Standing Instruction
A pre-authorized order for recurring bank transactions.
Detailed Description
Standing Instruction
What is a standing instruction?
A standing instruction is a pre-authorized arrangement allowing a bank to automatically execute specific transactions for a customer at designated intervals.
What are some common examples of standing instructions?
Common examples include automatic utility payments, loan repayments, savings transfers, and subscription services.
What are the benefits of using standing instructions?
Benefits include convenience, timeliness, better budgeting, and reduced risk of errors.
What should account holders monitor regarding standing instructions?
Account holders should monitor their bank statements to ensure transactions are executed correctly and to identify unauthorized transactions.
Can standing instructions be modified or canceled?
Yes, customers can modify or cancel standing instructions at any time, provided they notify the bank in advance.