When you set up a Direct Debit, you are making an agreement between you and a company you want to pay on a regular basis. The agreement you make authorises the company to collect varying amounts from your account on a regular basis. Because you’re covered by the Direct Debit guarantee, the company should always tell you what these amounts are - and when they’ll be collected. For more information read our Guide to payments and transfers.

What is it used for? Typically it’s used to pay credit cards, utility bills and subscriptions.

Direct Debits can be cancelled any time online, over the phone or in branch but it's always a good idea to notify the company you have the agreement with before you do this.

Consider if you really need to cancel. If you're unsure what your payment is for or you're having difficulty paying you could contact the company for information or help.

If you cancel your Direct Debit with Rafidain Bank, no further payments will be made to the company. And, although the payment can be re-instated on your account within 2 months of cancellation, this will not re-activate it. This can only be done by asking the company to re-authorise the payment.

Our cancellation deadline - Cancellation requests must be received by 4pm, the day before the payment is due (Monday-Saturday). For example: A Direct Debit due on Monday needs to be cancelled by 4pm on Saturday.

Accounts that are being switched - If you're in the process of having your account switched to another bank or building society, there's no need to cancel. Your new provider will transfer your Direct Debits to your new account. 

Multiple direct debits - Before you cancel your Direct Debit, check that it doesn't cover more than one service. For example, insurance policies are often bought as a bundle and you may cancel the wrong Direct Debit.