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Direct debits make an excellent way to pay regular bills, including energy bills and other expenses involving regularly changing amounts. When it comes to setting up a direct debit, you will need to tell your bank to let an organization take money from your personal or work bank account. It will allow the organization collects the money you own. However, the company has to inform you at least ten working days in advance that they will be taking a specific amount of money from your account for a specific period.
Pros of Setting Direct Debit
Direct debits have several benefits to offer. This payment method saves your effort and time required to pay regular bills every month. Direct debits allow you to remain worriless about remembering billing dates or fines for late payments.
Direct debit payment methods also save you money. Many utility providers, including energy bills, offer you a discount for using Direct Debit to make payments. These payment methods are secure and safe. Your bank will pay back any incorrect payment.
Possible Disadvantage of Direct Debits
Direct debits usually do not have any significant disadvantages. It requires you to stay in control by keeping track of your direct debit and keeping enough money to cover the payment. It shouldn’t be hard to do so, especially if you can access your account online.
Who is Eligible for Setting up Direct Debit?
Anyone with a basic account and current account can use direct debit. This payment option is also available for users with some prepaid card and credit union accounts, who can benefit from direct debits. Users need to be over 11 years to use direct debit, depending on the account type you have.
You can set up a direct debit account with https://www.eazipay.co.uk to enjoy an effortless payment method. The organization collecting the payment will guide you on the procedure. It will require you to fill a form and mail them. You can also set up a direct debit online. Once set, the organization will inform your bank about it.
