Direct Debit Scheme

Direct debits are a fast and efficient way to collect your fixed and variable payments electronically.Your customer authorises you to collect payments from their account. For further information on becoming a Direct Debit Originator please contact your Relationship Manager at your local branch.

How Direct Debit Scheme works:

• Operates on an instruction from the payer, giving the payee authority to collect payments
• Debits can be drawn only in accordance with the terms of this mutually agreed instruction
• For further information please refer to Direct Debits Scheme Quick Reference Guide from IPSO in our External Links section.

Benefits to Originators:

• Improved Cashflow Management - Direct Debits provide greater control over the date of receipt of funds and the crediting of these funds to the business bank account
• Convenience - the use of variable amount mandates eliminates the requirement for a new authority, each time the terms of payment are changed
• Reduced administration costs and bank charges
• Reduced reconciliation and comprehensive early notification of unpaid direct debits.

Benefits to Payers:

• A simple, safe and convenient banking service
• There is no need to write out and post cheques
• Cuts out queuing at cash offices or banks 
• It leads to a reduction in bank charges
• No worries about overlooking payment dates.

Important / Regulatory Notice

Terms and conditions apply.

• Terms and Conditions for Current Accounts and Demand Deposit Accounts

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