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.
A system used to transfer funds electronically through a clearinghouse facility directly into the payee's bank account.
An amount that an individual authorizes to be automatically withdrawn from his or her deposit account on a regular basis. Mortgage payments, car or automatic bill payments, or contributions to an RSP are examples.
This method of making mortgage payments allows the lender to deduct the agreed upon mortgage (tax & insurance, if applicable) payment directly from the borrower's chequing account.