Pre-authorized deposits (PADs) (legacy)

Pre-Authorized Deposits (PADs) are another method to electronically fund your account at Questrade.

They can be used with both CAD and USD but are more frequently used to fund with USD due to online banking limitations with USD deposits.

Setting up a PAD

To set up a new PAD follow these steps:

1. Log in to your Questrade Account
2. From the top navigation bar, select Funding then from the drop down menu select Pre-authorized deposit

3. Select “+ ADD NEW BANK ACCOUNT” and you can either:
   • “Connect My Bank Account” and choose your account from the drop down menu
   • If your bank is not listed, you’ll have to select “set up manually” which will require you to provide a Void Cheque or Direct Deposit form, which can be provided by your financial institution.  To learn where to upload these forms you can read our article here.

4. Once you have filled out your banking information, you will be able to choose which Questrade account you would like to link your PAD to, as well as the amount, frequency, and the start/end date
5. Click Confirm once everything is filled out and completed

6. You will then be able to select the Request History tab where you can activate, suspend or delete any existing PAD.

Alternatively, check out the short video below for a quick overview of how to set up a PAD.

Manual PADs are only available for U.S. Dollar accounts, CAD accounts need to be linked electronically.

When completing a manual PAD setup, you’ll need to provide the following information:

1. Your banking information (transit #, branch #, account #)
2. A direct deposit form or a void cheque where the name matches your Questrade account exactly
3. The signed and completed PAD agreement

If you set up a recurring PAD but have not provided both the PAD agreement and void cheque/direct deposit form by the start date, the first deposit will not be made. Future scheduled deposits will begin on the next payment date. For one time PADs they will be cancelled and a new one will need to be made.

Missed payments cannot be re-made and you will have to create a one-time PAD for the same amount if you do not want to wait for the next payment period.

Please note that Pre-Authorized Deposits over the $10,000 CAD daily threshold will take up to 4-7 business days to process, whereas deposits under $10,000 CAD will take 3-4 business days to deposit.

To review all historic PADs you can follow these steps:

• In the top navigation bar, select Reports and, from the drop-down menu, select Account Activity
• You will be able to see all your accounts activity, but to review your PADs, Deselect all and select deposits to just show your historic PADs

On your Questrade account under Funding > Pre-authorized deposit > Request history you can review, suspend, or cancel PADs.

In this section you can:

• Temporarily suspend any active PADs until further notice
• Re-activate any suspended PADs
• Cancel any pending approval PADs
• Cancel any active PADs

Note: The information in this blog is for educational purposes only and should not be used or construed as financial or investment advice by any individual. Information obtained from third parties is believed to be reliable, but no representations or warranty, expressed or implied, is made by Questrade, Inc., its affiliates or any other person to its accuracy.