direct debit

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suzuki1 | 17:41 Sat 20th Dec 2008 | Personal Finance
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could b a silly question but whats the diff between standing order and direct debit ???cheers


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Standing order - you have instructed your bank to pay a certain person a set amount each month (or other period)

Direct debit - you have given permission to a certain person to claim money from your account, and instruct the bank to allow that payment.

A standing order payment is automatic - the bank sends the money every month; a direct debit only goes through if it is claimed.
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cheers e

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