what do these mean? ( its for my college work) and im half asleep. lol
– Direct debit
– Standing order
– Cheque
– BACS
2007-03-26 21:55:43 · 5 answers · asked by Anonymous in Business & Finance ➔ Other - Business & Finance
A direct debit is something that is set up to take payments from your bank account. The payee (person you are paying) sets this up and can dictate (with your knowledge) how much they can take from your account.
A standing order is similar, but you are responsible for dictating the amount and the payee has no control.
A cheque is a written money order - a cheque book is issued to you by the bank and you write the payees name and the amount you want to pay them. They then bank the cheque and the funds are debited from your account.
A bacs is a money transfer from your account to the payee's account and is an arrangement that the bank handle.
Don't know if this helps!
2007-03-26 22:02:30 · answer #1 · answered by Rachael H 5 · 0⤊ 0⤋
One difference to notes between direct debit and a standing order is the following:
DD's can be variable, for items that change in the amount owed, they can also be fixed (such as a gym subscription) or those that vary (Electricity bills, credit card payment that is automatically taken).
These are usually taken by companies, though a DD can be set up with an individual.
A SO is a fixed amount on a set day/date of payment, these will not change in amount.
BACS, stand for Bankers Automated Clearing System.
Not sure what you need this info for, may also want to look up CHAPS.
Try a website called APACS for more information. Automated payments and clearing system.
2007-03-27 05:09:41 · answer #2 · answered by Anonymous · 0⤊ 0⤋
cheques take 4 working days to clear and a bacs payment takes 3!
2007-03-27 06:05:57 · answer #3 · answered by Jude 3 · 0⤊ 0⤋
Not being funny but if your doing this for college you really should know mist of these
Direct debit is a form of payment it used to pay companies. You can not pay an individual my these means. The company you are paying are in control of amount of monies taken taken but your bank offers a guarantee. If you were to dispute the amount taken they will claim it back on your behalf.
Standing Order is used to transfer money regularly. the account holder is in control. It can be used to pay rent, bills or to put money in to a savings account a savings account.
Cheque ( you must know this one) Is a written order directing a bank to pay money. If it is crossed (most are) then only the payee can cash it.
BACS stands for Bankers Automated Clearing Services. This is used to pay wages etc..
2007-03-27 05:26:13 · answer #4 · answered by Psycho Chicken! 5 · 0⤊ 0⤋
Direct Debit A Company you want to pay requests Money from your account....
Standing Order You instruct your bank to regularly pay something....
BACS a system whereby your can transfer funds (ie Wages) into an account....
A Czec one of the Euro authorised workers who have invaded and prevented the rest of us earning enough to pay the above!
2007-03-27 05:03:15 · answer #5 · answered by Anonymous · 0⤊ 0⤋