Standing Order Payments

A Standing Order is an agreement that gives us the authority to deduct money from your account automatically to make payments within your account or any Laborie Credit Union or another institution. Standing orders eliminate the need for you to come in frequently to make payments.

Your loan, Vision Account, savings or Family Indemnity Plan can all be paid through a standing order. You indicate to us where the monies are to be deducted, whether it is from your account or salary, how much is to be deducted and where it is to be placed.

While standing orders within the Laborie Credit Union’s accounts carry no charges, a fee of $5.00 applies to Standing Orders assigned to other financial institutions. A standing order can run for as long as the member wishes and can be cancelled when the member instructs us to, except in the case of a loan.

It must be emphasized that Standing Orders are processed only if there is enough money in the specified account to be debited.