Standing orders and direct debits
Discussion
Am I right in thinking that DD is a 'pull' system where the recipient needs to call for payment to be made, whereas the SO system is a 'push' system where the payor can/has to arrange for payment to be made and the recipient has no control over how much/when payments are made?
Cheers in advance
Cheers in advance
Thats right, a Standing Order requires you to set it up with your bank and provide details of how much to send, where, and how often.
A Direct Debit is essentially you giving a company permission to take what they are due from your bank account and the Bank is essentially a middle man.
You can cancel either with your bank though, and most banks will charge if one is due and you don't have funds available. Hope that helps!
A Direct Debit is essentially you giving a company permission to take what they are due from your bank account and the Bank is essentially a middle man.
You can cancel either with your bank though, and most banks will charge if one is due and you don't have funds available. Hope that helps!
Foxhound said:
Thats right, a Standing Order requires you to set it up with your bank and provide details of how much to send, where, and how often.
A Direct Debit is essentially you giving a company permission to take what they are due from your bank account and the Bank is essentially a middle man.
You can cancel either with your bank though, and most banks will charge if one is due and you don't have funds available. Hope that helps!
Perfect - just what I wanted to know! Thanks!A Direct Debit is essentially you giving a company permission to take what they are due from your bank account and the Bank is essentially a middle man.
You can cancel either with your bank though, and most banks will charge if one is due and you don't have funds available. Hope that helps!
In the event that "they" want to vary the DD, "they" have to give you advance notice.
Off - Topic, British Gas wanted to modify my DD last week from £49 to £89. After a couple of minutes explaining to the poor s*d some of the basics on consumer rights in no uncertain terms, we agreed on £59
By my reckoning it will take them 2 years to break even on my account 
Off - Topic, British Gas wanted to modify my DD last week from £49 to £89. After a couple of minutes explaining to the poor s*d some of the basics on consumer rights in no uncertain terms, we agreed on £59
By my reckoning it will take them 2 years to break even on my account Gassing Station | The Lounge | Top of Page | What's New | My Stuff