Please delete my forum account delete delete delete delete delete delete hostage taker

schiff

I think it helps if you added items to the payee list before COP was introduced. I've got Virgin RSs listed as Virgin 13 and Virgin 14 which tells me clearly which is which. But more recently I've got Virgin CA and Virgin CA2 as the payees for the two Virgin current accounts I opened recently. Most of the others are one offs - Club Lloyds, K*GO (for a neighbour who shops for me in the lockdown). You can sometimes identify a payee by the last amount you paid them. I only use online banking and I've not found this a problem. A different story at HSBC though!   

soulsaver

So I name my Santander payees soulsaver MnS; soulsaver vm1; soulsaver vm2; soulsaver hfx1; soulsaver hfx2; soulsaver vm3 etc. & for the n or so accounts I have in my name from my Santander hub... 
I guess others do similar?

colsten

soulsaver said:

So I name my Santander payees soulsaver MnS; soulsaver vm1; soulsaver vm2; soulsaver hfx1; soulsaver hfx2; soulsaver vm3 etc. & for the n or so accounts I have in my name from my Santander hub... 
I guess others do similar?

That's very similar to how I name my payees. Instead of numbering the accounts with a bank, I use the last 4 digits of the account, e.g. C HFX 1234, C HFX 6789, C HSBC 4567, C Virgin 9876, C Virgin 4321, C Coop 8866 and so on. I do it this way with all banks and building societies, and there has never been an issue with any of them, before or after the implementation of the name check.

dunstonh

In my experience, an exact match is not required.  There are some wildcard filters included and if it is a close enough match, it will tell you what the correct name is to allow you to confirm it is what you want.  If the name is not close enough, it will say it doesnt match.
Of course, banks will have different software and filters and some may be better on the information front than others.

eskbanker

Deleted_User said:

Santander will sulk that they can't match the account holder's name through their new system. But it's tough luck to them as I will ignore the system and continue with my previous method of identifying my various accounts until they wake up and fix their system.

They really won't sulk, they don't care one way or the other!  The purpose of Confirmation of Payee is to pass the responsibility for scam payments back onto the customer - without CoP, banks have been liable to reimburse these but now that they can say that customers ignored warnings and that lets them off the hook, so how customers choose to respond to the warnings is of no interest to the banks at all....

colsten

Try this one.

soulsaver

Deleted_User said:

soulsaver said:

So I name my Santander payees soulsaver MnS; soulsaver vm1; soulsaver vm2; soulsaver hfx1; soulsaver hfx2; soulsaver vm3 etc. & for the n or so accounts I have in my name from my Santander hub... 
I guess others do similar?

When typing in the payee name, Santander doesn't bother to tell you that the number of characters they will actually show on the payee list is limited (to 16 I think). So, unless you've got a very short name, you may be out of luck after having typed in the whole story and then find out the hard way later that the remaining identification is either cut short or missing altogether. So currently I'm ignoring their useless "exact account name" system and creating payees the way I did in the past which is of the form:

  Bank name / account name

Santander will sulk that they can't match the account holder's name through their new system. But it's tough luck to them as I will ignore the system and continue with my previous method of identifying my various accounts until they wake up and fix their system.

Banks have never matched on name in the past - just ac number & sort code, so you could shorten your name as necessary to include enough characters to identify the payee. 
And even with CoP, you still can. However intuition would be to usually have the payee name first and then the (bank,bs etc) identifier. 

soulsaver

Deleted_User said:

colsten said:

Deleted_User said:

The bad news is that some financial institutions (eg Santander Bank) have made this a nightmare for customers like myself.

I consider it a minor nuisance rather than a nightmare, as you can still use whatever name you like. You just have to ignore the warning about the mismatch, and confirm that any payment is entirely your responsibility.

So what if your payment goes to the wrong account and the bank says "It's your fault for failing to supply the account name and therefore we're not going to assist in recovering your loss"?

Well, relative to this discussion it wouldn't matter... it'd still be your account. 
When you're in a hole you need to stop digging..

happy_hazelnuts

I was wondering how many people currently with Santander would consider switching to another bank that has a nickname field purely for this reason

colsten

Deleted_User said:

colsten said:

Deleted_User said:

The bad news is that some financial institutions (eg Santander Bank) have made this a nightmare for customers like myself.

I consider it a minor nuisance rather than a nightmare, as you can still use whatever name you like. You just have to ignore the warning about the mismatch, and confirm that any payment is entirely your responsibility.

So what if your payment goes to the wrong account and the bank says "It's your fault for failing to supply the account name and therefore we're not going to assist in recovering your loss"?

It's been your fault anyway for the last umpteen years, and you wouldn't have got your money back from the bank if you mis-typed your own account details. More likely than not your money transfer would have bounced and got returned a few days later as it isn't actually easy to guess valid account numbers. The CoP has not been implemented to save people from mis-typing sort codes and account numbers, but to save the gullible ones from sending money to fraudsters.

There are oodles of safeguards people can use, and have been using, to making sure you are not sending money to wrong accounts. The most popular one, apart from double-checking you typed the correct sort code and account number, is to send a £1 test payment before any larger amounts get sent.

As I said before: mountain, mole hill.