e-ISAs - generally nervous

clairec666

masonic said:

clairec666 said:

Albermarle said:

 And often you don't get a normal account number and sort code which can feel a bit unsettling. 

It can, but if my memory serves me correctly I can not recall any thread on this forum, where money has been lost permanently due to this.

In most business it is normal to pay into the sellers/suppliers bank account, rather than sending them money directly.

I've never had any problems with this, but my parents (and probably quite a few people of their generation) were put off by this and were worried they could accidentally send their money to the wrong person. They've settled for a lower interest rate elsewhere.

I'm not really understanding the problem. In the old days you had some accounts with six digit sort codes and eight digit account numbers, and others requiring a roll number or reference. A mistake with either numbering system would result in a misdirected payment and there was no confirmation of payee. The solution was to send a small test payment and confirm this was received before sending a larger payment. It didn't matter whether or not it was a "normal" account number. The only way to avoid the situation was to use a savings account with the same bank as your current account so that you could make an internal transfer (also this was often quicker than a 3 working day BACS clearing cycle).

Now we have Confirmation of Payee, which has even been extended to accounts that require a roll number or reference, with savings accounts assigning account names based on reference field. So this is a problem that resides in the past. In fact, banks seem to prevent you sending payments to accounts where you have not specified sort code, account number and reference where it is required, and will throw up warnings if they cannot verify the name on the account matches.

I don't really understand the problem either. It's just my parents being a bit wary. I've tried to point them in the direction of some better interest rates, but they prefer to stick with the two banks they've used for years. Their loss!

friolento

clairec666 said:

masonic said:

clairec666 said:

Albermarle said:

 And often you don't get a normal account number and sort code which can feel a bit unsettling. 

It can, but if my memory serves me correctly I can not recall any thread on this forum, where money has been lost permanently due to this.

In most business it is normal to pay into the sellers/suppliers bank account, rather than sending them money directly.

I've never had any problems with this, but my parents (and probably quite a few people of their generation) were put off by this and were worried they could accidentally send their money to the wrong person. They've settled for a lower interest rate elsewhere.

I'm not really understanding the problem. In the old days you had some accounts with six digit sort codes and eight digit account numbers, and others requiring a roll number or reference. A mistake with either numbering system would result in a misdirected payment and there was no confirmation of payee. The solution was to send a small test payment and confirm this was received before sending a larger payment. It didn't matter whether or not it was a "normal" account number. The only way to avoid the situation was to use a savings account with the same bank as your current account so that you could make an internal transfer (also this was often quicker than a 3 working day BACS clearing cycle).

Now we have Confirmation of Payee, which has even been extended to accounts that require a roll number or reference, with savings accounts assigning account names based on reference field. So this is a problem that resides in the past. In fact, banks seem to prevent you sending payments to accounts where you have not specified sort code, account number and reference where it is required, and will throw up warnings if they cannot verify the name on the account matches.

I don't really understand the problem either. It's just my parents being a bit wary. I've tried to point them in the direction of some better interest rates, but they prefer to stick with the two banks they've used for years. Their loss!

Horse, water …….  😔

clairec666

friolento said:

clairec666 said:

masonic said:

clairec666 said:

Albermarle said:

 And often you don't get a normal account number and sort code which can feel a bit unsettling. 

It can, but if my memory serves me correctly I can not recall any thread on this forum, where money has been lost permanently due to this.

In most business it is normal to pay into the sellers/suppliers bank account, rather than sending them money directly.

I've never had any problems with this, but my parents (and probably quite a few people of their generation) were put off by this and were worried they could accidentally send their money to the wrong person. They've settled for a lower interest rate elsewhere.

I'm not really understanding the problem. In the old days you had some accounts with six digit sort codes and eight digit account numbers, and others requiring a roll number or reference. A mistake with either numbering system would result in a misdirected payment and there was no confirmation of payee. The solution was to send a small test payment and confirm this was received before sending a larger payment. It didn't matter whether or not it was a "normal" account number. The only way to avoid the situation was to use a savings account with the same bank as your current account so that you could make an internal transfer (also this was often quicker than a 3 working day BACS clearing cycle).

Now we have Confirmation of Payee, which has even been extended to accounts that require a roll number or reference, with savings accounts assigning account names based on reference field. So this is a problem that resides in the past. In fact, banks seem to prevent you sending payments to accounts where you have not specified sort code, account number and reference where it is required, and will throw up warnings if they cannot verify the name on the account matches.

I don't really understand the problem either. It's just my parents being a bit wary. I've tried to point them in the direction of some better interest rates, but they prefer to stick with the two banks they've used for years. Their loss!

Horse, water …….  😔

Exactly. Luckily they live in a large enough town that there's a choice of banks and building societies with a physical branch they can walk into.