What's the difference between standing orders and Direct Debits?
A standing order (STO) is a payment you can set up either to pay another person or organisation as a one off or on a regular basis. You can set up, amend or cancel the payment as and when you like.
A Direct Debit (DDR) can only be set up by the organisation to which you are making a payment. Normally, you sign a mandate that gives the company permission to take funds from your account in an agreed way. It normally confirms who is receiving the payment, the account to be debited, the amount and the dates of the payment.
You are protected under the Direct Debit Guarantee scheme so that any amount debited in error is refunded immediately.
Standing orders and Direct Debits are often called 'regular payments'. You can view your regular payments and amend your standing orders using Online Banking.
