RBC Online Banking or by calling RBC’s customer service department.
PAD agreements are convenient because they eliminate the need to remember to manually make payments each month. They also help you avoid late fees or missed payments, which can negatively impact your credit score. However, it’s important to ensure that you have enough funds in your account to cover the payment amount on the agreed-upon date.
To cancel a PAD agreement, you can contact the company or person you are paying and request to cancel the agreement. You can also cancel a PAD agreement through RBC Online Banking or by calling RBC’s customer service department.
If you are concerned about the security of your banking information, it’s important to know that RBC has implemented measures to protect your information, such as encryption and strict security protocols. However, it’s still important to monitor your account regularly for any unauthorized transactions.
In conclusion, a pre-authorized debit agreement with RBC is a convenient way to make regular payments without worrying about missing due dates. By setting up a PAD agreement, you can avoid fees and negative impacts on your credit score. If you’re interested in setting up a PAD agreement, speak with the company or person you are paying or contact RBC for more information.