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Co-op Direct Debit facilitates better financial planning and planning

Co-operative Bank is Regulated by the Central Bank of Kenya.

Direct Debit

Direct Debit is an authority that a bank account holder gives to his or her creditor to collect an amount directly from his/her account. 

The main objective of direct debits is to serve as an alternative collection solution to organizations for recurring and frequent payments.

Features of Direct Debit Transactions

  1. Yearly payments
  2. High volume (high number of transactions)
  3. Low value; not more than Ksh 500,000

Types of Direct Debits

  1. Static Direct Debit
  2. Variable Direct Debit

Parties to a Direct Debit Relationship

  1. Originator: The entity initiating the Direct Debit transaction.
  2. Originator’s Bank: The bank in which the originator maintains a collection account, that is, Co-op Bank.
  3. Payer: This is an originator’s customer (typically an organization or individual), that is, springboard capital members/clients.
  4. Payer’s Bank: The bank in which the payer maintains an account to facilitate settlement of Direct Debit instructions.

Direct Debits Benefits

  1. For the Originator
    • Easy reconciliation
    • Good for variable payments
    • The originator is in control of collections
    • Proper financial management and planning
    • Provision of status reports, that is, return files
    • Affordable mode of collection
  2. For the Payer
    • Elimination of reliance on memory to settle recurrent bills
    • Safe and convenient
    • Efficient and cost saving
    • Quick and easy resolution of queries 

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