Therefore, the balance as per bank statement may be lower than the balance as per cash book due to payments made through direct debits not yet accounted for by the entity. Therefore please ensure you make a payment to your NatWest credit card by an alternative method. This new Direct Debit instruction will be effective for the payment of your next statement. Since Direct Debit payments are not routed through the UK's expensive card networks, they are extremely cheap. This has significant benefits when taking payments on an ongoing basis: Low cost. Depending on the credit card lender the interest rate will. Direct Debit payments are bank-to-bank Direct Debit operates through the Bacs clearing scheme rather than through the card networks. Whereas standing orders can only be made of specific amounts and dates, direct debits can be created for varying dates and amounts.īank records the amount paid as soon as the transfer through direct debit is made but the business entity records the amount when it receives intimation by the bank through bank statement or otherwise. To set up a Direct Debit, we need you to provide information for the bank account or building society you want to regularly pay your NatWest credit card from. Direct debit payments via a credit card are possible if the merchant supports direct debit facility. This saves the company the hassle of issuing cheques every month. Some credit card providers allow you to set up a direct debit that automatically pays an amount you select off your credit card balance each month for. Direct Debits are useful where regular payments are to be made to certain parties such as in payment of credit card bills, lease rentals, interest on bank loan, etc. The payment is initiated by the payee himself although the account in which the funds will be transferred needs to be first authorized by the payer. It also means you wont be charged a late payment fee or. Direct Debit is an instruction to the bank to transfer funds to another account on a recurring basis. Setting up a Direct Debit for your credit card payments will make sure you never forget to pay.
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