The Cash Book - Standing Orders and Direct Debits
3 important questions on The Cash Book - Standing Orders and Direct Debits
What is a Standing ORDER?
It is an instruction by the customer to his bank to transfer a certain sum at regular intervals to someone else's account.
It is used where a certain fixed amount has to be paid, say monthly or annually- such as an annual subscription.
It is used where a certain fixed amount has to be paid, say monthly or annually- such as an annual subscription.
What is DIRECT DEBIT?
It is similar to standing order in that the bank is authorised to transfer funds at regular intervals.The me difference is that the Direct debit, the customer authorises thebank to accept requests for payment FROM THE PAYEE, under certain conditions.
Give circumstances where to use Direct Debit.
-gas
-electricity
-annual fees
-electricity
-annual fees
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