direct debits and standing orders

Standing orders are for the same amount each time they are paid out. Direct Debits are for however much the company receiving them says you owe them each time.

A standing order is a fixed amount that your bank pays out of your account on your instructions at a fixed time - eg weekly , monthly , quarterly , yearly .

A direct debit is an amount taken out of your bank by your supplier’s bank . They can be for a variable amount or fixed amount with no set dates necessarily. You sign a Direct Debit Mandate allowing them to do this .

You can cancel a standing order online yourself, a direct debit is cancelled by the company you are paying.

Thanks for the replies - I should have known, after all these years!

You are completely in control of a standing order . Only you can cancel it or change the amount . A direct debit is in the hands of the company you have mandated it to . However if they were to suddenly charge you a large amount the bank will reimburse you . Should you cancel a DD with the company make sure you tell the bank to cancel it too .This is where Internet banking is a good idea . You just cancel it yourself .

I didn't know until last week.
I was helping my neighbour to try and sort out her finances, and I thought she was confused when she said they were two different things.

Judy you can cancel a DD yourself - you just need to ensure that you tell the recipient too .

I am able to cancel Direct Debit payments within my online banking app.

I think a standing order is when you control the amount and when the amount will come out of your account. An example might be a monthly donation of your choice to a charity or money into a student's account.

A direct debit is when the payee controls when it will come out and the amount too. A mortgage, rent payment or Council Tax perhaps.

That's how I understand it anyway.

Direct debits can be altered by your supplier.
Standing orders are for the same amount.