New Sending / Receiving Money Rules [Confirmation of Payee]

Money, investing, mutuals etc
AAAlphaThunder
Posts: 26519
Joined: Tue Sep 14, 2010 8:23 pm
Location: [The Finest City in the World: London]
Has thanked: 192 times
Been thanked: 3652 times
Contact:

New Sending / Receiving Money Rules [Confirmation of Payee]

Post by AAAlphaThunder » Fri Jun 05, 2020 3:13 pm

Banks finally introduce ‘confirmation of payments’ – ie, to tell you if you’re paying the right person

When you make a bank transfer online or by phone, millions will soon be told if the name of the person you think you’re paying doesn’t match the actual name on the account in a fight against scammers, and to guard against customer errors. And while the roll-out is far from complete, you may see this on some transfers already, as we explain...
In most cases right now, if you make a payment, it usually doesn't matter if you put the name 'mickey mouse' in - it'll go to that sort code & account number. This means fraudsters are able to pose as someone else and trick you into sending them money. It is also easy to mistype account details and send money to the wrong place.

But banks are starting to introduce the long overdue 'Confirmation of Payee' system so you can check who it's really going to and stop the payment if necessary - so the onus is still on you to ensure you’re happy before completing the transfer.

Some banks have introduced this and some haven't, but it still requires both the sending and receiving bank to have the new system in place for you to get the real benefit of it.
The six major banking groups – Barclays, HSBC (incl First Direct), Lloyds (incl Halifax and Bank of Scotland), Nationwide, RBS (incl NatWest & Ulster) and Santander – technically have until 30 June to implement it for Faster Payments and Chaps payments under Payment and Services Regulator rules. However, the deadline may be moved if banks have a huge workload dealing with the financial fall-out of the coronavirus crisis.
Full Analysis:
https://www.moneysavingexpert.com/news/ ... -of-payee/
Thanked by: kevinchess1, blythburgh
[Secretary] imutual Cashback Investment Club

kevinchess1
Posts: 23283
Joined: Mon Jun 28, 2010 11:02 pm
Location: Miles away from the sea
Has thanked: 12151 times
Been thanked: 16529 times
Contact:

Re: New Sending / Receiving Money Rules [Confirmation of Payee]

Post by kevinchess1 » Fri Jun 05, 2020 6:34 pm

My banks have been doing ths for about a month now.
And/or saying if it's a 'Verified' account
Thanked by: blythburgh
Politically incorrect since 69

planteria
Posts: 5568
Joined: Tue Nov 23, 2010 4:52 pm
Location: England
Has thanked: 363 times
Been thanked: 1211 times
Contact:

Re: New Sending / Receiving Money Rules [Confirmation of Payee]

Post by planteria » Sat Jun 06, 2020 8:38 am

yes i've been seeing it in place for some time..
Thanked by: blythburgh, kevinchess1

Post Reply

Who is online

Users browsing this forum: No registered users and 1 guest