Processing your pre-authorized transactions - now faster than ever
Beginning October 15, 2018, you’re going to notice faster processing of your pre-authorized deposits and withdrawals1. That’s because we’re improving our payment processing system to serve you better.
A pre-authorized deposit or withdrawal is a transaction you set up with a business or government agency to happen automatically. For example, when you provide your banking information to your gym to have membership fees automatically withdrawn from your account, this is a pre-authorized withdrawal. Your pay is an example of a pre-authorized deposit.
Other common examples of pre-authorized transactions
- Government deposits, such as tax refunds or Canada Pension Plan payments
- Investment income
- Payments from a group health benefits provider
- Mortgage or car payments
- Life or car insurance payments
- Bill payments, such as electricity, natural gas or internet service
Today, we process pre-authorized deposits and withdrawals once a day, Monday to Friday, for transactions initiated the day before. As of October 15, we’ll process pre-authorized transactions up to four times each business day and once on Saturday. This means most of your pre-authorized transactions will now be processed on their due date, instead of the next business day.
Our Advantage Accounts, lines of credit, Manulife One and Manulife Bank Select accounts will offer this upgraded service.
Now faster than ever
|Current||New! Beginning October 15, 2018|
|Pre-authorized transactions processed once each business day, for transactions initiated the day before.
Example: You set up a bill payment to be automatically withdrawn from your account on the 15th of the month. The payment is processed and the money is removed from your account on the 16th.
|Pre-authorized transactions processed up to four times each business day and once on Saturday.
Example: You set up a bill payment to be automatically withdrawn from your account on the 15th of the month. The payment is processed and the money is removed from your account on the 15th.
Managing your money made easier
You’ll now have access to your pre-authorized deposits, such as your pay, sooner and your pre-authorized withdrawals will happen on their due date.
Because your pre-authorized transactions will be happening faster, we want to remind you to make sure funds are available in your account before any scheduled withdrawals. For example, you may want to set up your automatic bill payments to come out a day or two after your pay is deposited.
Need help setting up pre-authorized transactions?
You can use our Print a Void Cheque feature to create a void cheque that contains your personalized banking information, so you can easily set up a pre-authorized transaction with a business or government agency. To use this feature:
- Sign into your account using online banking.
- On the left side menu, select Print a Void Cheque.
- Choose the appropriate options and then click Print.
1 These changes affect pre-authorized transactions only. The processing time has not changed for money transfers between Manulife Bank accounts or between a Manulife Bank account and an account at another financial institution, Interac e-Transfers, ABM transactions, physical cheques, Mobile Deposit Capture using the mobile app or National Direct Deposit Slips used for deposits at Royal Bank branches.