Pre-Authorized Debit (PAD) is a secure, automatic way to handle recurring payments.

Unlike other payment methods such as e-Transfer or Bill Pay, where you initiate the payment, Pre-Authorized Debit (PAD) allows your recipient to automatically withdraw funds directly from your account on the scheduled date.

When you set up Pre-Authorized Debit (PAD) payments with Chexy, we create a personalized digital deposit account for you, called your "Chexy Wallet." This account functions like a regular bank account, complete with unique account details including a transit number, institutional number, and account number.

You can use these details to set up PAD payments with any payee who accepts this as a payment method.

Each month, we’ll charge your credit card 3 business days before your payment is due, so the funds arrive in your wallet in time for your payee to withdraw the funds on your payment due date.

Here’s an example of what your unique account details will look like;