Directdebit Banking Review

  1. Directdebit casinos

    A Direct debit, or Direct withdrawal is a transfer that a beneficiary initiates by giving the instruction to the bank to collect a certain amount from another account. It is commonly used to make payments like credit card or utility bills. It differs from standing orders because the recurrent amounts may vary. In some countries, they can also be one-time payments in the mail order o at a point of sale instead of being periodic.

    This payment method is available in the banking systems of countries like, United Kingdom, Germany, South Africa and Netherlands, but soon will be implemented across the whole Singe European Payment Area. In the US, there is a similar service that is offered by Automated Clearing House network. The Direct Debit Scheme ensures that all organizations using the Direct Debit System are checked for integrity, financial standing and administrative capability.

    Easy to Use. There are two ways to setup the authorization: the first, in which only the payer and payee are involved and the second, in which it involves the payer’s bank. 

    • Payer/Payee – In this method of direct debit, the payer authorizes that the payee collect the amount needed from the account. In this case, the payer may instruct the bank to return the transfer in case of an error or dispute. 
    • Payer/Payer’s Bank/Payee – This authorization requires that the payer permit the bank to honor direct debit from the payee and then the bank notifies payees that they can begin to transfer from the payer. In case of error or dispute, it will be more difficult to return debit notes. 
    Once the Direct Debit Instruction is set up (indicates date and amount), the payment will be collected from the payer’s bank regularly. 
    The payer must only set up the Direct Debit Instruction, after that, the process is done automatically and the payer no longer has to worry about forgetting to pay or the bills getting lost. Direct debit saves time, no waiting in queues and facilitates keeping track of how much money is going in and out of the account. If any error occurs, the payer is entitled to an immediate refund.
    Security. Direct debit offers a money back guarantee in case of an error, a guarantee that a notification will be sent 10 business days prior to any change of date or amount and the agreement can be cancelled at any time. Organizations using direct debit must pass a vetting process, and they are always closely monitored by the banking industry.
    The Direct Debit Scheme makes sure that organizations using the Direct Debit system, are checked for integrity, financial standing and administrative capability.
    Dormancy Period. It is a period of 13 months that was introduced as a safeguard to the Direct Debit Scheme to protect payers from Direct Debit Instructions being on the account indefinitely. After this period, the bank will remove the details of the instruction.

    Managing Finances. With monthly direct debit users give up some flexibility in the way that they manage their finances. In the case that it is a variable Direct debit, the person can lose track of the money that goes in and out of the account because the amount of the payments may change.   

    Direct debit is a very easy, safe, time saving and convenient payment method, but it really depends on what is being paid and to whom. There is not a wide variety of Direct Debit Casinos, but I noticed that other more popular payment methods like Click2pay and ClickandBuy, may be funded using Direct Debit.

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