Direct Debit
/ˈdaɪrɛkt ˈdɛbɪt/
Definitions
- (n.) An arrangement authorizing a third party to withdraw funds directly from a bank account to pay a recurring obligation.
The tenant set up a direct debit to pay monthly rent automatically.
Forms
- direct debit
- direct debits
Related terms
See also
Commentary
Direct debits require authorization via a mandate and differ from standing orders in that the amount withdrawn can vary.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.