Standing order - An order by a customer to his/her banker to pay a specified amount usually on or around a particular day of the month regularly to another account. This could be typically to a person"s building society for regular payment of mortgage interest or for premiums for life assurance. If the payee, for example, a building society, requires payments to be increased (or decreased) it must write to the customer requesting a change in the amount of the standing order. The customer then instructs his/her bank accordingly. The current trend for regular payments however seems to be towards direct debit where the customer agrees to the payee debiting (claiming funds from) his/her account.
Standing order : an order by a customer to his/her banker to pay a specified amount usually on or around a particular day of the month regularly to another account. this could be typically to a person"s building society for regular payment of mortgage interest or for premiums for life assurance. if the payee, for example, a building society, requires payments to be increased (or decreased) it must write to the customer requesting a change in the amount of the standing order. the customer then instructs his/her bank accordingly. the current trend for regular payments however seems to be towards direct debit where the customer agrees to the payee debiting (claiming funds from) his/her account.
Standing order