Live a Tension Free Life with Direct Debits
Thursday, January 31, 2013, 2:00 AM | Leave Comment
Money plays a vital role in the life of a human being and a true character of a person comes out when he/she is in a financial crisis.
Some may say, “The love of money is the root of all kinds of evil”, but if they want to live a prosperous and fulfilled life, they must possess enough money.
Thanks to technology that the transaction of money has become easier with a process like direct debit.
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Services of Direct Debit
This service is known to be one of the most widespread options of paying money since it allows one person to withdraw funds from another person’s bank account through a financial transaction. As far as direct debit in UK is concerned a customer needs to authorize the bank in which he has applied this service.
To avail the direct debit payment, a user should fill in a paper based form, which can be done through interactive services on digital television, internet and also through telephone services as well. Such introduction of advanced technologies has made life easy and reduced human strain since the payments have become uncomplicated and risk-free.
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Vital Attributes of Direct Debits
There are some important attributes that the direct debit process poses and if there is any virtual error in the system during the transaction, then the company will return back the money to the user. The second thing is that the user will be given the transaction dates and amount paid or received.
So a customer will have a complete control over the dates and other documents which has the payment details. In this direct debit service, each and every move is monitored by the organization and they find it helpful as they need not to write cheques for each and every individual.
A person can cancel the direct debit payment at any time during transaction and it also enables him to do bulk payment into his account. This sort of direct debits method ensures that there is an increase in business cash flow and it is also economical since it saves multiple bank charges.
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A Time Saving Process
The convenient mode of payment has made direct debit in UK very popular as it is very easy to setup and make transactions conveniently. It is a reasonable mode of payment because when you make the payment through bank checks, you have to pay additional charges for stamps and envelope.
In this process, the direct debit, an individual is protected with the direct debit scheme in which all the banks in United Kingdom offer a complete security to their client’s money. Customers who use direct debits need not pay penalties with high interest rates if they make payments on a regular basis and a lot of dates need not be remembered by them to avoid such fines due to lack of payments
Hence, the direct debit scheme has overturned the way of paying bills with the help of internet and telephone and it is not surprising that most of the people often use this scheme to manage their bills on time.
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