Regular Saver confirmation of payee scheme

masonic

I'll be leaving my existing payee in place. All of the routing details remain the same.

eskbanker

gt94sss2 said:

Having now received a number of these emails about the scope of CoP expanding, I note most financial institutions don't actually state whether you should choose personal or business as the account type..

Is there any benefit in doing that, or a stated requirement?

friolento

eskbanker said:

gt94sss2 said:

Having now received a number of these emails about the scope of CoP expanding, I note most financial institutions don't actually state whether you should choose personal or business as the account type..

Is there any benefit in doing that, or a stated requirement?

I have always chosen ‘personal’, on any RS, and am not planning on changing. If a match is found, fine, if not, that’s also fine.

friolento

arsenalboy said:

I am aware that any payment I make or standing order I set up must follow the new guidance or else get rejected. 

You might (continue to) get a COP mismatch, which you can continue to choose to ignore, and your money will be sent to the sort code, acct number and Ref where applicable you specify. 

There is no reason to expect that the receiving bank / BS will reject your deposit if you used a name that differs from the name of the account you hold with them. Sadly, communication like the one some of us received from Gatehouse today are confusing - probably because the author of the email doesn’t understand COP.

eskbanker

friolento said:

arsenalboy said:

I am aware that any payment I make or standing order I set up must follow the new guidance or else get rejected. 

You might (continue to) get a COP mismatch, which you can continue to choose to ignore, and your money will be sent to the sort code, acct number and Ref where applicable you specify. 

There is no reason to expect that the receiving bank / BS will reject your deposit if you used a name that differs from the name of the account you hold with them. Sadly, communication like the one some of us received from Gatehouse today are confusing - probably because the author of the email doesn’t understand COP.

I haven't seen the email people are referring to but is there really any implication that payments might be rejected by the receiving institution?!

Aidanmc

eskbanker said:

friolento said:

arsenalboy said:

I am aware that any payment I make or standing order I set up must follow the new guidance or else get rejected. 

You might (continue to) get a COP mismatch, which you can continue to choose to ignore, and your money will be sent to the sort code, acct number and Ref where applicable you specify. 

There is no reason to expect that the receiving bank / BS will reject your deposit if you used a name that differs from the name of the account you hold with them. Sadly, communication like the one some of us received from Gatehouse today are confusing - probably because the author of the email doesn’t understand COP.

I haven't seen the email people are referring to but is there really any implication that payments might be rejected by the receiving institution?!

We’re writing to inform you that we will be joining the Confirmation of Payee (CoP) scheme on 29 October 2024. The CoP scheme is designed to reduce fraud and ensure payments are made to the intended recipient by verifying the account holders name against the account details.

As a result, your funding information will be changing.

What’s changing?

Old funding information:

• Gatehouse Bank
• Our Account Number: 93511057
• Our sort code: 20-32-53
• Secondary reference: Account Number xxxxxxxx
  

New Funding information (effective 29 October 2024)

• Your Full Name (first name and second name)
• Our Account Number: 93511057
• Our sort code: 20-32-53
• Secondary reference: Account Number xxxxxxxx
  

Please note that other Banks and Building Societies that  participate in the CoP scheme will have 7 days to register with us once we have signed up to the scheme on 29 October 2024.

During this period there may be an overlap where the old funding information may still apply.

For more information on the CoP scheme, please refer to the FAQ’s on our website.

Yours sincerely

where_are_we

Gatehouse email states - "Please note that other Banks and Building Societies that  participate in the CoP scheme will have 7 days to register with us once we have signed up to the scheme on 29 October 2024.

During this period there may be an overlap where the old funding information may still apply."

I will be not be changing my 13th SO on 1st Nov for my Gatehouse RS@7% EPR. Thankfully they send a deposit confirmation email at the beginning of each month so easy to check if it has gone in.

On the downside, their new RS2@5.3 EPR is not very appetising with no withdrawals allowed although the signs are for a reduction in BOE base rate in November. Once my present RS @7% EPR matures at the end of November I will probably keep a presence by opening a RS2 @5.3% EPR if it is still available with a minimum deposit of £1. You are allowed to miss monthly payments. Does Gatehouse have a history of Loyalty products?

masonic

eskbanker said:

friolento said:

arsenalboy said:

I am aware that any payment I make or standing order I set up must follow the new guidance or else get rejected. 

You might (continue to) get a COP mismatch, which you can continue to choose to ignore, and your money will be sent to the sort code, acct number and Ref where applicable you specify. 

There is no reason to expect that the receiving bank / BS will reject your deposit if you used a name that differs from the name of the account you hold with them. Sadly, communication like the one some of us received from Gatehouse today are confusing - probably because the author of the email doesn’t understand COP.

I haven't seen the email people are referring to but is there really any implication that payments might be rejected by the receiving institution?!

No.            

where_are_we

Email from Hanley Economic Building Society (HEBS) stating - "we are pleased to inform you that as of the 21st October, we have joined the Confirmation of Payee (COP) scheme."

They also state

"What is Changing?

The Beneficiary/Payee Name will no longer be “Hanley Economic Building Society” and instead will be replaced by your first name and surname

Reference will be your account number.

All other information will remain the same".

"Paying in Money from the 21st of October

If you already have a regular payment set up to send funds to your Hanley account, you don’t need to do anything."

I`m not sure if general advice for this trend towards COP introduction by financial institutions would be - if you already have payments into accounts in place eg SO`s, you do not have to change anything.

If you are setting up new payments then you must abide by their new stipulations.

Therefore as with Gatehouse, I will not be changing my SO`s to HEBS RS.

eskbanker

where_are_we said:

I`m not sure if general advice for this trend towards COP introduction by financial institutions would be - if you already have payments into accounts in place eg SO`s, you do not have to change anything.

Yes, provided the emails don't notify any changes of sort code and account number, then there's no need to amend anything for existing payment mandates.