Update to standing orders for thinkmoney customers
Published 5 December 2016 by Kyri Levendi
You shouldn't worry if you see a standing order show up as two or three mandates.
With the upgrade to thinkmoney accounts now complete, you should be getting used to the way your improved account works. As a result of the changes we've made to bring you an even better thinkmoney, certain things might look a little different.
One thing you might notice is the way your standing orders show up on Online Account Management. To help you understand what these changes mean for you, we're taking you through the update to standing orders.
The existing standing orders that you have set up might now show up on Online Account Management as two or three ‘mandates’.
A mandate is an instruction you give to your bank or thinkmoney. You’ll need a mandate to tell your bank to set up a standing order. This is when you pay a set amount regularly to another person's account. For example, you might ask us to set up a mandate for a standing order with your flatmate, so you can send your share of the rent to them each month.
The reason why this mandate might show up multiple times is if you've chosen to pay varying amounts – an initial first payment, an ongoing payment and if you've specified an end date for the final payment. All of these separate payments will show up as multiple mandates.
But don't worry, that doesn't mean the payment will go out more than it should – you'll still make one payment on a regular basis.
This won't affect any new mandates that you set up under our new system. They will only appear once, even if you've specified that you want to pay varying amounts.
What about Faster Payments?
This won't affect any one-off payments that you send. Any payments that you make or receive should now arrive within two hours – although they'll usually only take a couple of minutes.
Want to know more about the improvements we've made to your thinkmoney account? Read our blog.