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Name checks to begin on bank payments
 

How will this affect stealth in the UK?
https://www.bbc.co.uk/news/business-45900955

Re: Name checks to begin on bank payments
 

Its only being rolled out for bank transfers that you make within your online banking. It’s to stop people being conned into sending money to someone thinking it’s somebody else.

At this stage it’s not something that’s being implemented for companies sending payments.

Re: Name checks to begin on bank payments
 

However once this system is up and running it could eventually be used by companies like paypal to check who they are sending funds to.

But there are no plans for that at present, the banks are just using this new validation system to save them having to compensate their own customers who get scammed.

Re: Name checks to begin on bank payments
 

psd2 is not good news for stleath account. they can do check all part of ur bank accnt

Re: Name checks to begin on bank payments
 

Many years ago,there is a dept store called Chas A Stevens on State ST,Chicago.
In one dept,the sales clerk will ask any customer who is paying with check to make the check out to C A Stevens ,he will then take these checks and deposit in a bank account which he open under name of C A Stevens.
He was finally caught when the auditor found out.
thats long before internet and online bank transfer.

Re: Name checks to begin on bank payments
 

Is this what you're talking about?

https://i.postimg.cc/qRdyHXrQ/Untitled.png

If so, that's from the year 1909.

Re: Name checks to begin on bank payments
 

Re: Name checks to begin on bank payments
 

interesting.
No,this is a dept store on State St,CHIcago back in the 1960s-70s .
I wonder how he did it,he has to run up the sale and give the customer a receipt and what if the customer returns the item?
Back then it is either cash or check,no credit card.

Re: Name checks to begin on bank payments
 

But when you withdraw your funds, with the new PSD2 european regulation, it seems that the bank provides the name and adress to third parties, in this case paypal, and for a stealth account ...
From now on if you want to open a new stealth paypal account, when adding bank details and they try to send you the 2 deposits in your bank account to confirm the account, they will see that there's a missmatch between the registered name/ adress on paypal and the ones on your bank account so paypal or the bank will decline the transaction and confirmation and so withdrawals will be imposible. Am I wrong?

Re: Name checks to begin on bank payments
 

Still not because "Confirmation of Payee" has been delayed in UK. But stealth accounts will have serious problems withdrawing funds or confirmating bank codes in early 2010 if they do not match the EXACT NAME:
https://www.choose.co.uk/news/2019/b...payee-delayed/
https://www.wearepay.uk/confirmation-of-payee/

Re: Name checks to begin on bank payments
 

I have followed this thread closely. Will the new confirmation of payee affect stealth?

Re: Name checks to begin on bank payments
 

We shall all soon find out because UK banks are implementing this by summer 2020. This could be the end of stealth paypal if payments are returned due to mismatched names. I imagine any payment returned for this reason would instantly trigger account limitations. Only time will tell...

Re: Name checks to begin on bank payments
 

No, it's not the end, you will just have to find a way to get the name on the bank account to match the paypal account...

Re: Name checks to begin on bank payments
 

Sounds a bit nefarious...bank account is always in real details...

Re: Name checks to begin on bank payments
 

what about subaccount?
Can you create sub account in different name?

Re: Name checks to begin on bank payments
 

and how can he do that?

Re: Name checks to begin on bank payments
 

I think its started in the UK,2 new paypal accounts I have will not let me add Barclays saver, I put in the bank details and message reads "cannot add bank account at this time please try later" been doing this for 3 weeks now.
Also have an Amazon account that uses a nation wide account, uk payment seems fine but disbursements from amazon.de are not being received after 8 days the money is back in amazon and it is asking me to add bank account. I thought it was just a glitch..

Could be coincidence but the generic email from Barclay states that 1st of March all new payment transfers will be checked against name on account.

Will have to try adding a different bank see what happens but it might be time to make a list of which bank works and which do not.

Re: Name checks to begin on bank payments
 

Just checked nationwide and it states

When Confirmation of Payee will start
By the end of 2019, we will be able to confirm your account name with other banks and building societies when their customers want to pay you.

By 31 March 2020, when you pay a person or organisation for the first time, a check will be made on the account name before the payment is made. We’ll let you know more about this nearer the time.

Re: Name checks to begin on bank payments
 

Either find a way to open a bank account that matches the name you have on your paypal... OR find a way to open a Paypal that matches the name on your bank account.

OR find someone that will open a bank account and paypal for you in their name.

All 3 are doable...

Re: Name checks to begin on bank payments
 

Only the first time? So if you add the bank account to your paypal before the cutoff, are you OK after?