Up until now, you’ve only been able to use Chexy to pay your rent with a credit or debit card through Interac e-Transfer. While those are great ways to automate rent payments and earn rewards, you can now use pre-authorized debit with Chexy. 

Why Pre-Authorized Debit? 

Pre-authorized debit allows us to automatically withdraw your rent payment from your bank account every month on the same date and send it to your landlord. 

Here are some reasons why you should use PAD with Chexy:

It’s convenient and saves time. Rent payments are taken out of your account on the same date each month, and your landlord will always receive the payment on rent day. You essentially set it and forget it, and you’ll never have to remember to pay your rent again. 

You still earn rewards on your rent payments. Using pre-authorized debit doesn’t change your ability to earn rewards with your debit or credit card. You can still earn up to 4% cash back or points for free flights, as you are still paying with your credit card. 

The only thing that changes is that instead of using Interac e-Transfer, we create bank account details for you to share with your landlord. Once that’s set up, your landlord will withdraw the funds from your account on rent day. 

You can build credit. Opt into Chexy’s Credit Builder to automatically report your on-time rent payments to Equifax and boost your credit score each month. This is a great way to fast-track approval for a premium credit card, like an American Express or Aeroplan Rewards card. 

Your finances will be better organized. Pre-authorized debit payments can help you manage your regular expenses, like rent, more efficiently. You can set and forget your rent payments, and you’ll receive an email reminder from us when the payment is taken out of your account and sent to your landlord. 

Here’s How to Use Pre-Authorized Debit with Chexy 

Now, we aren’t just limited by Interac e-Transfer. You can use pre-authorized debit to pay your rent with no additional fees and still earn rewards with your credit or debit card. 

Four business days before your rent is due, we charge your card. The funds are temporarily stored in your Chexy Wallet (or Demand Deposit Account). This account functions like a regular bank account, complete with unique account details, including a transit number, institutional number, and account number. On rent day, your landlord receives the funds. 

Here are the steps to set up pre-authorized debit with Chexy:

1. Sign up for Chexy and select the PAD option. 

2. Enter your landlord or property manager’s details: full name and bank transaction name (optional). 

3. Upload your lease agreement. This ensures the info you provided is accurate and your rent payments are successful!

4. We create a personalized digital deposit account for you called your Chexy Wallet with all your bank details. 

5. After sharing your bank info with your landlord, return to your Chexy dashboard to activate the payment method. 

And that’s it! Setting up PAD with Chexy doesn’t take too much longer than selecting the e-Transfer option. Doing it this way, you’re not missing out on any opportunities to earn rewards. 

Keep in mind that PAD does not support multiple transactions (i.e. two payments for your rent and parking) and variable payments (i.e. different amounts each month for your utility bills and rent), but you can manually update the payment amount every month in your Chexy dashboard. 

Get started with Chexy today to earn rewards that you can turn into free flights, vacations, and cash back. 

Subscribe to our newsletter below for up-to-date credit card, travel, and rental content.