The Top Regular Savers Discussion Thread

masonic

https://forums.moneysavingexpert.com/discussion/comment/82057683#Comment_82057683

If people are entering this info in a separate payee name field rather than the account name used for COP, then it is bizarre that this is being checked at all. It is personal to the accountholder.

friolento

https://forums.moneysavingexpert.com/discussion/comment/82057654#Comment_82057654

You can use any First and Last Name you like. Mickey Mouse or Ronald McDonald will do. You just won't pass COP if you don't use your real F & L name, but in my experience you can overwrite COP failure with all providers.

I always name the payees to my own accounts "FL xxxxxxx yyyy", where xxxxxxx is the name of the provider (usually abbreviated), and yyyy are the last 4 digits of my respective target account number (e.g. "FL Bucks 1234"). That way, I can uniquely identify my many dozens of payees. I have been using this naming scheme with all banks for years, incl. with Natwest and RBS, though I am not using either of those for my payments to Bucks. My payments come from Santander, where I can do a COP with my real name, and then change to "FL xxxxxxx yyyy" upon passing COP. They have paid fine to Bucks, a one-off payment in June, and the first SO in July, along with payments to dozens of other accounts named in a similar fashion. I also have "FL xxxxxxx yyyy" payees at Natwest, RBS and Ulster.

allegro120

https://forums.moneysavingexpert.com/discussion/comment/82057634#Comment_82057634

You've opened a loophole😅 If I was a bit more adventurous I'd make my next deposit to Bucks from Ulster and follow your process for a chance to pocket £50😀. Good work! You have turned NatWest Group's obsession with Bucks into profit.

I suspect this is due to badly trained AI they are using and in my experience most Fraud agents are not very familiar with the industry.

Bridlington1

https://forums.moneysavingexpert.com/discussion/comment/82057765#Comment_82057765

I must confess this was one of those unexpected twists of the year, I've had nearing £1k in complaints over the last 4 years, but I never expected to get money out of a complaint about a complaint.

I'm not going to go out of my way to find complaints though, I just carry on as normal, if a bank error emerges I make sure that the bank makes it in my favour.

I'm mindful they may get a bit rattled if excessive complaints are made on the off-chance, so I only make them when I have reasonable grounds to make them, thus far I've a rather high success rate.

dcs34

https://forums.moneysavingexpert.com/discussion/comment/82057683#Comment_82057683

Worth saying my nickname I set for mine was 'Buckinghamshire BS' so it could be the case that NatWest/RBS/Ulster Bank will freeze any payments to a nickname with "Buck" or "Bucks" in the title?

chris_the_bee

https://forums.moneysavingexpert.com/discussion/comment/82057654#Comment_82057654

Sorry, I meant description or nickname rather than Payee Ref. I am aware, of course, that the Payee is your First and Last Name. NatWest allows a "Payee name" to be entered on the payment screen which can be anything you like to help identify the payment.:-

Payee name

This will appear on your payee list and statement

That is why I used BUCKS (verbiage) and my or OH's initials as an identifier, but thank you for your (verbiage) correction.

chris_the_bee

https://forums.moneysavingexpert.com/discussion/comment/82057846#Comment_82057846

Buckinghamshire and a space uses up 16 of the allowable 18 characters with NatWest. As I wanted to include an identifier as well, I chose to abbreviate to BUCKS.

roked

New Santander 8% RS, I just realised today that I accidently funded it again on the 1st in my run though of funding all the RSs. It was accepted without any blocks or repercussions it seems.

I have removed it again now just in case and hope that does not stop it being funded again on the correct date later this month, seems bit strange though that its not being enforced per RS month

Kim_13

https://forums.moneysavingexpert.com/discussion/comment/82057654#Comment_82057654

I assume it’s a nickname - I did manage to get one against my Furness Summer RS but the option either wasn’t there or went unnoticed when I set up my other payees.

Section62

https://forums.moneysavingexpert.com/discussion/comment/82057904#Comment_82057904

seems bit strange though that its not being enforced per RS month

Santander's RS accounts have always been unusual in not necessarily applying the rules… a few years ago there was a quirk which was very profitable, though no longer possible in the same way.

If we assume Santander have difficulty setting up their systems to reject payments which exceed the monthly limit then that might help explain why they have the slightly harsh T&C condition that they can downgrade your account if you don't play by the rules (instead of the more common 'we will reverse your payment' approach). Maybe they hope this threat will be sufficient to make people behave themselves.