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Preauthorized Payments?


I just set up preauthorized payments from my chequing account. I gave Koodo my account/institution/transit number, and it says that I am currently set up on the Preauthorized Payments page. I'm just wondering- is that literally all I had to do to authorize it? I haven't done anything else, such as contact my bank, and I'm worried that come July 2nd, the money won't come out of my account because I didn't set it up properly?

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Userlevel 7
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If the self serve page says you're setup, then you're set up. No need to contact your bank. Please note that pre-auth payments typically require one full billing cycle to take effect, so you will need to make one more payment manually.
It takes one full billing cycle in order for your pre-auth to be activated. So just make sure you pay your first bill coming up at your local Koodo Shop or how ever you regularily pay. Once you received your next bill it should all be taken out. If you are still not sure, always look at "payment received last month" and if it has an amount beside it, your golden. Hope this helped!
Userlevel 7
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Yup that's it. I did the same for my electricity Bill. A little scary how easy it can be and the risks from that. But that's why you need ID and all that jazz to get signed up
Yup you got it! As long as you have proof that you are who you say you are we get you on your way!
Alright awesome! Will it be a problem that I haven't paid a bill yet (I only recently got my phone/plan)? Like will I have to make a manual payment before preauthorized payments start being taken out, or do I just have to wait that month?
Userlevel 7
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Rebecca Bratt wrote:

Alright awesome! Will it be a problem that I haven't paid a bill yet (I only recently got my phon...

You don't HAVE to make a manual payment before pre-auth payments take effect, the full amount would be taken out the following month but if you wait for pre-auth payments to take care of everything you will be charged late fees for the past due portion.
Userlevel 7
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Rebecca Bratt wrote:

Alright awesome! Will it be a problem that I haven't paid a bill yet (I only recently got my phon...

Timo is technically right. But to avoid late fees, this Papa Bear suggests making a manual payment for this month before the pre-authorized payments take effect the next billing cycle. Who wants to pay late fees or get a minor ding on their credit right?

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