I just changed the method of payment in my account to pre-authorized debit from my bank account today (Wednesday October 28).
During registration, I read the form of payment would take 2 business days to be updated. My payment is due for October 31 (Saturday).
I'm trying to figure out when the payment will actually be withdrawn from my account?
This is what the email I received from Fido after I made the change online.
The part about 14 days is confusing.
I'll be happy to clarify!
That simply means that all pre-authorized payments are withdrawn 14 days after the bill is out, which means 14 days after the billing cycle date. The billing cycle date is the bill date which can be found on your bill preview as well as on the bill itself on every page at the top. The first page of your invoice will also indicate the date on which the payment is processed every month.
If you changed your method of payment 48 hours before the scheduled withdrawal date, your payment will go through as planned.
Hope this helps!
Thank you so much for the clarification.
What happens when the payment is due on a date that fall during the weekend? When is the payment withdrawn?
Have a great day.
Happy to help @Amb21
If the due date of the payment is on a weekend, the system takes funds on the next business day for pre-authorized chequing accounts. As for pre-authorized payments through a credit card, the system charges the credit card on weekends.
Cheers, have a great day as well!