Pre-Authorized Debit (PAD)
View, print or download the PAD authorization form
Germania Mutual’s Pre-Authorized Debit is a convenient method of paying your insurance premium. Each month a payment is automatically withdrawn from your bank account.
It will work with accounts at any bank, trust company, credit union or other financial institution where you have chequing privileges. It will not work with any credit card or line of credit cheques, or Interac.
The initial policy on the plan must have a premium of at least $200. A service charge of 3% is then applied.
The initial down payment in the first year is equal to 2/12 of the annual premium plus the service charge. The initial down payment will be automatically withdrawn from your account the effective day of the policy. All subsequent monthly withdrawals are equal to 1/12 of the annual premium plus the service charge.
If there are any changes to your premium, you will receive a revised payment schedule showing your new monthly withdrawals. Any outstanding amounts created by a revision at the end of an existing term will not be financed over the new term.
If the down payment is returned NSF, the Pre-Authorized Debit will be cancelled immediately. If two payments within a 12 month term are returned NSF, this also will cause immediate cancellation. Please inform your broker of any banking changes 15 days prior to your withdrawal date. There is a fee accessed for each NSF. Your broker will be notified.
You may cancel your pre-authorized debit with us at any time by informing your broker. We require 10 days notice in order to prevent additional withdrawals.