---
title: How do I perform a PAD account change?
description: Process
---
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April 15, 2025
# How do I perform a PAD account change?
### PAD Account Change
**Effective Date:** January 26, 2024
---
### **1. Overview**
- A Borrower requests to change their bank account, through email or fax
- at any time, then the **$150 PAD Change Fee must be charged**
- during the Renewal process, the **$150 PAD Change Fee is waived**.
- **Special Case:** If the Borrower wishes to switch from a **personal account to a corporate account** and the Corporation was **not** originally on the deal/PAD, the following documents are required:
- **Articles of Incorporation**
- **Document with the Business Number (if the Business Number is not on the Articles)**
- **Attestation of Beneficial Ownership Form filled in and signed**
- **Share Registry**
- **Signature Card from the Bank** (showing authorization to sign on behalf of the corporation)
- On the mortgage record, the service specialist creates a ticket in the General pipeline with a ticket type of PAD Account Change,
- Updates the value, During renewal (Y/N) on the ticket create form.
- If there is an open renewal deal, the ticket will be automatically associated to the deal.
---
### **2. Process Steps**
#### **Step 1: Preview the Renewal PAD Form in MA (?)**
- Review the form to ensure all details are accurate, use **Content Editor** for any changes.
- Note: A **separate PAD Agreement** must be completed specifically for the **renewal fee**, if applicable.
#### **Step 2: Verify Information & Send to Borrower**
- Confirm the form is correct.
- Download the verified form.
- Send it to the Borrower for completion.
#### **Step 3: Collect Required Documents from Borrower**
- Borrower must return the **filled-in PAD form** along with a **Void Cheque or Direct Deposit Form**.
- Ensure that the account details match on both documents.
#### **Step 4: Save Documents to Documents record on the deal or contact should be the deal but will contact record also be associated?**
- Go to mortgage, create document record on the mortgage record.
- Upload and save the **PAD Agreement** and **Void Cheque/Direct Deposit Form** .
#### **Step 5: Process PAD Change Fee (if applicable)**
- If the change occurs **outside of renewal**, add the **PAD Change Fee** in the **PAC module in MA**.
#### **Step 6: Manager Review & Confirmation**
- Create a ticket in the approval pipeline, with a type of PAD approval, and the owner as your manager.
- Confirm that:
- The details match.
- The PAD Change Fee has been set up in **MA** (if applicable).
- Manager will review the document records and approve or not approve.
#### **Step 7: Notify Accounting (MA or HubSpot)**
- If the change is made at renewal, **add a note** to the **Closing Notes** section in **MA**, indicating that the payment account has been updated.
- If the change is made any other time during the term, create a ticket Category: Payment, Subcat: PAD Account Change.
- once ticket is created. create a note using the snippet, #PAD
- update in MA
- update excel sheet
#### **Step 8: Handle Delayed Document Submissions**
- If the Borrower **does not provide the signed PAD Agreement and/or Void Cheque on time**, place the file on **DNP (Do Not Process)** and **create a ticket** in the General pipeline, category **Payment Arrangement.**
**End of Process**
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