HomeTrust Visa - preauthorized payment option | General financial discussion | Discussion forum

yesmath said
Apparently Home Trust Visa added preauthorized payment option a few months ago - though I didn't see anything in writing about it.

Just send an email to customercare@hometrust.ca and attach a void cheque. If you don't specify full payment, they will assume you'll only want the minimum payment automatically (that seems unusual to me!)

[I just phoned them to get my fee waived when I forgot to pay them last month (they'll do it only once they say!). I had changed from paper statements to online statements, and somehow missed that month, but finally they have pre-authorized payments so that shouldn't happen again)  

I was certain Home Trust already offered a pre-authorized payment application? In fact, I am positive they did. Perhaps with the website redesign, the PDF application form never got transferred over?

To your question, sometimes people just like to pay the minimum payment automatically so that they ensure they're never late and then they'll pay it in full within the interest-free grace period after reviewing their statements. It's not that odd at all, really. In fact, people should always be specifying the "full payment" or "minimum payment" on such requests.

Scotiabank also accepts pre-authorized debit applications on their credit cards, but there's no application form. Just send them a Secure Message thru Scotia OnLine with your name on the bank account, bank account and transit numbers, and the FI name and transit and they'll set it up.

Cheers,
Doug

GICinvestor said
Does not Home Trust have a credit card that is for folks that have poor credit or are rebuilding their credit rating? Thus the option to pay minimum as a preauthorized payment.  

Yes, that's also a possible reason as well. I suspect the majority of their clients pay only the minimum, but there's definitely several reasons for it.

Cheers,
Doug