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DIRECT DEBIT / STANDING ORDER FORM I, the undersigned, hereby authorize IMSaT LIFE ASSURANCE COMPANY LIMITED to debit my bank account provided below: Plan Number: Bank Account Name: Bank Name: Bank

How to fill out direct debit standing order

How to fill out direct debit standing order:

1. Gather the necessary information: Before filling out the direct debit standing order, make sure you have the bank account details of the organization or individual you want to set up the standing order with. This includes the account holder's name, account number, and the sort code of their bank.
2. Access the direct debit standing order form: Contact your bank or visit their website to obtain the direct debit standing order form. This form may also be available for download from the bank's online banking portal.
3. Fill in your personal information: Start by providing your own personal information accurately. This will include your name, address, contact number, and your bank account details.
4. Specify the recipient details: In the form, enter the name, address, and bank account details of the organization or individual who will be receiving the funds through the direct debit standing order.
5. Set the amount and frequency: Indicate the amount you want to be debited from your account and specify the frequency of the payments. This can be a fixed amount on a specific date each month or any other agreed arrangement.
6. Sign and date the form: Once you have filled out all the necessary information on the form, carefully read through it to ensure accuracy. Then, sign and date the form as required.
7. Submit the form: Return the completed form to your bank. This is typically done either in person at a branch, by mail, or through the bank's online banking portal. Follow any additional instructions provided by your bank for submitting the direct debit standing order form.

Who needs direct debit standing order?

1. Individuals who have regular bills or payments to make, such as rent, mortgage payments, or utility bills, can benefit from setting up a direct debit standing order. It ensures timely and convenient payments without the need for manual intervention each time a payment is due.
2. Businesses or organizations that receive regular income from customers or clients, such as subscription services, can also benefit from direct debit standing orders. It provides a reliable and automated way to collect recurring payments, reducing the administrative burden and ensuring consistent cash flow.
3. Direct debit standing orders can also be useful for individuals who want to regularly save a fixed amount of money. By setting up a standing order to transfer a specific amount from their current account to a savings account, individuals can automate their savings and ensure they are consistently putting money aside.

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