Confirmation of Payee (CoP): how do I find out what name my bank has registered me with?

kulath

I don't understand why I am getting so much adverse criticism about my comments. This is supposed to be a consumer forum, and I am trying to point out how the banks have failed to properly implement the new CoP system, despite having had years to prepare for it.

Specifically, the banks have failed to tell their customers what name they are using for your own account for checking the CoP. My contractor he has been entirely sympathetic with the comments I have sent, and no, I am not trying to delay payment. My contractor eventually got through to his bank (after hours on hold and no response to emails). Yes, I have every sympathy for the bank's staff, but I have absolutely NO sympathy for the bank's management who could have avoided this whole fiasco if they had given the matter a moments thought. It turns out that the bank is not using the contractor's normal trading name (by which he is universally known) but is using the company name as registered at Companies house.

Ukfinance says:

"The account name will be available in communications that customers have with their account provider (such as a bank statement) and through their online or mobile banking applications. If a business thinks they need to change the name of the account, or is unsure of the account name used, the business should discuss this with their account provider."

However, this is NOT true, because the contractor says that <xxxx> "is our trading name and the bank sends us all correspondence etc in this name." So the name in communications from the bank s not the account name that is used in CoP.

The situation is made even more difficult (is this just getting to be a farce?) because the company name is "Fred (Place) Ltd", but when I input that, it is rejected because brackets are not allowed in that field (my bank is RBS).

Again, please note that I am trying to highlight the way in which we, as consumers, have once again been failed by the banks. Near miss does not work because the name is completely different, yes, I could transfer £1, by that vitiates the whole point of CoP, yes, I could just assume that I can type in the right account number, but that again vitiates the whole point of CoP.

I want to get the banks to take seriously their responsibilities to help avoid fraud.

colsten

Have you considered to offer the banks your services as a Consultant? Or raising a complaint with your bank? As continuing to moan about it on an internet forum won't change anything.

NB: If you want to speak for consumers, please do get their agreement first. For instance, I do not feel that I "have once again been failed by the banks", and I would be surprised if you would get any sizeable number of people to get as worked up over CoP as you are. After all, it's a semi-optional thing that we are largely free to ignore, and that we only have to put up with because a small number of people keep choosing to ignore the endless warnings about not transferring money to people who ring them out of the blue.

So please do not speak on my behalf. I have no issue with CoP, over and beyond that it's a nuisance I have to put up with on request of some people who can't assume responsibility for themselves.

Chino

kulath said:

I don't understand why I am getting so much adverse criticism about my comments.

Because it's apparent that your contractor has provided you with the account details you need and yet you seem to be looking for excuses not to pay. Either just ignore the spurious warnings your bank gives you or, as I think has already been suggested, pay them a penny, check they receive it and pay the balance.

That the banks have made a hash of implementing confirmation of payee is news to no one, it being typical of UK banks' attitude to customer service.

wmb194

Why don't you post the contractor a cheque?

gallifreyangirl

Or pay the old £1 method see if they get it then send the rest. 

lr1277

Based on this thread I checked with my bank. My bank (First Direct) are not implementing this for a few months.

However the name any sender should use is my full full name preceded by Mr.

I say full full in that I have a first name that is usually shortened. I only use the long form on government documents like passports etc. The bank also wanted my middle name and obviously my surname.

As far as I remember this is not on the bank's internet site when I log on. Haven't looked at a statement for many years, so can't say what is on the statement. May check when the next one arrives, now that I know what I know.

mgdavid

I don't have any problem or issue with CoP either. I simply continue to use the 14 digits representing the sort code and account number of whom I wish to pay. If I can't read and type 14 digits without cocking it up I'd blame myself in a big way, and if the payee tells me an incorrect 14 digits it's their problem not mine.

Notepad_Phil

mgdavid said:

I don't have any problem or issue with CoP either. I simply continue to use the 14 digits representing the sort code and account number of whom I wish to pay. If I can't read and type 14 digits without cocking it up I'd blame myself in a big way, and if the payee tells me an incorrect 14 digits it's their problem not mine.

Unfortunately in this case I think the problem would come if somehow a scammer inserted themselves into the conversation between you and the payee and passed over their scam sort code and account number. If you pay into that account then it's you/your bank who has the problem, not the authentic payee who has not received the money.

Hopefully you'd be on the ball and this will never happen, but I'd prefer that COP worked well enough so that scammers went out of business - though unfortunately I think they'll just move onto some other means of making money from peoples misery.

societys_child

Can't believe I've read this thread all the way through.

I need to get out more.

Oh I can't . .

Petriix

I strongly suspect that, where the recipient bank has yet to fully implement the COP system, every name will result in a mismatch. I say this because someone was trying to pay my partner into a Nationwide account and used every conceivable variation of her name without any being accepted as a match.

The question is entirely valid and your bank should provide you with the exact expected name. It's incredible (if not surprising) that any bank would be allowed to roll this out without *every* bank being obliged to ensure they can provide the appropriate response.