What's the difference between a direct debit and a standing order?
(UK)
Answers:
Direct Debit means that the amount paid can be altered by the person taking the money (but only after they have informed you).
Standing Order is a set amount paid whenever and not subject to change unless by yourself.
They are the same thing
A direct debit is where the other party tells the bank how much they want each month.
A standing order is where you tell the bank how much you are sending to the person each month.
I'm not 100% sure but I think a Direct Debit can change amount from month to month (ie a phone bill), but a Standing Order is a set amount that can't change unless you give the bank to change this.
I think with dd they can take variable amounts from your account,with a standing order,the amount is fixed.
a standing order is the same amount each month (for example: rent of £350)
a direct debit varies dependant on what you have been billed for (for example: phone bill of £87.69 in Feb, then £63.42 in March)
With a direct debit, the other party tells the bank how much they want to take out (although they have to inform you first). The amount they take out can be variable.
With a standing order, you tell the bank how much money to send to another person each month. This is usually a fixed amount.
Direct debits were introduced so that the person receiving the money could alter the amount each month providing the person paying was informed. This is to facilitate bills like telephone and any other that required a change of amount from time to time.
A standing order, is as it states a standing amount to be paid on a certain date each week, month or year, when the amount in question is the same each payment.
All of the above but if you just think about the terms, "direct debit" you are saying OK take whatever you want. But a "standing order" is an instruction that a bank has to abide until you change it
same thing
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Answers:
Direct Debit means that the amount paid can be altered by the person taking the money (but only after they have informed you).
Standing Order is a set amount paid whenever and not subject to change unless by yourself.
They are the same thing
A direct debit is where the other party tells the bank how much they want each month.
A standing order is where you tell the bank how much you are sending to the person each month.
I'm not 100% sure but I think a Direct Debit can change amount from month to month (ie a phone bill), but a Standing Order is a set amount that can't change unless you give the bank to change this.
I think with dd they can take variable amounts from your account,with a standing order,the amount is fixed.
a standing order is the same amount each month (for example: rent of £350)
a direct debit varies dependant on what you have been billed for (for example: phone bill of £87.69 in Feb, then £63.42 in March)
With a direct debit, the other party tells the bank how much they want to take out (although they have to inform you first). The amount they take out can be variable.
With a standing order, you tell the bank how much money to send to another person each month. This is usually a fixed amount.
Direct debits were introduced so that the person receiving the money could alter the amount each month providing the person paying was informed. This is to facilitate bills like telephone and any other that required a change of amount from time to time.
A standing order, is as it states a standing amount to be paid on a certain date each week, month or year, when the amount in question is the same each payment.
All of the above but if you just think about the terms, "direct debit" you are saying OK take whatever you want. But a "standing order" is an instruction that a bank has to abide until you change it
same thing
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