Payment and transaction FAQ

I just paid down my credit card, but my balance hasn’t gone down yet. Is this normal?

Yes. Your credit card balance doesn’t update right away when you make a payment. It can take up to 2 business days before your posted balance is updated in our mobile and online services.

However, your payment will immediately show up on your list of authorized unposted transactions, and your available credit will update accordingly.

I’d like to pay my credit card automatically each month. How do I do this?

You can set up an option to automatically pay all or part of your credit card balance. Each month, the amount corresponding to the amount you’ve chosen is automatically withdrawn from your account.

You can register for authorized payments on AccèsD using a web browser. This feature is not yet available in our mobile app.

On AccèsD

1. Log in to AccèsD.
2. Select your credit card.
3. Select Manage card.
4. Select Manage account.
5. Under Account management, select Add options.
6. Select Authorized payment.
7. Follow the instructions.

By mail

Fill out the authorized payment registration form (PDF, 101 KB) and then mail it back to us.

I use the authorized payment service for my credit card. If I make another payment during the month, will the pre-authorized amount still be debited from my account?

It depends on the amount of your additional payment and the type of pre-authorized payment option you selected:

• Minimum payment due
• Set amount
• Full balance

If you make an additional payment, do so at least 2 business days before the due date on your statement. Otherwise, it might not get considered when calculating the pre-authorized payment.

Factoring in additional payments can be affected by several factors and depends on your situation. For more details, call us at 514-224-7737 or at 1-800-224-7737 Phone number of customer service for Canada and the US. This link opens your phone app..

How do I change the account that gets debited for my pre-authorized credit card payment?

To change which account gets debited for pre-authorized payments, call us at 514-397-4415 Phone number of customer service for the Montreal area. This link opens your phone app. or at 1-800-224-7737 Phone number of customer service for Canada and the US. This link opens your phone app..

How are the payments I make on my credit card applied?

Payments1 are applied to the full balance on your credit card account in the following order:

1. The minimum payment required according to your latest account statement, excluding monthly payments for Accord D financing.
2. Monthly payments for Accord D financing posted to your account statement.
3. Any interest charged, as well as regular transactions posted to your account statement (for balances not covered by the minimum payment).
4. Regular transactions not yet shown on your account statement.
5. Accord D financing.

Why is the minimum payment for my credit card 5%?

Since August 1, 2019, the minimum payment is 5% for all new credit cards. This Consumer Protection Act measure helps prevent debt problems and encourages sound use of credit. A 5% minimum payment means credit card balances get paid faster, resulting in less interest.

While this law is only applicable in Quebec, note that minimum payments have increased across Canada.

I want to pay off my credit card in full. Where do I find out how much I need to pay so that my balance is $0?

To pay off your credit card in full and have a zero balance, you’ll need to manually calculate how much you need to pay by adding the total of your authorized unposted transactions to your posted balance.

To see your posted balance and your authorized unposted transactions, log in to our mobile and online services. Select your credit card to see your posted balance, then select Transactions to see your authorized unposted transactions.

If you pay off your balance without considering your authorized unposted transactions, you may end up with a new balance once these transactions are confirmed in a few days.

You may incur fees if you then assume your balance is zero and fail to pay off the new balance on time. To avoid this situation, we recommend you pay your balance once your statement is ready and you have the correct amount.