gryffron wrote:G37y wrote:There seems alot of negative comments on this matter, I think it's a good thing if it reduces fraud.
I can't see how it reduces fraud. But I can certainly see it should greatly reduce accidents (wrong number typed etc).
Gryff
It adds another check.
The "old" process forced you to assume that the details you had were correct, and you had to take it as a given that the account was owned by the intended recipient.
However the implementation is or is likely to be p***poor.
I want to be protected against making typos in bank details.
I do not want every single standing order/bill payment from one of my accounts to another of my accounts to have the label "pochisoldi" because sooner or later I will end up sending money to the wrong account, and I will suffer some form of loss as a result.
The "loss" being any one from:
Money locked in a limited or difficult to access account
Money sent to a limited deposit account that I can't add to (e.g. £250 sent in error to a monthly savings account that can accept £400)
Money sent to an illiquid account (e.g. £500 paid off a mortgage, never to be seen again)
Money sent to a partner's ISA/credit card/other provider rather than your own.
None of these involve a capital loss, but could cause collateral cashflow issues.
The only answer to this is to create a nickname field, which is, by default, populated by the payee's name, which can be edited after the name check has been carried out.
So when you set up a payment to "Thingy Dairies Ltd" the field gets populated with "Thingy Dairies Ltd", and you leave it alone and click apply.
When you set up a payment to your significant other's ISA account, the field gets populated with (say) "ANother ISA Ltd" and you edit it to "Cash ISA - Sue" so that it doesn't get confused with "Cash ISA - Bob" .
I'm not holding my breath...