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.