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How to transfer money from someone else's account into mine by direct debit?
Wiki User
∙ 14y ago
This can only be done by the other party setting up a direct debit mandate specifying you as the beneficiary.
Wiki User
∙ 14y ago
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If i provide details of bank account but don't have a debit card for that account can the company take any money from that account without setting up a direct debit?
Yes. A debit card is not related to a direct debit. A direct debit is your authorisation to your bank to pay whatever amount is requested by whomever the direct debit is in favour of.... a utility company, a service provider or other business.... on a regular basis, usually monthly or yearly. A debit card is a way of paying for individual transactions, on the spot, without using cash. The total can be deducted from your account when the card is processed by the trader.
What is a BB batch debit memo?
if you bank with wachovia, its a transfer to your way2save account.
What is the journal entry when the owner transfers cash from a personal bank account to an account to be used for business?
debit- cash transfer to the account / credit- owner capital
How the direct debit payment system works?
A direct debit payment solution is simply a financial transaction in which one person withdraws funds from another person's bank account. Formally, the person who directly draws the funds instructs the bank to collect (i.e. debit) an amount directly from another's bank account - and then pay those funds into a bank account designated by the payee. Direct Debit is an agreement between yourself and your bank, which authorizes the bank to allow an organization to collect a regular or irregular payment from your account. It is actually managing your funds better!
What is a SWIFT MT 104?
The MT 104 is used to convey customer direct debit instructions and can be:sent by a non-financial institution account owner, or a party authorised by the account owner, to a financial institution to request the direct debit of the debtor's account with the receiver or with another financial institution, and subsequently to credit the creditor's account maintained by the receiver or one of its branches.sent by the creditor's bank, or another financial institution, to the debtor's bank, or another financial institution, on behalf of the creditor/instructing party to order the debit of the debtor's account and to collect payment from this account.sent by a non-financial institution account owner, or a party authorised by the account owner, to a forwarding financial institution to request the direct debit of the debtor's account and subsequently to credit the creditor's account serviced by a financial institution in another country.sent between two financial institutions on behalf of a creditor/instructing party to request the direct debit of the debtor's account in the Receiver's country and subsequently to credit the creditor's account maintained by the Receiver or one of its branches.
If i provide details of bank account but don't have a debit card for that account can the company take any money from that account without setting up a direct debit?
Yes. A debit card is not related to a direct debit. A direct debit is your authorisation to your bank to pay whatever amount is requested by whomever the direct debit is in favour of.... a utility company, a service provider or other business.... on a regular basis, usually monthly or yearly. A debit card is a way of paying for individual transactions, on the spot, without using cash. The total can be deducted from your account when the card is processed by the trader.
Fraud direct debit on your bank account what do i do?
Call up your bank, file dispute charges against the direct debit. Most likely they will give you a new bank account number.
What hapeens to my money when i pay direct debit?
The Money would be immediately debited from your bank account and the bank would initiate proceedings to transfer the cash to the retailer with whom you did the transaction.
What is a BB batch debit memo?
if you bank with wachovia, its a transfer to your way2save account.
What are account to account transfer your own Each card is different insight card visa debit-to net spend MasterCard PayPAl?
When each account can accept. ACH or domestic wire transfer
What is direct debit and does a direct debit plan help you pay any bills?
Direct debit is a direct withdrawal account. With this type of plan, the bank account holder authorizes the bank to withdraw funds from one account to pay a debt. This type of plan is typically referred to as a pre-authorized debit and used to pay a recurring debt such as a credit card or pay utility bills. The account holder can set a pre-specified amount to be paid on a regular basis, change the amount or make a one-time lump sum payment.
Is there a way to automatically send money to another account?
'standing order' or 'direct debit'
Is direct debit related to banking?
Yes, many people prefer to pay bills by direct debit. What happens is an account holder agrees to alow a company such as a utility to debit the account for the amount owed on the utility. Normally done monthly, this way now check needs to be writen and mailed.
What does direct debit mean?
Direct debit is a convenient way to make recurring payments, such as utility bills or loan installments, by allowing authorized parties to withdraw funds directly from your bank account on specified dates.
Is direct debit a good payment system?
Generally, for regular payments, direct debit is a good payment system as it means that there is no need to worry about paying a bill as it is automatically taken out of your bank account. However, if your bank balance is uncertain, direct debit is perhaps not the best payment system.
Can you load a credit card from a debit card?
There's nothing stopping you transferring funds from the account associated with the debit card. However - you cannot transfer more money than you already have in the associated account....
What is the journal entry when the owner transfers cash from a personal bank account to an account to be used for business?
debit- cash transfer to the account / credit- owner capital
