20 Jun 2022

What is a monthly direct debit?

Monthly Direct Debit

Monthly direct debits are actually the most common type. You likely have a monthly direct debit without knowing what it is! A direct debit is a type of payment where the user, you, gives authorisation or permission to a merchant. The merchant can then charge the attached bank account based on the initial amount.

Although a direct debit can happen more than once a month, it is more common to see companies and merchants offer monthly direct debit payments. Some common examples of these monthly direct debit payments are monthly bills like rent, utilities, and phone bills. These payments typically change, and they are not a set amount.

Direct debit payments are convenient and easy to use! A lot of people use this payment type because of how flexible and convenient it is. Instead of having to manually enter the banking and credit card information every time you make a purchase or subscribe to a service, you only need to give permission.

When giving permission to merchants and companies, always read reviews and check to see if they are reliable and worthwhile! It is easy to get scammed and give permission to a company or merchant that is not reliable.

Monthly Direct Debit Conclusion

A monthly direct debit payment is convenient and also very common! As more subscription companies develop and grow, more monthly direct debit services are offered. Mortgage House experts are knowledgeable about monthly direct debit services and are happy to help!

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