3. Pre-Authorized Debit (PAD) Details
You, the payor, authorize the landlord or its agent to debit the bank account identified above for your monthly rent amount on the first (1st) business day of each month. You further authorize the landlord to adjust the amount withdrawn from your account automatically to reflect legal increases/decreases as set out by the landlord pursuant to written notification provided within the requirements of the rental legislation, unless otherwise noted in writing to the landlord fifteen (15) days prior to the next withdrawal.
You may revoke your authorization at any time, subject to providing at least fifteen (15) business days written notice before the next withdrawal date. The cancellation form can be obtained from your resident manager. Cancellation of this authorization does not terminate your lease. For further information on your right to cancel a PAD Agreement, contact your financial institution or visit www.cdnpay.ca.
In the event of any changes to your account information, you must provide written notice to the landlord at least fifteen (15) business days prior to your next withdrawal date. You have certain recourse rights if any debit does not comply with this agreement. For example, you have the right to receive reimbursement for any PAD that is not authorized or is not consistent with this PAD Agreement. To obtain more information on your recourse rights, you may contact your financial institution or visit www.cdnpay.ca.
