We now support pre-authorized debits (PADs) from your KOHO account
How to set up automatic withdrawals from your KOHO account
You can schedule pre-authorized and recurring payments for things like your car insurance, Wealthsimple contributions, property tax, or your hydro bill.
- You can find all the information you'll need (like institution and branch number) in your KOHO app under Home > Add Funds > Direct Deposit
- Then update your payment information with your different service providers so that your next internet bill or RRSP contribution comes right from your Spendable
- Want to fund your Wealthsimple account from KOHO? Check out this article for more
- You can have 10 PADs issued to your account a 30 day rolling period, full details here
- If you don’t have enough funds in your account, the PAD will be rejected.
Note: At the moment, you can't pay a credit card account through a PAD from your KOHO account. However, you can do bill payments through the app. We also are not set up to support a PAD from gambling or pay day loan companies. If you have questions about the payments you can make from your KOHO account, contact us.
Any lingering questions? Contact our super friendly support team through the in-app chat function!