In this blog post, we delve into the world of standing orders by answering some frequently asked questions. This is to help you decide if it could work for you when you’re managing your money and making payments. Let’s start with one of the most common questions by explaining what a standing order actually is.
What is a Standing Order?
You use a standing order to make a regular fixed payment to a business, friend, or family member. It’s an instruction to your bank to send payment to another bank account, an instruction that you’re in complete control of.
You can adjust the frequency of taking the date, such as setting it for the last day of the month, and decide the duration of the payments. You can set up a standing order using your online banking, or by calling your banking provider.
What can you use a Standing Order for?
This is perfect for regular, fixed payments that you need to make monthly such as:
- Rent or mortgage payments
- Moving Money to your savings account
- Charitable donations
- Monthly instalments to smaller companies
Direct Debit vs Standing Order: Which is Best?
This really depends on the type of payment you want to make. If you know your payments will not change or you might need to make changes to the payment, such as the recipient’s details, the date you want to send the money or the amount you want to send, then a standing order may be for you.
On the other hand, if you know that the payments won’t be the same from month to month then a direct debit could be the way to go. However, be aware with a direct debit because if you need to make any changes to the date the payment leaves your account, you will need to contact the company or your bank.
Does it Leave my Account Immediately?
With the use of faster payments, the recipient of your standing order will usually receive the money instantly, although it can be anywhere up to 3pm in the afternoon. In most cases, it will leave your account in the early hours of the morning between midnight and 3am.
Can it be Paid on a Weekend?
A standing order will only leave your account on a working day, which applies from Monday to Friday. So for example, if your payment is due on a Saturday it won’t leave your current account until Monday.
Why did my Standing Order Fail?
The most common reason for failure is insufficient funds in the account for the payment. To avoid charges for failed payments, it’s advisable to check your account balance the day before the payment is due. Ensuring you have enough money ready can prevent any potential fees.
If it’s your first time making the payment and it doesn’t go through, you will need to check that you have all the correct details of the recipient. If you’ve noticed not all the details are correct, you will need to cancel the standing order and create it again using the right information.
In case the payment fails, it won’t be automatically reattempted, requiring you to make a one-time payment instead. You’ll then need to wait until next month for the next payment attempt.
How do I Cancel a Standing Order?
The ease of managing your finances depends on your banking provider. However, utilizing online banking or a mobile banking app often makes the process straightforward.
If you head to your online account and head to the standing orders section, you should be able to deactivate, delete or cancel your standing order meaning the payment will no longer be made.
Suits Me Standing Orders
If you’re struggling to set up or cancel a current standing order via your online account or mobile app, feel free to contact our multilingual customer care team who will be happy to assist you with anything to do with your standing order!
Don’t have time to speak? No worries, when you get a minute check out our support guides to solve any queries you may have:
