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  2. Direct debit - Wikipedia

    en.wikipedia.org/wiki/Direct_debit

    A direct debit or direct withdrawal is a financial transaction in which one organisation withdraws funds from a payer's bank account. [1] Formally, the organisation that calls for the funds ("the payee") instructs their bank to collect (i.e., debit) an amount directly from another's ("the payer's") bank account designated by the payer and pay those funds into a bank account designated by the ...

  3. Standing order (banking) - Wikipedia

    en.wikipedia.org/wiki/Standing_order_(banking)

    The payer has no direct control over these payments, but can cancel the direct debit at any time, with no reason required, and require the return of disputed payments. It is not possible to authorise an individual to take direct debits; only organisations that have a contract with the payer's bank, or have been vetted by it, can do this.

  4. What happens if my card payment is returned? - AOL

    www.aol.com/finance/happens-card-payment...

    If a credit card payment is returned, it is most likely due to insufficient funds or incorrect bank account information. A returned payment can result in fees from both the card issuer and the ...

  5. Lloyds Bank plc v Independent Insurance Co Ltd - Wikipedia

    en.wikipedia.org/wiki/Lloyds_Bank_plc_v...

    Lloyds Bank plc v Independent Insurance Co Ltd [1998] EWCA Civ 1853 was a decision of the Court of Appeal relating to the recovery of a payment made by a bank on the mistaken belief that the customer had sufficient cleared funds in the account.

  6. Faster Payments - Wikipedia

    en.wikipedia.org/wiki/Faster_Payments

    In May 2005 the task force announced that an agreement had been reached to reduce clearing times for phone, Internet and standing order payments. [19] This committed the payments services industry to develop a system able to clear automated payments in no more than half a day – the so-called ELLE model – resulting in payment being received the same day if made sufficiently early.

  7. Acquiring bank - Wikipedia

    en.wikipedia.org/wiki/Acquiring_bank

    An acquiring bank (also known simply as an acquirer) is a bank or financial institution that processes credit or debit card payments on behalf of a merchant. [1] The acquirer allows merchants to accept credit card payments from the card-issuing banks within a card association, such as Visa, MasterCard, Discover, China UnionPay, American Express.

  8. Electronic funds transfer - Wikipedia

    en.wikipedia.org/wiki/Electronic_funds_transfer

    Direct debit payments in which a business debits the consumer's bank accounts for payment for goods or services; Electronic bill payment in online banking, which may be delivered by EFT or paper check; QR code payment is a payment initiated using a QR Code scanned from POS terminal or Digital wallet

  9. Access (credit card) - Wikipedia

    en.wikipedia.org/wiki/Access_(credit_card)

    It was established as a joint venture incorporated as The Joint Credit Card Company Limited with Lloyds, Midland and National Westminster banks each owning 30% and Williams & Glyn's owning 10%. [4] The Access name was registered as a trademark on 26 November 1971 [ 5 ] and the product was launched on 23 October 1972. [ 6 ]