Allica Bank Payee Details

CoolMrBlue

Hi Guys

I have opened a fixed term savings account with Allica Bank. They have sent me the sort code, account number and payee name, but the payee is my name, but I would have expected it to be Allica Bank. Using Barclays to transfer the money I had to put the account as a Personal Account and then the Payee Name as my name. This worked and I transferred a small amount of money. Before transferring more, I just wanted to check if this was normal and that some banks setup the savings account in your name rather than the banks name?

Thanks. 

wmb194

CoolMrBlue said:

Hi Guys

I have opened a fixed term savings account with Allica Bank. They have sent me the sort code, account number and payee name, but the payee is my name, but I would have expected it to be Allica Bank. Using Barclays to transfer the money I had to put the account as a Personal Account and then the Payee Name as my name. This worked and I transferred a small amount of money. Before transferring more, I just wanted to check if this was normal and that some banks setup the savings account in your name rather than the banks name?

Thanks. 

Yes, some do. Looks like Allica has its own sort code(s) so it should be possible; confirmation of payee worked? I presume it has online banking and you can log in to check. Some small banks/BSs only update overnight so it might be tomorrow that you'll see it.

CoolMrBlue

Thanks @wmb194. The confirmation of payee worked and the money was showing in their account within the hour. I will assume that its all safe then.
Thanks for your help.