The resident holder of sight deposit or the authorized person with unlimited of disposing of the sight deposit, can give an order to SB to make payments on his/her behalf of certain service in MKD in the country:
- each month from his/her sight account, in the account of certain legal entity, in the amount consisted in the payment document
- in exactly determined amount and on exactly determined day in the month
The standing order is issued on separate form prescribed by SB in which the data are stated precisely: in which account the standing order is given, data on the sight deposit owner, to which liability the standing order refers to, payment instruments, date and amount if known, the name of the legal entity that issues the account for payment upon the standing order, instructions for transfer of the funds to another account, if the standing order is issued for transfer of funds, data for the beginning of the realization of the standing order and date of issue. The standing order is signed by SB's officer and the person who issues the standing order.
By the standing order, the client can give an order to SB, on his/her behalf, to transfer the funds to another account (eg for repayment of liabilities upon loan approved by SB)
The standing order for payments shall be issued for each service.
The payment of the liability in MKD on the basis of standing order from the foreign currency sight deposit account is made by purchasing FCY at the buying exchange rate of SB's exchange rates list, on the date of payment and in accordance with other SB's enactments.
SB is not obliged to realize the standing order, if there are no funds on the foreign currency account on the date of payment, or there are not enough available funds.
If the owner of the account does not want to pay upon already issued standing order, in that case, he/she requires from SB to revoke the standing order for payments and transfer of funds in separate form prescribed by SB. In this form, data are stated that have given in the standing order when it has been issued and the date from when the standing order is revoked and the date of revoking. The form for revoking the standing order is signed by SB's officer and the account holder.
The payments of the liabilities based on the standing order are made by SB without a collection of a fee from the holder of the deposit.