direct debits
Scheduled bank withdrawals
Direct debits are automatic withdrawals from a bank account, authorized by the account holder to let a company or organization collect payments on a recurring basis.
Unlike standing orders, where you control the amount, direct debits let the recipient vary what they take—useful for bills that fluctuate: My utilities come out by direct debit.
Primarily British terminology; Americans typically say automatic payments.
- bank accountFinancial storage for funds
- account holderOne with bank access
- payerOne who settles debts
- creditorOne owed money
- billingCharging for services rendered
monthly bills · recurring payments · transaction · mandate · payment schedule · withdrawals · bank transfer · cancellation · fraud detection · overdraft protection · electronic transfers · payment systems · current accounts · account statement · wire transfer · payment gateway · originator · authorization
- bankingbank, banks, ATM, ATMs, account
- open bankingdata sharing, data portability, financial data, secure access, real-time data
- contractsbinding contracts, contract length, lease, clause, contract terms
direct debitscash
Ready spending funds
cheques · checks · banknotes · money orders · postal orders
direct, debit, directs, directed, directing, directly, direction, directions, directional