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What is the difference between debit order and stop order or scheduled payment?

A stop order or scheduled payment is a regular payment that you can set up from your own account to pay other people, organisations or transfer to other bank accounts. You can amend or cancel the stop order when you like. This type of transaction comes from you as the payee directly. A debit order can only be set up by the organisation to which you're making the payment.

In simpler terms a stop order or scheduled payment is an instruction that you issue to your bank to make a series of future dated recurring payments, whereas a debit order is an instruction that you provide to a third party to pull the funds from your bank account.

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what-is-the-difference-between-debit-order-and-stop-order.txt · Last modified: 2020/06/05 12:35 by Schuzelle van Wyk