Common use of Standing Orders Clause in Contracts

Standing Orders. Users can create, modify or cancel a standing order via the Services. A Payment Authoriser has up until 8pm on the Business Day before the standing order is due to be debited from the Account to consent to its creation, modification or cancellation. The Payment Authoriser’s consent for creating, modifying or cancelling a Standing Order is given by use of the Requested Code. To create a Standing Order Users will need to input the following details: • The name of the beneficiary selected from your beneficiary list or the sort code and account number of the account to which the funds are to be transferred; • The amount of the payment; • A meaningful reference so that the beneficiary can identify you; • The frequency of the payment (i.e. weekly, monthly etc.); and • The start date for the payment to commence.