The authority given to a bank to make regular payments on behalf of a customer is
Question 1 Report
The authority given to a bank to make regular payments on behalf of a customer is
Answer Details
The authority given to a bank to make regular payments on behalf of a customer is called a standing order. This is an arrangement between a bank account holder and their bank, where the account holder authorizes the bank to make regular payments to a specified recipient on their behalf. Standing orders can be set up for a variety of payments such as rent, mortgage, utility bills, or loan repayments. Once set up, the bank will automatically transfer the specified amount of money at regular intervals, typically monthly, from the account of the customer to the recipient.
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