Payee full name field

Deanbrid

Don't laugh too much at my dumb query, here goes.

I have just opened an online savings account with Shawbrook and I bank with HSBC, so have set my HSBC account up as my nominated account with Shawbrook.  Am now transferring an amount from HSBC to Shawbrook doing the online transfer from HSBC using new payee.  Query, in the full name of payee field  would I put Shawbrook Bank or my own name.  Shawbrook  have given the sort code and my new account number and say to put my name in the reference field.  It also mentions they are not set up as part of the CoP (Confirmation of Payment) system so was just wondering what detail to use in the payee field to make sure the transfer is set up correctly.

Thanks in Advance

penners324

Put your nane

emmajones1976

If they arent part of the CoP system then it hardly matters, you could put Donald Duck or Adolf Hitler and it would go through, obviously make sure the sort code and account number is right. Maybe send a penny to it first and check it is received.

In any case even if they were part of that process you can still override it.

Shakin_Steve

penners324 said:

Put your nane

And make sure you spell your nane correctly.

Sandtree

Deleted_User said:

Deanbrid said:

Don't laugh too much at my dumb query, here goes.

I have just opened an online savings account with Shawbrook and I bank with HSBC, so have set my HSBC account up as my nominated account with Shawbrook.  Am now transferring an amount from HSBC to Shawbrook doing the online transfer from HSBC using new payee.  Query, in the full name of payee field  would I put Shawbrook Bank or my own name.  Shawbrook  have given the sort code and my new account number and say to put my name in the reference field.  It also mentions they are not set up as part of the CoP (Confirmation of Payment) system so was just wondering what detail to use in the payee field to make sure the transfer is set up correctly.

Thanks in Advance

This is all part of the CoP pantomime that I described here:

https://forums.moneysavingexpert.com/discussion/6293216/banks-making-a-mockery-of-the-confirmation-of-payee-system/p1

I think in principle the CoP system is excellent. It helps protect customers from sending payments to the wrong account by checking the name on the receiving account against the Sort Code, Account number details that you supply. .It's just unfortunate that some banks & financial institutions such as Santander (and maybe HSBC?) can't be bothered to implement it in a user friendly way. What I am referring to is that when creating an outgoing payment they only allow the following parameters:

Payee name

Sort Code

Account number

Reference

I don't use HSBC, but is that the way HSBC works too? What they don't seem to realise is that many customers wish to send money to accounts with the same Payee name although they are with different financial institutions. For example I have numerous other accounts with different banks, savings & other financial institutions. But the Santander folly is that every such external account will have the same Payee name (ie "Picks" in my case). Consequently when I want to make a payment to, for example, my savings account with Shawbrook Bank I have to rummage through a large payee list all identically saying:

Picks

Picks

...

Picks

I am forced to try to guess which one of then is pointing to Shawbrook Bank. When I finally select the correct one to pay, my bank statement will subsequently be filled with a list of payments to "Picks" without saying which external account has been paid.

Unlike Santander, banks that are helpful (such as TSB for example) allow me to put in an optional extra field on the payee details to describe where the payment is going: to eg "Shawbrook Bank saver". I can therefore pick out the correct payee instantly and my subsequent bank statement is far more helpful cleanly showing where my payment went. Santander & others don't seem to understand that I need to know which of my external accounts the money went to.

Thats less an issue with CoP itself and just how HSBC are storing your previous payees but is probably driven by CoP

We have a similar issue with our service company in that they want service charge to go to one account and ground rent to another, in this case both with the same bank (Natwest) but different account numbers. 

With Barclay's at least if you get the Payee name wrong it tells you what the account name actually is and asks to confirm you still want to pay it and if you want to change the payee to match the name of the account. I've clicked yes to proceed but no to harmonise name and the recipient received the monies and I have two different stored payees so I know which is which. I dont know if this is a feature of Barclays or Natwest but it is useful.

Deanbrid

Thanks all for your replies to my query, transfer done all OK.

born_again

Deleted_User said:.It's just unfortunate that some banks & financial institutions such as Santander (and maybe HSBC?) can't be bothered to implement it in a user friendly way. What I am referring to is that when creating an outgoing payment they only allow the following parameters:

Payee name

Sort Code

Account number

Reference

 But the Santander folly is that every such external account will have the same Payee name (ie "Picks" in my case). Consequently when I want to make a payment to, for example, my savings account with Shawbrook Bank I have to rummage through a large payee list all identically saying:

Picks

Picks

...

Picks

I am forced to try to guess which one of then is pointing to Shawbrook Bank. When I finally select the correct one to pay, my bank statement will subsequently be filled with a list of payments to "Picks" without saying which external account has been paid.

Unlike Santander, banks that are helpful (such as TSB for example) allow me to put in an optional extra field on the payee details to describe where the payment is going: to eg "Shawbrook Bank saver". I can therefore pick out the correct payee instantly and my subsequent bank statement is far more helpful cleanly showing where my payment went. Santander & others don't seem to understand that I need to know which of my external accounts the money went to.

But you can see the reference field.
So I simply put that as San to TSB (or any other bank you like) Makes it very easy to see where the payment is going them.

Ergates

Sandtree said:

With Barclay's at least if you get the Payee name wrong it tells you what the account name actually is and asks to confirm you still want to pay it and if you want to change the payee to match the name of the account.

They're not meant to do that unless the name you provided is close to the account name - e.g. if you put John Smith and the account was in Jon Smith.   (exactly how they determine "close" is probably up for interpretation and/or technical implementation)

If you put the name Albert Camu and the name on the account was Dashiell Hammett then it should just tell you the names don't match.  This is to prevent "fishing" for account names.

Notepad_Phil

On Santander I tend to put the payee as "Firstname Code Surname" e.g. "Fred CV Notepad" where the CV would mean it's for my Coventry regular saver - the payee is then close enough to my real name to pass through the CoP checks.

I can't guarantee that it will work for everyone every time, but it's always worked for me in the past.