You will have to give your bank or building society a new standing order instruction if you wish to change the amount or date, not forgetting to cancel the earlier instruction at the same time. Banks and Building Societies need to assure cleared funds are received in the payer's account prior to crediting a payee. This process takes three days. Nevertheless, standing orders remain quicker than receiving payment by cheque. They can be used to pay regular bills, but the main advantage of a standing order is that this payment method allows any bank customer to transfer money on a regular basis to any other customer of a bank or building society.
Direct debit offers a number of advantages for both customers and companies.
With a direct debit the payer and payee bank accounts are simultaneously debited and credited and the customer is protected by the Direct Debit Guarantee which entitles them to an immediate refund if a mistake is made. It is cheaper for companies to collect payments by direct debit and in many cases it saves them time and administration. Where charges are made, these will be a matter for the commercial judgement of the institution concerned. One factor was the success of supermarket savings accounts, which are often funded by standing order. Another was the growing popularity of telephone banking, which uses this method for bill payment services.