Standing Order
A standing order is a regular, fixed EFT payment set up by an account holder to pay a set amount to another account on a scheduled basis.
Unlike direct debits, standing orders are controlled by the payer and always for a fixed amount. They're commonly used for rent payments, savings transfers, or regular donations. Changes to the amount require updating the standing order.
Related Terms
Direct Debit
Direct debit is an authorized withdrawal from a bank account, typically set up for recurring payment...
EFT
Electronic Funds Transfer
EFT is a broad term for any transfer of money from one bank account to another through electronic me...
Bank Statement
A bank statement is a document issued by a financial institution that summarizes all transactions in...
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