Standing Orders

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Standing Orders are a way of setting up a regular, fixed payment from your bank account.

You can set a payment to be taken at a certain frequency (for example, the 1st of each month; or every quarter etc.) for a fixed amount.

You can only setup a Standing Order with your bank. It is not possible to setup a Standing Order with a service provider (unlike a Direct Debit or a Continuous Payment Authority).

You are the only person who can change the date or payment amount on your standing order. This is the main difference to a Direct Debit where these details can be changed by the service provider you are paying but only if you have been given advance notice to this effect.

Some banks charge a fee for executing a Standing Order. Neither banks nor service providers charge for a Direct Debit.

Whatever payment service you select, the service provider or the bank will collect payment from the account which you identify. If the account has insufficient funds or is blocked (by a court order, for example), not only will the transaction fail but you are also likely to be charged a fee by your bank.

 

   Standing Order  Direct Debit  Continuous Payment Authority

Setting up service directly with the bank

Yes

No

No

Setting up service with a service provider

No

Yes

Yes

Amount collected may be changed by the customer

Yes

Yes

Yes

Amount collected may be changed by the service provider

No

Yes, depending on the agreement

Yes, depending on the agreement

Fee for the service

Yes

No

No

Date when amount is collected may be changed by customer

Yes

Yes

Yes

Date when amount collected may be changed by the service provider

No

Yes, so long as the customer is given advance notice

Yes, so long as the customer is given advance notice

Right to claim a refund

No

Yes

No

Immediate full refund of monies following a claim

No

Yes

No

Period of time from date of payment collection when you can claim a refund

No right to claim a refund

Eight weeks, if authorised under mandate.

Thirteen months if transaction was unauthorised.

Customer may claim a refundfrom bank if payment was carried out without authorisation.

Right to cancel

Yes, but only through the bank

Yes, by requesting bank or service provider

Yes, but only by requesting the service provider




Last updated: Sep 07, 2016