What Is a Pac in Banking
With Pre-Authorized Contributions (Pacs), You’re in Control of How Much You Save and How Often You Save It. That Amount You Choose Will Be Automatically...
With pre-authorized contributions (PACs), you’re in control of how much you save and how often you save it. That amount you choose will be automatically deducted from your savings or chequing account and deposited into your investment account. It’s a convenient and flexible way to build up your savings for your future.
A pre-authorized contribution (PAC) plan transfers a pre-selected amount of money from one of your accounts and adds it to your investments or savings account on a regular basis.
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- Sign into RBC Online Banking.
- Click on your investment account (for example RRSP or TFSA).
- Under Account Details, select Pre-Authorized Contributions to set up your plan or select Manage Pre-Authorized Contributions to make changes to your plan.
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