Standing order min/max amount

expatasia

When you set up say a monthly standing order (or direct debit should it be called) from your (UK) bank to another bank account, what is the minimum anount it must be for? And the maximum amount? Do they all use faster payments these days? Thanks

jonesMUFCforever

No minimum or maximum although any large standing order may result in additional security checks before being set up.
FP depend on both banks being able to send and receive.
Again large S/O might fall foul of FP limits and might go by BACS.

expatasia

jonesMUFCforever wrote: »

No minimum or maximum although any large standing order may result in additional security checks before being set up.
FP depend on both banks being able to send and receive.
Again large S/O might fall foul of FP limits and might go by BACS.

Is it true that BACS payments may not get made (to certain banks) if bank giro credit slips (correct term?) are not used? That's what I heard. Are S/Os easy to set up in any case?

thenudeone

expatasia wrote: »

Is it true that BACS payments may not get made (to certain banks) if bank giro credit slips (correct term?) are not used? That's what I heard. Are S/Os easy to set up in any case?

BACS is a completely electronic system and does not depend on a piece of paper (although you might give the instruction to your bank on a signed piece of paper)

Bank giro credit slips are completely different. They are paper based with machine-readable characters or magnetic ink and are used to identify which account is to be credited when cash or cheques are deposited at a bank. They are used less frequently these days as most people have a cash card which can be used to identify the relevant account when making a deposit; but many bills still include a credit slip to use if paying at a bank counter.

dzug1

Your bank MAY have a minimum transaction amount that it is prepared to handle. If it does it will be buried in the T&C. Even then they may be prepared to make the occasional exception.

coolesticeking

Mast last Direct Debit amount with 3 was 21p just to keep the account active.

No doubt it cost them more to process this!

pvt

expatasia wrote: »

When you set up say a monthly standing order (or direct debit should it be called)

Standing Orders and Direct Debits are very different things!

A Standing Order is an instruction from you to your bank to make a payment to a specified bank account at regular intervals (weekly/monthly/yearly). You specify the amount, and can alter the amount or stop the SO at any time.

A Direct Debit is you giving permission to your bank to allow a third party to debit money directly from your bank account. The third party has to be a vetted organisation that has agreed to refund any money taken from you if you dispute it. You can also cancel a Direct Debit at any time.

pvt