Confirmation of Pre-Authorized Debit (PAD) Sign Up
By signing this form and providing either a void cheque or a copy of a bank “PAD form”, the payor understands that Vantage West Realty Inc. will charge the provided bank account once a month, on the 1st for rent collection. The payor understands that as rent is due each month on the 1st and no other charges will be applied to the PAD, that the payor waives the right to receive pre-notification of the amount of the PAD and agrees that advance notice of the PAD is not required.
Any other payments besides rent (example: utilities, deposits, outstanding balance, etc) will not be taken by PAD, and will be the tenants responsibility to arrange a different form of payment. Vantage West Realty Inc. will, however, do their best to deduct any credits on the account from the full amount. The credit will need to be on the account at least 7 business days prior to the withdraw date.
If the tenant requests that a smaller amount is to be deducted from the rental amount, the tenant will need to give written notice to Vantage West Realty Inc. at least 7 business days prior to the rent being withdrawn from your account.
Should you receive a Residential Tenancy Branch approved notice of rental increase while using PAD, Vantage West Realty Inc. will do their best to adjust to the new rental amount on the date the new rental amount takes effect.
It will be the tenant’s responsibility to request the cancellation of the PAD charge at least 7 business days prior to the expected withdrawal, in the form of a written request. It is also the Payor’s responsibility to inform Vantage West Realty Inc. immediately upon the cancellation and/or change of the bank information provided.
If your PAD payment is returned to the NSF, you will be charged $45.00 to cover the fee, and you will be required to pay cash to the office within 24 hours of receiving notice of the NSF. If your payment bounces three times, Vantage West Realty has the right to remove PAD &/or cheque as a payment option.
By signing this agreement, the payor authorizes the provided institution to honour and pay the agreed upon payment on their behalf.
If the payor is not included in the tenancy agreement, this form will need to be signed in person at our office and identification will be required before any payments will be withdrawn using the PAD.
The payor acknowledges that certain recourse rights may be applicable if you feel that any debit does not comply with this agreement.
To obtain more information on Payor’s recourse rights, please contact a financial institution.
Vantage West Realty Inc. will not be held liable for any false or incorrect information given. By signing the below, the payor and/or tenant agree that all names required for authorization of transactions of the provided account have been notified and signed this agreement.