Kent Reliance with Natwest sort code?!

janeke

I`m opening a bond with Kent Reliance and have an email from them saying to use the sort code 62 24 97 - but this is a Natwest sort code.

Is this OK? I haven`t been able to find any links between Kent Reliance and NatWest

[Deleted User]

http://www.kentreliance.co.uk/support/paying-money-in

"Bank transfer and standing order
To pay in by bank transfer or by standing order, please quote the following details:
Sort code 62 - 24 - 97
Account number Take the numbers from your account number and add a zero to the beginning. For example ABC1234567KRB would become 01234567
Reference Quote the full account number of the account into which you are paying including the letters at the beginning and end, for example ABC1234567KRB"

agrinnall

There don't need to be any links between the two organisations other than whatever commercial agreements they have. The sortcode is for a collection account, the same as many organisations have with their banks. The chances are that Kent Reliance are not a member of Vocalink and don't have their own sortcodes, so they bank with a bank that does (Nat West in this case) and use the collection account as a means of transacting with their customers. It's not anything to be worried about.

Mee

Is it by chance that finger licking 1.7% 1 year f.r. bond?

Ballard

KRBS won't be a direct participant in BACS, Faster Payments or CHAPS so will have been sponsored into the schemes by NatWest. KRBS will maintain an account with NatWest and any payments in and out will pass through it.

It's normal for small banks to operate in this manner. I used to be involved in this sort of thing for a small bank and unless things have changed in the last couple of years there may be slight delays in faster payments being received as NatWest will forward them in batches during the day. From memory this happened three or four times a day. We didn't send faster payments in this way so I can't comment on outward payments.