faster payment name question

hammersfan1

Hi

when sending a faster payment does it actually matter if the name you put on the.payment for the account holder is correct or not or does the system just check that the account number and sort code is valid?

Cheers

John

agrinnall

Name is not checked, just sortcode and account number.

Gromitt

Typically the 'name' is whatever you want to call the payment.

'Reference' is whatever you want it to appear on the recipients statement.

catokelly

You are better off to put the correct name in case there is ever a query about that payment from either you or the recipient.

Gromitt

I think you mean correct reference, which you should always do. Always agree the reference with the recipient before sending.

bob792

One of the problems with online transfers to building societies is that they usually need the 'reference' field for your BS account number, which can make it difficult to identify the account in your online payee list.

This is compounded by banks like Lloyds which don't show the 'reference' field on either the online or paper statements for outgoing faster payments.

You can therefore use the 'name' field to record either your name or your name + your own code to identify BS account which makes it easier to identify the account when you're transferring out and also to make sense of your bank statements.

I'm not sure whether all 'name' fields are the same length (the one I checked is 18 characters) so would there be any potential problems if I used all 18 characters for my own record of my receiving account or, to be on the safe side, should I put my name in the 'name' field and only use the leftover spaces at the end to help me identify which of my accounts are which?