Issue with opening a savings account at a well known building society using bank transfer

katejo

I have just set up a new easy access savings account with a well known building society. When I tried to create a bank transfer arrangement, my main bank (FD) warned me that it didn't recognise the bank name and sort code and I was at risk of losing money due to fraud. I stopped and rang FD to query it and was told that they couldn't do the transfer for me. They would get the same warning. Instead I was advised to transfer just a small amount (say £10) as a test. I had thought that the receiving building society  wouldn't accept this because there was a minimum amount required for the account. I have since successfully done it  and then transferred more money but why don't some of the banks recognise the sort code/name of well known building societies? 

TheBanker

It will probably be because the Building Society don't use Confrirmation of Payee and/or receive their payments via a clearing bank.

Which Society was it?

orange-juice

Sounds like Nationwide.

wmb194

If you're talking about sending the money to an account with a reference number via a clearing bank, usually you can do this via COP but rather than your own name you enter the building society's name and tick the, 'paying a business' box.

TheBanker

wmb194 said:

If you're talking about sending the money to an account with a reference number via a clearing bank, usually you can do this via COP but rather than your own name you enter the building society's name and tick the, 'paying a business' box.

But the good news is COP is being expanded to deal with this type of account. And also the number of payment service providers is increasing. But until then use the tried and tested send a quid method.

katejo

TheBanker said:

It will probably be because the Building Society don't use Confrirmation of Payee and/or receive their payments via a clearing bank.

Which Society was it?

Leeds Building Society

katejo

orange-juice said:

Sounds like Nationwide.

No it wasn't Nationwide but I had a different problem with them and gave up. I had gone through all their stages of setting up an account and entered all my personal details required. I clicked on the final button and got 'A technical fault has occurred. Please try again later'. I wasn't prepared to waste more of my time adding my details again.

katejo

wmb194 said:

If you're talking about sending the money to an account with a reference number via a clearing bank, usually you can do this via COP but rather than your own name you enter the building society's name and tick the, 'paying a business' box.

COP?  I was in my own bank account and had  selected the 'paying a business'  option,  provided a reference number,  had selected the BS name and entered their sort code but it wasn't recognised. 

wmb194

katejo said:

wmb194 said:

If you're talking about sending the money to an account with a reference number via a clearing bank, usually you can do this via COP but rather than your own name you enter the building society's name and tick the, 'paying a business' box.

COP?  I was in my own bank account and had  selected the 'paying a business'  option,  provided a reference number,  had selected the BS name and entered their sort code but it wasn't recognised. 

Looks like this isn't the route to take with Leeds as its website says it now uses Confirmation of Payee (COP), so you enter your name and account number the same as you would with e.g., the big banks.

According to the PayUK sort code checker Leeds has its own so it is strange that FD would struggle with it but all the banks these days are desperate to avoid paying out for misdirected or scam transfers to it's probably safest for them to play dumb. Or FD/HSBC's simply dumb.

https://www.leedsbuildingsociety.co.uk/help-centre/savings/

katejo

wmb194 said:

katejo said:

wmb194 said:

If you're talking about sending the money to an account with a reference number via a clearing bank, usually you can do this via COP but rather than your own name you enter the building society's name and tick the, 'paying a business' box.

COP?  I was in my own bank account and had  selected the 'paying a business'  option,  provided a reference number,  had selected the BS name and entered their sort code but it wasn't recognised. 

Looks like this isn't the route to take with Leeds as its website says it now uses Confirmation of Payee (COP), so you enter your name and account number the same as you would with e.g., the big banks.

According to the PayUK sort code checker Leeds has its own so it is strange that FD would struggle with it but all the banks these days are desperate to avoid paying out for misdirected or scam transfers to it's probably safest for them to play dumb. Or FD/HSBC's simply dumb.

https://www.leedsbuildingsociety.co.uk/help-centre/savings/

That sounds as though it  is meant for customers who already have a current account with them. I didn't get this screen. I got one which said I could either make a payment with a debit card or arrange a transfer from my own bank.

wmb194

katejo said:

wmb194 said:

katejo said:

wmb194 said:

If you're talking about sending the money to an account with a reference number via a clearing bank, usually you can do this via COP but rather than your own name you enter the building society's name and tick the, 'paying a business' box.

COP?  I was in my own bank account and had  selected the 'paying a business'  option,  provided a reference number,  had selected the BS name and entered their sort code but it wasn't recognised. 

Looks like this isn't the route to take with Leeds as its website says it now uses Confirmation of Payee (COP), so you enter your name and account number the same as you would with e.g., the big banks.

According to the PayUK sort code checker Leeds has its own so it is strange that FD would struggle with it but all the banks these days are desperate to avoid paying out for misdirected or scam transfers to it's probably safest for them to play dumb. Or FD/HSBC's simply dumb.

https://www.leedsbuildingsociety.co.uk/help-centre/savings/

That sounds as though it  is meant for customers who already have a current account with them. I didn't get this screen. I got one which said I could either make a payment with a debit card or arrange a transfer from my own bank.

You mean with Leeds? Leeds doesn't offer current accounts. It states in the screenshot, "...into my savings account."

 Edit: I just tested to see whether COP with a personal payment from FD to my Leeds fixed rate bond opened many years ago would pass and it has so it should work for you, too.

p.s. It's just occurred to me that FD is based in Leeds...