Financial Literacy 20, 30
Course Configurations
FINL11
Module 11: Pre-authorized Debits and Direct Deposits (Optional)
Outcome
Examine the use of pre-authorized payments and direct deposits.
Indicators
(a) | Identify common recurring deposits and pre-authorized payments (e.g., salary, cell phone bill, loans, vehicle registration, insurance and savings contributions). |
(b) | Describe the advantages and disadvantages of pre-authorized payment plans and direct deposits. |
(c) | Discuss the importance of monitoring an account to ensure pre-authorized payments and direct deposits are made or received on time. |
(d) | Explain the importance of keeping sufficient funds available to cover pre-authorized expenses. |
(e) | Describe the process for cancelling pre-authorized payments. |
(f) | Discuss the consequences associated with recurring overdrafts on an account. |
(g) | Research the rights and responsibilities associated with direct deposits and pre-authorized payments. |
(h) | Investigate the elements of a pre-authorized payment agreement (e.g., date, signature, amount and frequency) and a direct deposit authorization (e.g., name, void cheque and banking information). |
Loading...
![](images/resources/popup_preloader.gif)