Meaning & use
bank mandate
Last updated
Meanings
nouncountablebusinessfinance
An official instruction or written authority that lets a bank act for a customer, such as allowing someone else to operate an account.
Grammar: Countable: you can sign a bank mandate or set up several bank mandates for different accounts.
Patterns
- sign a bank mandate
- set up a bank mandate
- a bank mandate for something
To let her son pay bills from her account, she signed a bank mandate at the local branch.
The company's bank mandate allows two directors to authorize payments together.
Our bank mandate needs updating now that the treasurer has changed.
nouncountablebusinessfinance
A document in which a customer authorizes regular payments, for example a direct debit, from their account.
Grammar: Countable and often used with for plus the payment or payee: a bank mandate for the rent.
Patterns
- a bank mandate for something
- complete a bank mandate
- cancel a bank mandate
You must complete a bank mandate before the gym can collect your monthly fee.
He canceled the bank mandate after the subscription price went up.
The charity asked donors to fill in a bank mandate so gifts could be taken automatically.
Word forms
| plural | bank mandates |
|---|
Common combinations
- sign a bank mandate
- Both account holders must sign a bank mandate before the change takes effect.
- set up a bank mandate
- It took a week to set up a bank mandate for the new club account.
- a bank mandate form
- Please return the completed bank mandate form to the branch.
- cancel a bank mandate
- She canceled the bank mandate when she closed the account.
- update a bank mandate
- The bank asked us to update the mandate after the manager left.
Synonyms and how they differ
- authorization
- A general word for official permission; it is broader and not tied to banking paperwork.
- direct debit mandate
- A narrower term for the document that lets a company take regular payments from your account.
- power of attorney
- A stronger legal document giving wide decision-making power, not just banking authority.
Word family
Commonly confused: bank mandate or bank statement?
bank mandate vs bank statement
A bank statement is a record of money going in and out; a bank mandate is the authority you give the bank to act.
Practice
The club treasurer asked every new member to _____ so the monthly fee could be collected automatically.
Choose one answer.
A bank mandate is the written authority that lets the bank or a company collect payments, so you sign one. A bank statement is only a record of transactions, and a loan or new account does not by itself give collection authority.
Make it your own
Write a sentence using “bank mandate”, then check it and compare it with the examples above.