Policy Repayment

Poppy99

I have a policy that is about to mature soon. They want to pay the money into my bank account. However my bank account is in my maiden name (which I have no intention of changing) and my policy is in my married name. For understandable reasons (I.e fraud) they will not pay it in my bank account as the names do not match.

I have called them and asked for a cheque in my married name (so it matches the policy name) but their advice was to take my marriage certificate into my bank and change the name on my bank account as they would not repay by cheque.

Can I demand that they pay me by cheque? Is there something in a customer act somewhere that I can quote?

Atreyu107

You can try, but it won't get you very far.

Banks have a multitude of requirements under things like Anti-Money Laundering, Source of Funds and Know Your Customer regulations. As you have recognised yourself, it's not unreasonable for a financial institution to ensure they're paying into an account owned by the same beneficiary, especially if they have a policy of only transferring funds electronically, which most do these days.

Linton

Set up a new account with your current bank in your married name? Might be the least hassle option.

xylophone

Set up a new account in your married name to receive the proceeds?

You might then set up a couple of direct debits on it and take advantage of a switching bonus at M&S......?