Hi guys, fortnight ago, i had a discussion with my friends regards to what is Standing Order mandate. Reason why i ask is, my rent for university requires me to fill in the form which i've done and sent.
To the best of my knowledge, the standing order mandate form was request to the manager of my branch to credit the agency and it had details of the amount and when that amount are due to paid on 3 installments annual.
This form was sent to the agency, not the bank. My guess is they would make a photocopy and send a copy of request to my bank.
Is it necessary for me to have set up Standing Order at the bank????
or is it like direct debit where money is in the account and will be taken out on that speficic dates?
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Need help! Standing Order mandate watch
- Thread Starter
- 06-08-2009 21:39
- 06-08-2009 22:14
A Standing Order is
a naff pub- an instruction to at a given date (e.g. each month, or in your case 3/ year) transfer money from your account to theirs. The form does need to go to the bank, but presumably the agency will send it to them; you could telephone them to check.