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Tags: banking, payment instruments
Categories: Economics & Finance
The payer authorize the payee take a direct debit for any amount at any time, or to instruct the bank to honour direct debit requests from a specified payee. The payer has no direct control over these payments, but can cancel the direct debit at any time, with no reason required, and require the return of disputed payments. It is not possible to authorise an individual to take direct debits; only organisations that have a contract with the payer’s bank, or have been vetted by it, can do this.
(source: http://en.wikipedia.org/wiki/Standing_order_%28banking%29)
