Information about Pre-Authorized Debit (PAD) agreements

What a PAD is, how to sign, and how to revoke.

A pre-authorized debit (PAD) agreement is, according to payments.ca, a convenient way to pay bills and make payments automatically. Instead of waiting for its customer to send a payment, a company or financial institution is given permission to debit a customer's bank account when the payment is due.

In the case of addy, a payment is never "due", however it is the same mechanism that allows us to withdraw from your account when you make a request to fund your addy wallet. 

Additionally, when you withdraw funds from your addy wallet to your connected bank account, the same PAD agreement allows us to deposit those funds into your account.

You sign your PAD when you add a new bank account. 

To revoke your PAD agreement at any time, simply disconnect your connected bank account by clicking the "X" next to it.