Pre-Authorized Debit (PAD) 💵
We now support pre-authorized debits 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 an institution and branch number) in your KOHO app by tapping the $ icon > Pay Bills > Get Account Info
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 100 PADs issued to your account in a 30-day rolling period, full details here
If you don’t have enough funds in your account, the PAD will be rejected.
Note: We do not support payments to non-financial institution loans at the moment. If you're unsure about what payments we support, please reach out.
Pre-authorized debit limits vary by merchant, so please reach out to us in-app to verify the limit prior to setting one up.
We also are not set up to support a PAD from gambling or payday loan companies.