How to setup Standing order?

Theresonly1

Hello.

If asked in wrong sub-forum please move as this is the closest related sub-forum i can find on this site.

Okay, this question may first sounds idiotic but to someone like myself who is very young and been relying on parents all time long..answers to it will be much valuable.

Recently, rent a new flat in Wigton, and in the process of signing the AST and setting up a standing order to pay the rent. I know standing order is you instruct your bank to make regular payments to another bank account.

But my question is simply how do you do it?

- Do you just go into your bank and tell them that you're moving and you need to set it up & give them the required details?

- I heard about "Standing order mandate", if i have one does that mean all i need to do is fill out the details and give that back to my new landlord? and him/her will just help me set it up? is it that simple?

Preferable i want to know more about the process of setting this up and also want to know all possible ways to set it up etc...

shellsuit

Do you do online banking as it can be done online.

Who do you bank with?

CLAPTON

you need your landlord's sort code and account number and you would use your name as the 'reference'

you can then set one up yourself using internet banking

it usually exactly the same as making a normal bacs payment except that you fill in the details for regular monthly or whatever

Theresonly1

Cheers for the reply so far, but what about a Standing Order Mandate? Why is it Used? And most importantly How is it used?

Lith

CLAPTON wrote: »

you need your landlord's sort code and account number and you would use your name as the 'reference'

you can then set one up yourself using internet banking

it usually exactly the same as making a normal bacs payment except that you fill in the details for regular monthly or whatever

I Would use the 'Reference' as 'RENT'

Theresonly1 wrote: »

Cheers for the reply so far, but what about a Standing Order Mandate? Why is it Used? And most importantly How is it used?

And, it would take around 3 days to send the payment to reach his account.

noh

Google standing order mandate and read some of the results.

A standing order mandate is simply a written instruction to your bank.

MME_2

Lith wrote: »

I Would use the 'Reference' as 'RENT'

The landlord may receive several credits. How would he/she know who's rent has been paid into the account if it just said 'rent'.

Your landlord should really provide a reference for you. Most common are name or house/flat number and post code.

Lith wrote: »

And, it would take around 3 days to send the payment to reach his account.

A lot of S/O are now made by faster payment. Depends on the two banks that are involved though.

Lith

MME wrote: »

The landlord may receive several credits. How would he/she know who's rent has been paid into the account if it just said 'rent'.

Your landlord should really provide a reference for you. Most common are name or house/flat number and post code.

A lot of S/O are now made by faster payment. Depends on the two banks that are involved though.

Well before you use 'RENT' ask the landlord if he/she has more then 1 flat .... if they just have the one flat, then its ok to use 'RENT'

He will know what its for and i doubt hes stupid.

Theresonly1

noh wrote: »

Google standing order mandate and read some of the results.

A standing order mandate is simply a written instruction to your bank.

Have already googled and yet all (most) results returned just are example templates. Not very useful on telling us how it actually used.

So how is it actually getting used?

opinions4u

Theresonly1 wrote: »

Have already googled and yet all (most) results returned just are example templates. Not very useful on telling us how it actually used.

So how is it actually getting used?

A standing order mandate is an instruction to your bank to make a regular payment to another account.

Traditionally the mandate is a pre-printed form supplied by either the recipient of the funds or the bank itself. Or a printed form populated by the bank when you give them verbal instructions to pay a standing order - they will often ask for your signature on it.

Equally, it could simply be a letter, typed or handwritten, from the account holder, mandating the bank to make the regular payment.

Those who use online banking can set up a standing order online don't need the piece of paper. They give their instructions electronically. You could reasonably argue that this is an electronic mandate.

It's no big deal what the mandate is. The key is paying the right amount at the right time out of the right account in to the right account.

Right?

bengal-stripe

Theresonly1 wrote: »

So how is it actually getting used?

It is an instruction to pay a certain amount at a certain date to a certain recipient. It can run until cancelled of for a certain number of payments.

I presume you have internet banking.

Log- in - go to ‘Standing Orders’ - ‘set-up Standing Order’ (the form is self-explanatory) - check all details - confirm details - now you’ve set up a standing order.

The bank needs two working days (or so), for the first payment to go out. Thereafter it will go automatically: every Monday or a certain day every month, however you have defined it.

Your job will be to make sure sufficient funds are available on the due dates (otherwise the bank will charge you).