Standing Orders & Direct Debits

[legal girl]

I need to change the dates on which my standing orders and direct debits go out of my account each month. If I state that they should go out on the 31st of each month, does this mean that on the months with less than 31 days the payments will go out on the last working day?

[hellywelly4]

They then go out on 30th or 28th (Feb). Mine go out on the day specified unless the months are shorter. They don't seem to have anything to do with working days.

[Connemmara]

this isn't an answer to your question - but I have been curious - what is the difference between standing order and direct debits. Thank you.

[factor-fiction]

31st or next working day I understand. Mine never go out early but sometimes a day late.

[bednobs]

a satnding order is when you "give" someone money out of your account at a set period. DD is when you give someone permission to "take" money out of your account at set periods

[SlackAlice]

Yes, because thats what happens with mine. You have to get the DD holder to agree to the change of date. Make sure on standing orders that you do not infringe on payment terms and could be listed as a late payer.

[mccfluff]

Conne- you control a standing order, you decide how much and when and your bank sends it to whoever, Direct debit, the company goes to you bank and requests (debits) the agreed amount

All mine S/0's & and dd's go out on the next working day if the day i chose or the day of collection is a weekend, so if the month is a 30th they would collect on the first or 2nd

[Connemmara]

sorry legal girl for the tangent - but I none the wiser re standing order and dd as they seem to 6 of l and other - cos I see that I can control my DDs when I want to - but will leave it there as this not my posting - sorry again legal.

[Old_Geezer]

No expert but my underwstanding is that DD goes out whenever the person you allow to dip into your money, demands it. SOs you have more control over.

In response to your actual question re the 31st day, I'd suggest asking your bank since you'll need to speak to them anyway.

[Khandro]

In my experience, changing standing orders is easy-peasy, you just do it through your friendly bank, but change direct debits at your peril! It needs to be done through the payee (and their computer system in my case). I would only make changes if you really have to.

[woofgang]

a standing order is for a set, non variable amount. If the amount needs to change, the standing order needs to be cancelled and set up again. A direct debit amount can be varied with the agreement of both parties and continue to operate. That's why things like fuel bills can be paid by direct debut as if you build up credit or begin to own money, the amount of the DD can be changed.

[Old_Geezer]

They are most certainly NOT 6 of l and other. WIth OS you tell your bank when you pay your bill. With DD you have given permission for someone else to dip into your savings any time they feel like it grabbing some.

Compare it to answering your front door and allowing those you want to come in, with, instead giving the keys to loads of folk and asking them not to just enter whenever they feel like it because you can trust them.

OS good, DD evil and an abomination unto the Lord.

[Khandro]

OG, I'll drink to that!