In banking, controlling your finances is essential. Knowing where your money goes helps you budget effectively and track expenses easily. Many people find that standing orders are a great help because they know when money is leaving their account and how much money will be taken. If you have considered using a standing order, then take some time to read through the benefits of using this method of payment.
You Are In Control
When you choose to pay by standing order, you are in the driving seat. You set it up and control whether it’s fulfilled each month. Unlike a direct debit where the recipient requests the money automatically, you hold the standing order instruction in your account and so you can pick when it is sent and how much you send.
You Can Change Them With Ease
If your payments change or you want to amend the date of your standing order, you just need to log in to your online bank or mobile banking app and amend your standing order with the new information. You can do this easily, with no hassle. All your standing orders are visible in your account, allowing you to confirm and manage any changes directly.
You Are Less Likely To Overpay
Because you design your standing order to suit you, you are far less likely to overpay. Most banks will let you stipulate an end date for your payments so you can work out exactly when to stop sending money. Many people with direct debits complain that companies keep withdrawing funds after a payment plan ends, making refunds difficult. Using a standing order lets you control exactly when to make payments and when to stop.
You Can be Certain You Will Pay on Time, Every Time
The great thing of a standing order is that your payments go out exactly when you specify, avoiding unexpected fees from early withdrawals. Standing orders process on the exact date you choose, even on weekends. You don’t have to worry about payments leaving early on a Friday if they’re set for Saturday or Sunday.
Why don’t you set up a standing order today and find out how simple the process is. We are certain you will use them again and again as an effective money organisation tool.
Suits Me®
All Suits Me® customers have access to Standing Orders, being able to set them up and manage them to amend and cancel where necessary.
You can manage Standing Orders from Suits Me® accounts through online banking and our mobile apps.
