Last Updated: June 6, 2018

Pre-Authorised Debit Agreement

To fund your transactions using electronic fund transfers (“EFTs”), you must pre-authorise CanadianForex o/a OFX (“OFX”) to debit your bank account as described in the User Agreement. This Pre-Authorised Debit Agreement (“PAD Agreement”) sets forth the terms and conditions upon which OFX will initiate debits from your bank account and is effective as of your date of acceptance.

As used in this PAD Agreement, “you” and “your” means the account holder of the designated bank account, and “we,” “us” and “our” refers to OFX.

  1. Authorisation
  2. This PAD Agreement constitutes your continual and revocable authorisation to debit your bank account, for one-time or sporadic payments in variable amounts in accordance with instructions provided by you from time to time using the OFX service (each a “Pre-authorised Debit” or “PAD”). All PADs will be executed in accordance with your instructions and the terms of this PAD Agreement.

  3. Payments
  4. Upon execution of a transaction using OFX services, you may authorise us to fund the transaction by issuing a PAD for the specified amount of the transaction for the purpose(s) identified by you. Your authorisation for this sporadic payment may be provided to us by telephone, electronic communication or through our secure site and will require you to provide a signature, password, security code or other equivalent. Your authorisation for such a payment will constitute authorisation solely for that particular payment.

  5. Change of Information
  6. You agree to inform OFX, in writing, of any change related to your account or information included in this PAD Agreement at least ten (10) business days prior to authorising your next PAD. In the event of any such change, this PAD Agreement shall continue to govern with respect to any subsequent PAD.

  7. Cancellation
  8. You may cancel your authorisation at any time by either by calling us at 1-800-680-0750 or by writing to us at the address specified below. This PAD Agreement applies only to the method of payment used to fund your transfers at OFX and does not otherwise affect any obligations to us. Revocation of this PAD Agreement does not terminate any other agreement existing between you and us for use of our services and does not relieve you of any obligation to make payments to us. You acknowledge and agree that you must make an acceptable alternative payment arrangement with us if you revoke this authorisation.

  9. Insufficient Funds
  10. You agree that that if any PAD fails due to insufficient funds or is otherwise rejected, we may resubmit the PAD for processing in accordance with the rules of the Canadian Payments Association.

  11. Recourse Rights
  12. You have certain recourse rights if any debit does not comply with this PAD Agreement. For example, you have the right to receive a reimbursement for any debit that is not authorised or is not consistent with this PAD Agreement. To obtain more information on your recourse rights, you may contact your financial institution or visit www.cdnpay.ca.

  13. Disclosure Consent
  14. In order to process pre-authorised debits, we may be asked to provide a copy of this PAD Agreement to certain financial institutions. You hereby agree that we may deliver this PAD Agreement, including the personal information contained therein, to such financial institutions.

  15. Language
  16. You hereby confirm that this Agreement and all related documents be provided and executed in English. Les parties conviennent que la presente convention et tous les documents s’y rattachent soient rediges et signes en anglais.

  17. Contact Information
  18. You may contact us by calling 1-800-680-0750 or by at mail at CanadianForex Limited dba OFX 145 King Street, Suite 1002, Toronto ON M5H 1J8, Canada.