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Direct Debit - How to make Payments Automatically

This article is written for public benefits. If you read this article, it will give you a clear idea about Direct Debit.

Direct Debit payments are a simple, convenient and safe way to make payments automatically from any account to another. It is preferred by over half of all UK bill payers due to its ease in setting up and the clear benefits. It is simply an instruction from you to your bank or building society that authorises the organisation you’re paying, to collect amounts from your account. You are given advanced notice of the amounts and dates of collection. When agreeing the amounts and dates the money is deducted automatically. The organisation you are paying always has to notify you first before changing amounts and dates. You can spread the costs of your payments over a period agreed with the organisation you are paying so funds are periodically and automatically taken from your account. 

Direct Debit payments guarantee comes with three important safeguards that are offered by all banks and building societies. Firstly, despite being virtually problem free, the system offers a money-back guarantee in the event of any errors. Secondly, as mentioned, you are always given firm notice of any dates and amount changes. Thirdly, you are free to cancel Direct Debit at any time. 

The payment system is safe and efficient. With payments being made automatically bills are no longer forgotten, lost or delayed. Also meaning there are no longer any late-payment charges. Each organisation that uses this payment system has to undergo a careful vetting process and is monitored by the banking industry.An automated payment system also eliminates all the hassle of queuing at the bank and writing hundreds of cheques. Now you can stay on top of your bills with clear visibility over exactly how much is going in and out of your account. Due to Direct Debit payments being just as beneficial to business as it is to customers, many companies offer discounts for using the payment method. 

In order to start using the payment method you must first contact the organisation you wish to pay and arrange to complete a Direct Debit instruction either over the phone, online or through the post. You’ll include yours, the banks, and your bank account details. The organisation then forwards this to your bank or building society so they can collect the agreed amounts on the agreed dates. They send you a notice of the dates and amounts and require you check over the terms and contact them should you have any queries. From then on you needn’t lift a finger. All you payments are then made automatically and you can check your bank statements to see your payments being made as agreed.

Source: Free Articles from ArticlesFactory.com

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