PRE-AUTHORIZED DEBIT AGREEMENT
CIBC MORTGAGES INC., trading as FirstLine Mortgages (“CMI”)
MORTGAGE LOAN NUMBER:
ACCOUNT HOLDER(S): (“Customer”)
BANK/FINANCIAL INSTITUTION: (“Bank”)
BANK ACCOUNT NUMBER: (“Account”)
Savings accounts without chequing privileges or personal lines of credit, accounts outside Canada, VISA, MasterCard cannot be used for pre-authorized debit withdrawals. Post-dated cheques are not acceptable.
The Customer acknowledges that this form of personal Pre-Authorized Debit Agreement (“PAD Agreement”) is required and provided for the benefit of CMI and the Bank to allow debits to be processed against the Customer’s Account.
The Customer hereby authorizes CMI to process the following draw(s) upon the above Account for the purpose of
paying mortgage loan payments:
a) Loan The Customer authorizes CMI to debit from the Account the sum of $
(insert payment frequency e.g. weekly, bi-weekly, monthly, semi-monthly) basis
commencing on the
(insert first payment date); and
Line of Credit
The Customer authorizes CMI to debit the greater of the regular monthly interest payment or the sum of $50.00 (plus applicable life insurance premiums and service charges) on the 21st day following the date of the monthly statement, if such amounts have not already been paid by the Customer by other means prior to that date.
The Customer hereby waives the requirement for CMI to provide written notice to the Customer of any change in the amount or date of any debit.
The Bank is not required to verify that any debits drawn by CMI are in accordance with this PAD Agreement.
Any delivery of this PAD Agreement to CMI constitutes delivery by the Customer to the Bank.
The Customer consents to the disclosure of any personal information contained in this PAD Agreement to the Bank provided such disclosure is directly related to and necessary for the proper application of this PAD Agreement.
Rights of Dispute
The Customer has certain recourse rights if any debit does not comply with this agreement. For example, the Customer has the right to receive reimbursement for any debit that is not authorized or is not consistent with this PAD Agreement. To obtain more information on your recourse rights, contact your financial institution or visit the Canadian Payments Association at www.cdnpay.ca.”
Cancellation of PAD Agreement
This PAD Agreement can be revoked or cancelled at any time by the Customer upon written notice to CMI at least 30 calendar days prior to due date of next pre-authorized debit payment.
This PAD Agreement applies only to the method of payment of a mortgage loan and cancellation of this PAD Agreement does not terminate the Customer’s contractual obligations with CMI.
100 University Avenue Unit 400, Toronto, ON M5J 2X4 Telephone 416-865-1999 Toll Free 1-800-970-0700 www.firstline.com FirstLine Mortgages is a division of CIBC Mortgages Inc. The FirstLine Mortgages Logo is a Trademark of CIBC Mortgages Inc..