Direct debits: not the client account
Guarantee Fund Committee advice that variable direct debit payments should be set up against an account other than the principal client account
The Journal, November 2005, page 40
With the advent of variable direct debit payments for Registers of Scotland transactions (see October Journal, page 52), and the prospect of SDLT following suit, the Guarantee Fund Committee has considered the implications for the clients’ account.
The Committee acknowledges that variable direct debit is a robust and secure means of payment, but has issued guidance that the principal client bank account should never be subject to variable direct debit. A separate account should be opened from which to operate such payments. This will reduce the risk of an error causing a shortage on the client bank account and assist in the ease of reconciling the account.
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