A pre-authorized debit is permission for a biller to withdraw an agreed payment. Read that authorization separately from the loan agreement and any consent to verify bank information.
Check the authorization
Find the biller's identity, payment amount or calculation method, frequency and cancellation instructions. Keep the agreement and notices so you can compare an actual withdrawal with what was authorized.
Distinguish cancellation from repayment
Cancelling a debit agreement does not cancel the underlying contract or money owed. If you need to change the payment method, contact the biller and financial institution, confirm the procedure and arrange how any continuing obligation will be paid. The FCAC PAD guide explains general cancellation and reimbursement information; read its current conditions rather than assuming a single deadline fits every issue.
If a debit looks wrong
Keep the statement, authorization, amount, date and messages. Ask the bank and biller to explain the transaction promptly. Do not assume that a banking dispute resolves a dispute about the loan balance.
Plan ahead
Use the repayment guide and agreement checklist to connect the payment method to the actual schedule. For a missing or failed payment, see repayment problems. Questions about collected information belong with the privacy policy and relevant consent documents.