The SEPA (Single Euro Payments Area) Direct Debit Mandate is a financial agreement that allows businesses and other entities to withdraw funds from an individual's bank account, provided they have the account holder's consent. In this article, you will find basic information about SEPA, commonly used terms and their meanings, as well as a template for cancellation.
Basics of SEPA Direct Debit Mandate (Lastschriftmandat)
A SEPA Direct Debit Mandate is an authorization granted by the account holder to a payee, allowing them to withdraw specified amounts from the account. This arrangement is particularly useful for recurring payments across Europe.
Key Terminology
German | English |
SEPA-Lastschriftmandat | SEPA Direct Debit Mandate |
Kontoinhaber | Account Holder |
Zahlungsempfänger | Payee |
Widerruf | Revocation |
Mandatsreferenznummer | Mandate Reference Number |
Kündigung | Cancellation |
Terminating a SEPA Direct Debit (Lastschriftmandat)
Revocation of Authorization: Inform the payee that you are revoking your consent for them to debit your account.
Written Notice: Send a written revocation to the payee including your signature, clearly stating the cessation of the mandate.
Action by the Mandate Giver: The person who granted the mandate, typically the account holder, must initiate the cancellation. Informing the bank is also crucial to prevent future debits.
Cancellation Deadlines: Pay attention to any deadlines set by the payee for mandate cancellation. Ensure timely communication to make the revocation effective.
Do you need assistance with canceling your SEPA direct debit (Lastschriftmandat)? Use Our Free Template on Google Docs.
Please note: This content is for informational purposes only and does not constitute legal advice. Deutschbuddy (Sonnemann Medien- und Vermittlungsdienste) assumes no liability for the use of this document.
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