19 Jun 2022

What are direct debit rules?

Direct Debit Rules

The thing about direct debit payments is that there are no strict rules. Instead, the rules, also known as the terms, services, and agreements, are determined by the merchant or company in question. Once you give permission and sign the document or form, then the merchant has authorisation based on the rules specified on the documents.

That being said, there are a few key rules that many direct debit merchant users follow. It is important that these companies charge your accounts on the date specified. If it is a monthly payment that starts the 1st of the month, then you should expect the next 1st of the month to have the same change.

This also ties in with the amount. The amount that you are to pay using a direct debit payment service is specified in the agreement or rules. If the amount changes, this is concerning. However, there are more specific rules that companies can set themselves. Mortgage House is a non-bank lending company that provides its clients and customers with solutions. The direct debit rules can be overwhelming, which is why our experts are happily just a call away!

Direct Debit Rules Conclusion

If you are concerned about the direct debit rules, then the first step should be to find the original terms and services. Within these signed and binding rules should be specific terms. Keeping these documents in a safe place can help you if any accidental charges occur!

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