Preauthorized Payments?

  • 1
  • Question
  • Updated 5 years ago
  • Answered
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?
Photo of Rebecca Bratt

Rebecca Bratt

  • 80 Points 75 badge 2x thumb

Posted 5 years ago

  • 1
Photo of Benn H

Benn H

  • 582 Points 500 badge 2x thumb
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!
Photo of Timo Tuokkola

Timo Tuokkola, Mobile Master

  • 142,506 Points 100k badge 2x thumb
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.
Photo of Dennis

Dennis, Mobile Master

  • 196,080 Points 100k badge 2x thumb
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
Photo of Benn H

Benn H

  • 582 Points 500 badge 2x thumb
Yup you got it! As long as you have proof that you are who you say you are we get you on your way!
Photo of Rebecca Bratt

Rebecca Bratt

  • 80 Points 75 badge 2x thumb
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?
Photo of Timo Tuokkola

Timo Tuokkola, Mobile Master

  • 142,266 Points 100k badge 2x thumb
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.
Photo of Dennis

Dennis, Mobile Master

  • 194,548 Points 100k badge 2x thumb
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?

This conversation is no longer open for comments or replies.