Direct Debit: Analyses, Advantages and Disadvantages

Direct debit as an article topic

The term "direct debit" is usually applied in financial institutions. It is used frequently by banks and insurance companies. Also, other companies still make use of the term. Sometimes people mistake direct debit with standing oder but they are quite different. Though the two terms require debits from bank accounts, direct debit is initiated by companies to banks while standing orders are initiated by banks to individuals account numbers.

Standing Order: Description, Advantages and Disadvantages

Understanding standing order

Standing order is a term in finance sector which means an instruction to a bank by an account holder to make regular fixed payments to a particular person or organization. Standing order is automatic and it helps account holders and save them the stress of coming to the bank regularly to make some payments. With the help of standing orders, many busy account holders in banks have their time to do other businesses instead of frequenting the bank.