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Baz46
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Somewhere rural 'out in the sticks', UK
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19-05-2020, 07:35 AM
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Confirmation of payee checks introduced by banks

A check that's well overdue I reckon. With just one mistake in an account number when making a payment online this can render that money lost, there is (or was) no legal obligation for that money to be returned.

Now the introduction of 'confirmation of payee' checks the name of the account against the account number of the person or organisation you are paying. As well as preventing errors in typing the wrong account number going through, this should apparently, also stop some types of fraud.

Something else that used to happen, no longer though as 'real' signatures are not used nowadays, was that the Direct Debit authorisation form (mandate) had to be signed by the account holder. However, and it was not well-known that with some banks that signature was never checked against the genuine one held by the bank. This allowed anyone, often a family member, to help themselves to the contents of an elderly relative's bank account. A despicable fraud, which I was informed and according to police, was not in the least uncommon. It was an open invitation to those who are less than honest. Fortunately the Direct Debit Mandate guarantee would pay out in these cases.
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19-05-2020, 11:24 AM
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Re: Confirmation of payee checks introduced by banks

I've just received notification from Santander - as you say, a check well overdue .....
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Baz46
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19-05-2020, 11:30 AM
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Re: Confirmation of payee checks introduced by banks

Originally Posted by Omah ->
I've just received notification from Santander - as you say, a check well overdue .....
Same bank as mine came from, I thought this information might be useful for others to know so posted it.

I am used to keyboards and banking online but it's always this that has ever worried me when making payments online. Probably as there seemed to be no redress if an error is made, the person who receives it in error is under no legal obligation to return it.
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19-05-2020, 12:08 PM
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Re: Confirmation of payee checks introduced by banks

Originally Posted by Baz46 ->
Same bank as mine came from, I thought this information might be useful for others to know so posted it.

I am used to keyboards and banking online but it's always this that has ever worried me when making payments online. Probably as there seemed to be no redress if an error is made, the person who receives it in error is under no legal obligation to return it.
Last year I sent to money, from my Halifax Account, to the account, at a different Bank, for my Grandson, at Birthday time.

When he failed to thank me I found that his bank did not receive it - but he found that his driving instructor did receive it, in error. My GS had given me the wrong numbers.

I went in to the Halifax Brach & explained what had happened - they replied that they could get it back but it would take a month!

I asked them if that was some kind of punishment & the girl said, too quickly, that it probably was!!!

Anyway, my son rang the Driving Instructor, he agreed to it being pulled back & his bank pulled it back to me that very night.

I left the Halifax the next day & had a very pleasant transfer to the Santander.

What's more, Santander actually pay me when I use certain orders.

Excellent.

Oh! Letter came from the Halifax, after a month, asking if all was well!
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