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 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 20 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: 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.
We also are not set up to support a PAD from gambling or pay day loan companies.
Any lingering questions? Contact our super friendly support team through the in-app chat function!