Question
Why did ICBC withdraw funds from my account after I cancelled my insurance?
Answer
When you are on a monthly payment plan for your insurance, you are actually financing your premium over a 12 or 6 month term through an in-house payment plan with ICBC. By prior agreement, you allowed ICBC to regularly withdraw funds from your account. The loans are withdrawn automatically, on a set day.
If you cancel your policy one business day before payment due date, the regular payment will not be taken. However if the policy is cancelled as the same day as the payment due date, payment will be withdrawn and balance owing will reflect the payment.
