PAC stands for "Pre-Authorized Contribution" plan. Under this plan, a certain amount of money is automatically withdrawn from a linked chequing or savings account and contributed to your Wealthsimple account on a regular basis. You can set up auto-deposits on a weekly, bi-weekly, or monthly basis.
How do I set up a recurring auto-deposit?
- Login to your Wealthsimple account
- Click the 'Move funds' button
- Select the bank account you would like to transfer funds out of
- Select the Wealthsimple account you would like to transfer funds into
- Enter the amount you'd like to transfer
- Schedule the frequency of the transfer (if this a one-time contribution select "Just this once")
- Choose a date for the transaction
- Click 'Submit deposit'
You can change your plan at any time by simply cancelling your existing PAC from the “Activities” page, then navigating to the "Move funds" tab to set up a new PAC.