Direct Debit Benefits
Direct Debit Benefits
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Home Page > Finance > Personal Finance > Direct Debit Benefits
Direct Debit Benefits
Posted: May 16, 2011 |Comments: 0
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Direct debit is a financial method whereby a person gives instructions to a financial institution to collect a certain amount of money directly from another account that may or may not be in the name of the person. For example, a person has two accounts in a bank – one is for credit cards and the other a saving account. This person can instruct the bank directly to pay off the credit card account dues from the savings account. In most cases, it comes as standing instructions that goes on for a few months or even years.
Benefits
There are many advantages to using direct debit as opposed to any other kind of payments. They can be listed as below:
* When one account is used to pay off a debt on a regular basis, it helps the person to keep track of the money flow into that account and if there is likely to be a shortage that could be made up. In addition, since the payments are generally regular, it is possible to ensure that the account will have sufficient funds before the date of withdrawal.
* The fact that payments are made regularly by the bank ensures that there is no need for the person in debt to remember the payments unless the account lacks the funds. This helps reduce heavy penalties or an increase in interest rates that may be otherwise levied due to late payments.
* Direct debit increases the speed and efficiency with which payments are made as it is usually taken care of by the bank. The payments are timely and many banks inform the customer when they see that funds are insufficient before the due date of the payment so arrangements can be made.
* Since the payments are done directly, there is no need for the person to make time to make the payments himself. This saves a lot of time and energy.
* Direct payments out of the bank also increase the security of the payment. There is no need to use online methods of payments, which many times falls prey to cyber crimes such as hacking of the payment portals and misappropriation of funds to other accounts. In addition, when credit card information is given out over the internet there is often the risk of it falling into wrong hands.
* Today, we live in a world where everything we do harms the environment in some way. Direct debit helps to reduce the use of paper, as it does not involve filling of any forms or submission of any letters.
Direct debit is generally used worldwide for loan repayments, renewal of subscriptions and the payment of such fees that are recurring in nature. The availability of such a facility enables customers to give standing instructions to the bank, ensure sufficient funds in the account, sit back and forget about the payments. In today’s fast paced world where no one has time for anything, such a facility is a great blessing and is being used widely by all.
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About the Author:
Get the best out of direct debit and use the facility to make quick payments. There is no need to carry cash and be worried of the burden anymore. For more details visit www.eazipay.co.uk
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