Standing Order Agreement

April 12, 2021

Any person or company with a current account can set up a permanent order, either online, by phone or in person at a branch of their bank. First, you should think about how many customers you currently have. Permanent orders are generally suitable for small businesses, organizations or associations with fewer than 25 customers, as a degree of trust is useful for standing orders. The time is an hour until the payment order provided on the bank`s business day is considered received (the countdown to the payment order`s turnaround time begins) is executed on the same day and in the number of business days of the bank indicated in the “Day” column considered to be the day of delivery of the payment order. The payment order delivered after the time indicated on the bank`s business day or the day that is not the bank`s business day is considered received (the countdown to the duration of such a payment order begins) on the bank`s next business day, but the funds are drawn immediately, as they must be executed below the number of business days indicated in the “Day” column; It counts as the next day of activity of the bank (z.B. If it is shown in the “Hour” and T0 Day column in the “Day” column, a payment order delivered until 2:00 p.m. on the bank`s business day is executed on the day of delivery of the payment order, while a payment order delivered after 2:00 p.m. or a day that is not the bank`s business day is executed the next business day. The payment order deposited on the bank`s business day after the specified time or on a day that is not a bank`s business day, if it has not yet been sent by the bank, may be cancelled until 4:00 a.m. the next business day. The payment order deposited on the bank`s business day can be cancelled until 04:00 hours on the same bank transaction day. Finally, the decision to use a standing order also depends on the type of payments you make most often. If most of your customers pay through regular and firm payments, the standing order or direct debit can be used.

It is also possible to use either a standing order or a direct debit for one-time payments, even if that is not how they are normally used. A standing order (or permanent instruction) is an instruction given by a bank account holder (“payer”) to his bank to periodically pay a specified amount into the account of another (“the beneficiary”). The instruction is sometimes called a banker`s order. If you install a new permanent order with your bank, you have the option to indicate a duration for recurring payments. This can be monthly, weekly or whatever you prefer. If you set an end date, the standing order remains active until that date, or until you manually cancel it through your bank (which you can do at any time). Day: A number of business days of the bank during which a payment order is executed. The countdown to this deadline begins on the date of receipt of a payment order, taking into account the delivery of the payment order on the bank`s business day and/or until the time set on the bank`s business day (see explanatory notes below).