Forum Home» Budgeting & Bank Accounts

New "Confirmation of Payee (COP)" - Page 3

New Post Advanced Search

New "Confirmation of Payee (COP)"

80 replies 3.8K views
135678

Replies

  • born_againborn_again Forumite
    3.2K posts
    1,000 Posts Name Dropper
    ✭✭✭✭
    colsten said:
    No need to panic. We can continue using any payee name we like - we'll just get a warning if the name check doesn't find a match.

    This is what Starling say:


    People just need to be aware in that case they most likely will not get any refund if it was on the back of a scam email etc. As bank will simply say. You were told to check and failed on your due diligence.
    On my way to retirement. Thanks to Covid 19. 
  • edited 6 March at 2:08AM
    colstencolsten Forumite
    14.1K posts
    10,000 Posts Sixth Anniversary Photogenic Name Dropper
    ✭✭✭✭✭
    edited 6 March at 2:08AM
    People just need to be aware in that case they most likely will not get any refund if it was on the back of a scam email etc. As bank will simply say. You were told to check and failed on your due diligence.
    Yes of course, that goes without saying. The warning in case of mis-matches will no doubt be helpful for many people but I am very pleased that the banks have been sensible and won't be enforcing any sort of match. It clearly is the account holder's responsibility if they ignore the warning about the mis-match. That's totally fine by me, and I assume it will also be totally fine by the many other people who, like me, choose to name their payees in a manner that's meaningful to themselves.
  • Notepad_PhilNotepad_Phil Forumite
    314 posts
    100 Posts Name Dropper
    ✭✭
    In cases like this I'll usually put my name followed by an abbreviation of where it's going to e.g. "Notepad Phil SAF" so I'll have to see how the matching copes with that - it's going to cause me a bit of grief if the banks ever do start to restrict SO's from being set up if the matching fails. 
  • jonesMUFCforeverjonesMUFCforever Forumite
    27.7K posts
    Part of the Furniture 10,000 Posts Name Dropper
    ✭✭✭✭✭
    colsten said:
    People just need to be aware in that case they most likely will not get any refund if it was on the back of a scam email etc. As bank will simply say. You were told to check and failed on your due diligence.
    Yes of course, that goes without saying. The warning in case of mis-matches will no doubt be helpful for many people but I am very pleased that the banks have been sensible and won't be enforcing any sort of match. It clearly is the account holder's responsibility if they ignore the warning about the mis-match. That's totally fine by me, and I assume it will also be totally fine by the many other people who, like me, choose to name their payees in a manner that's meaningful to themselves.
    You will only need to do this once - after one payment is made the COP system won't check it again unless you delete and reinstate a payment.
    What goes around - comes around
    give lots and you will always receive lots
  • edited 7 March at 7:46PM
    colstencolsten Forumite
    14.1K posts
    10,000 Posts Sixth Anniversary Photogenic Name Dropper
    ✭✭✭✭✭
    edited 7 March at 7:46PM
    Tildaplum said:
    That diagram suggests that you cannot set up a payment unless there is a 100% match of the account name. It's my understanding that such a match is not going to be enforced. For example, if you want to make a payment from your COOP account to your own M&S account, and your M&S account name is "Joe Bloggs", you can still set up a payee in your COOP account called "My M&S account". You'll be bombarded with warnings and disclaimers during the set up, but you will be able to ignore all of these. As jonesMUFCforever said above, once you have set up the payee, you can then make payments to it without further warnings.
  • TildaplumTildaplum Forumite
    411 posts
    100 Posts Name Dropper
    ✭✭
    To be fair, it says 'STOP - please check...' it does not say you can't proceed after checking
  • edited 8 March at 12:53PM
    Wheres_My_CashbackWheres_My_Cashback Forumite
    3.6K posts
    Eighth Anniversary 1,000 Posts Name Dropper Photogenic
    ✭✭✭✭
    edited 8 March at 12:53PM
    Currently I pay out approx 30 SOs on the 1st of every month to other accounts in my name.
    All of those payments show my name followed by up to a 5 letter/number code.
     
    EG. J Johnson ABC1, J Johnson SBS3, J Johnson PBX15

    which identifies (to me) at a glance where those payment are going and makes it VERY EASY for me to track when looking at statements.

    I wonder whether this will still be permitted in future when the changes are widely made?
  • colstencolsten Forumite
    14.1K posts
    10,000 Posts Sixth Anniversary Photogenic Name Dropper
    ✭✭✭✭✭
    I wonder whether this will still be permitted in future when the changes are widely made?
    Yes it will be. You'll just get a bazillion of warnings when you set up a new payee.
  • Wheres_My_CashbackWheres_My_Cashback Forumite
    3.6K posts
    Eighth Anniversary 1,000 Posts Name Dropper Photogenic
    ✭✭✭✭
    colsten said:
    I wonder whether this will still be permitted in future when the changes are widely made?
    Yes it will be. You'll just get a bazillion of warnings when you set up a new payee.
    I can live with that to keep things simple for me.
Sign In or Register to comment.

Quick links

Essential Money | Who & Where are you? | Work & Benefits | Household and travel | Shopping & Freebies | About MSE | The MoneySavers Arms | Covid-19 & Coronavirus Support