With so many bills to keep track of, it’s easy to forget a payment. You can set up automatic payments to ensure your bills are paid on time, every time, whether you remember them or not. There are 2 ways to set up an automatic payment:
(at a later date)
|1. Pre-authorized payment (set up with your vendor)||❌||✔|
|2. Scheduled bill payment (set up in online/mobile banking)||✔||❌|
1. What is a Pre-authorized payment?
- A regularly scheduled payment to a vendor from one of your accounts, usually monthly. Each month, the payment will be debited (paid) from your account
- Some popular vendors include: hydro and other utilities, loan payments, mortgage payments, credit cards, strata fees, insurance (ICBC), municipal taxes, etc. Learn more
- To set it up, you need to obtain instructions from the vendor directly – you may need to submit a form by mail or online. The vendor will as for either a blank voided cheque or account details – such as your transit, financial institution, and account number. To locate them, please refer to below.
On your cheque:
Online banking (desktop):
Vancity mobile app:
2. What is a scheduled bill payment?
- Schedule a future-dated payment(s) on your own using online or mobile banking. Here’s how: