A payment for which the payer gives a mandate requesting or permitting the financial institution to debit his/her account with defined or variable amounts. Standing orders and direct debit are examples.
An automatic transfer of funds from a customer's account to Canada Post's account carried out periodically at the request of the customer. (paiement automatique)
AN AUTOMATIC WITHDRAWAL FROM AN ACCOUNT HELD WITH A FINANCIAL INSTITUTION. WHEN THE BORROWER SIGNS THE BANKING INFORMATION AND INCLUDES A VOID CHEQUE AND SIGNS AN AUTHORIZATION FORM THAT WILL BE USED BY THE BANK TO DEBIT THEIR BANK ACCOUNT FOR PERIODIC PAYMENTS.