What is the difference between a direct debit and a standing order, and how can each be cancelled?
A Direct Debit
is an agreement between you and an organisation that you need to pay on a regular basis. It allows them to take money out of your account at regular intervals. The organisation will set this up and they can alter the amount being paid but only upon your instruction. For this reason, they work really well for paying bills that can vary from month-to-month, such as gas and electricity. To cancel a Direct Debit just contact the organisation.
A Standing Order
is an automatic, regular payment that’s always a fixed amount. You set up a Standing Order directly with your bank once set up you can make any changes to it, such as altering the amount or payment date. Depending on your bank provider you can cancel a Standing Order directly via your Online Banking, over the phone or by visiting your local branch/hub.