QA2019-32 - Payer's bank versus payee's bank

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Feb 01, 2024
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QA2019-32

Question


Should direct debits be reported by the payer's bank (that sends the money) or by the payee's bank (that initiates the transaction)?


Response


Direct debits should be reported by the payer's bank. They are part of payments executed from the payer's account.