UBC’s Pre-authorized debit (PAD)
UBC’s Pre-authorized debit (PAD) list to centralize by June 30, 2017.
UBC’s Treasury department is working with UBC’s bank to implement a centralized pre-authorized debit (PAD) list by June 30, 2017. PAD arrangements are used across UBC to allow our vendors to withdraw funds for bill payments directly from our bank account. However, the current PAD setup poses a risk of improper withdrawals due to error, duplication, or even unauthorized withdrawals. Once implemented on June 30, the new centralized list will limit PAD withdrawals to only those vendors on the central list. All other PAD arrangements will cease to work after this date.
To ensure a smooth transition and minimize disruptions to financial operations we need your help. Please immediately review your current PAD arrangements and send banking details to Diwen Gu, treasury cash manager for each vendor with a PAD arrangement:
- Financial Institution ID
- Branch ID
- Account Number
- Maximum debit permitted