Worried about paying your mortgage? We have various ways that we can help you.
A standing order is a regular payment of the same amount that’s paid on a specified date. It allows the bank to take money regularly from your account to pay another account. You can use a standing order for many payment types, including:
You need to know the exact amount you want to pay out in advance. This means standing orders may not be useful for bills, where the money owed can go up or down . You can also change or stop a standing order at any time.
Here are some answers to the most commonly asked questions about standing orders.
If you don’t have enough money in your account to pay a standing order, it may be refused by your bank. When this happens, your standing order stops until the next scheduled payment.
Some banks will have a ‘retry process’, where they will attempt to send your standing order again. Usually, this happens the same day as the standing order was due to go out.
Standing orders are usually processed on the same day they are set up . However, allow between three to five working days for it to clear.
If your payment is due to go out on a bank holiday or weekend, the money will leave your account on the next working day.
You can easily change or cancel your standing order by logging onto your Internet Banking account or visiting your local branch.
If you’re banking online, simply select the Direct Debits and standing orders tab under ‘More Actions’ and click manage standing orders. Here you can stop or change a standing order you have set up.
A standing order mandate is a form with your own and the payee’s bank details, as well as the amount, date of payments and occurrence. Once you fill in the mandate, you can send it to your bank to set up the standing order on your behalf.
The content on this page is for reference and does not constitute financial advice. For impartial financial advice, we recommend government bodies like the Money Advice Service.