what is direct debt of Natwest Bank?
2006-12-06 09:24:15 · 13 answers · asked by YolandainManchester 1 in Business & Finance ➔ Credit
Do yuo mean direct DEBIT? It is a device where you give a third party authority to request funds from your account on demand, rather than you telling your bank who to pay and when. It is very useful for things like bills, where the period of payment is regular, but the amount can vary.
2006-12-06 09:27:35 · answer #1 · answered by Anonymous · 2⤊ 1⤋
If you mean a direct debit, then all the answers above are correct except for "colour pink" and "Veronica W" (and god knows what Max is on about).
A direct debit is where you give authority for a company to request money to be paid by the bank from your account. e.g. you may give your mobile phone company permission to take various sums from your account to settle their bills.
What "colour pink" describes is a Standing Order. This is where you give your bank an instruction to pay a set amount of money to someone at certain set times. e.g. you might instruct your bank to pay £500 per month to your landlord for rent.
2006-12-06 17:40:40 · answer #2 · answered by mainwoolly 6 · 0⤊ 0⤋
its a method of payment agreement between a company whom provides you a service and yourself via your banking account. an agreed amount of money is extracted automatically from your account (either on a fixed date or changing depending on the terms of your payment agreement) . this can be good as it is quick and easy. however it does have another side to it. if you do not keep track of the amounts being debited they may over charge you (very rarely but if it did happen would you know?) also it would be an idea to set up online access to your so if you have a debit coming in in a few days and you know you cant pay it then you can easily cancel it online. they are easy to re-setup. also some companies charge you a processing surcharge for any other payment options . e.g. Orange mobile will charge you £3 if you do not use DD (direct debit) hope this helps
: D
what mainwolly says is correct veronica is wrong. direct debit is not a type of standing order. standing order is a different thing. a standing order is a specific amount of money sent to whom you choose on specific times. this can only be set up by you. i direct debit can be set up by the company you sign terms with on your behalf when you sign the contract giving them permission to do so. standing order and direct debit should not be confused.
sub note... if you are thinkin of borrowin money get an over draft not a credit card. credit cards are evil ! ( the interset rates are higher which means you pay back more ! ) but if you get an over draft do not get a credit card too - then you will be in deep doodoo !!
2006-12-06 18:01:52 · answer #3 · answered by Anonymous · 1⤊ 1⤋
If you mean direct debit then it's a way for payments to be made directly from your bank to the person/company you are paying, usually every month. It's an easy way to pay bills without having to remember to pay them!
2006-12-06 17:30:30 · answer #4 · answered by Anonymous · 1⤊ 1⤋
Direct debit is a payment method that allows an organisation to instruct their bank to collect varying amounts directly from customers' accounts
2006-12-06 17:28:25 · answer #5 · answered by Anonymous · 2⤊ 1⤋
direct debt is where u have set up on your account for a sum of money to leave your account on the same day every month for example:-
you pay £550 a month for rent, so u ask your bank to set a direct debt up from your account to pay you rent person every month automactically with the sum of £550
hope this is clear for u.
2006-12-06 17:32:29 · answer #6 · answered by colour-pink 2 · 0⤊ 1⤋
direct means a standing order you make for money to from your account ointo somebody for examale you might set up a direct debit with your gas company this means that you are authorising your bank to pay put some oney each month ionto that account to help pay bills.You would set up a deirect debit with your bank to help pay the mortgage each month
If you would like more information contact your bank or building society for more details they will help set you up with one it is much more effective way of paying bills
2006-12-06 17:35:10 · answer #7 · answered by Anonymous · 0⤊ 1⤋
direct debit is when money is moved from your account to the chosen account of a creditor i.e gas or electric a monthly bill so the you dont have to worry about it making a dead line as it is never late
2006-12-06 17:29:06 · answer #8 · answered by phils_lea 1 · 1⤊ 1⤋
direct debit is money taken directly from your bank paying for bills etc. Make sure your account have money, otherwise, heavy penalty charge.
2006-12-06 17:29:26 · answer #9 · answered by Beckham 2 · 1⤊ 1⤋
money that comes straight out of your bank a company sets it up ie phone company and takes you bill out of your account so you dont have to bother with it
2006-12-06 17:26:29 · answer #10 · answered by julie t 5 · 1⤊ 1⤋