London (Parliament Politics Magazine) – You might have a running standing order that you need to terminate prior to your next reimbursement? Understanding how to cancel a standing order is a straightforward process that everyone who makes monthly payments through standing order should be aware of. So, is it possible to terminate a standing order? 

If so, how do you terminate a standing order with each of the UK’s main banks? Find the answers to these and other questions in our article on cancelling standing orders.

Easy way on how to cancel a standing order?

You may be able to cancel your standing order and move to another method of payment at any time. Can you, however, cancel a standing order? Absolutely, even if you established the standing order to encompass a period of time that hasn’t yet passed, you can terminate it at any moment. 

Additionally, you are the only one who has the authority to advise the institution to cancel your standing order.

Standing Order 

Now, what exactly is a standing order? It’s basically an automatic method of making frequent payments. You will direct your bank to make a specified dollar amount payment to another individual or business at regular periods. It can run forever or be programmed to span a certain time period (i.e. one year). 

Even though it might appear to be identical to Direct Debit, there are a few important variations in between 2 payment options. Simply stated, when using Direct Debit, the entity collecting the payments requests authorization to “draw” funds from the payee’s account. In contrast, with standing orders, the payee directs their bank to “push” payments to the receiver.

Steps:

1. Inform bank

First and foremost, you will notify your bank. The technique you use to notify your bank might vary (we’ll go through the numerous alternatives in the following section), but you can generally do it through internet banking, phone banking, or just visiting your local branch.

1. Inform recepient 

Following that, notify the receiver that your standing order has been cancelled. Non – payment might result in costs or penalties, therefore it’s critical to notify the receiver ahead of time that payment is not expected. You also should almost double conditions of your contract to ensure that no notification is required before cancelling the standing order.

1. Regular payments

If you continue to make regular payments but prefer not to use standing orders, you’ll have to find another method of payment. There are several payment options available, such as Direct Debit, cheque/cash, or paying instantly with your credit/debit card. 

1. Check bank statement 

Lastly, double-check your bank statements to confirm that the cancellation was executed and that the funds are no longer being deducted from your account. If your banks made an error and you are still being billed, contact them as soon as possible. They ought to be able to quickly detect the problem and get you a refund.

Banks

1. HSBC 

To withdraw a standing order with HSBC, have to get into your online baking account, go to ‘Standing orders and future payments,’ and then follow the cancellation instructions.

1. NatWest 

You may terminate a standing order using NatWest’s online banking service or your mobile banking app.

1. Santander

If your standing order is with Santander, just log into your account and navigate to the ‘Payments’ tab. Then, pick ‘Standing Orders’ and proceed as directed.

1. Barclays Bank 

Do you want to know how to cancel a standing order with Barclays? It’s straightforward. You may cancel your account via the Barclays app, your online banking account, in-person at your local branch, or by phone.

1. Lloyds 

If you have a Lloyds bank account, you can terminate your standing order using your online banking account.

1. RBS 

To terminate a standing order with RBS, simply log into Digital Banking, select ‘Payment and transfers,’ and follow the on-screen instructions.

Time period for cancellation

Cancelling so close to the deadline? Cancelling a standing order usually will not really take long, so as long as you’re not attempting to withdraw the standing order an hour or so even before due date for payment you should have ample time.  

Each bank has a different processing period for standing order cancellations, but as long as you withdraw at least forty eight hours after your standing order is scheduled to go out, your payment will not be processed.

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Conclusion

The method of cancelling a standing order is generally identical across the board. Every bank, though, has its own method of doing things. This is why, you should keep up with your specified bank. Hopefully, you are no longer ambiguous about how to cancel a standing order.