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  #1  
Old 05-30-2019
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Default Name checks to begin on bank payments

How will this affect stealth in the UK?
https://www.bbc.co.uk/news/business-45900955
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  #2  
Old 05-30-2019
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Default 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.
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Old 05-30-2019
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Default 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.
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Old 06-07-2019
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Default 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
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Old 06-08-2019
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Default 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.
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Old 06-08-2019
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Default Re: Name checks to begin on bank payments

Quote:
Originally Posted by agent006140 View Post
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.
Is this what you're talking about?



If so, that's from the year 1909.
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Old 06-08-2019
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Default Re: Name checks to begin on bank payments

https://www.moneysavingexpert.com/ne...to-next-march/
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  #8  
Old 06-14-2019
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Default Re: Name checks to begin on bank payments

Quote:
Originally Posted by phaz0rz View Post
Is this what you're talking about?



If so, that's from the year 1909.
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.
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Old 09-12-2019
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Default 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?

Last edited by aorcat; 09-12-2019 at 03:25 AM. Reason: -
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Old 09-25-2019
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Default 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/
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  #11  
Old 09-26-2019
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Default Re: Name checks to begin on bank payments

I have followed this thread closely. Will the new confirmation of payee affect stealth?
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Old 01-07-2020
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Default Re: Name checks to begin on bank payments

Quote:
Originally Posted by SteveWest View Post
I have followed this thread closely. Will the new confirmation of payee affect stealth?
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...
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Old 01-07-2020
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Default Re: Name checks to begin on bank payments

I suspect it is almost inevitable, once the technology is in place its an obvious possible use.
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  #14  
Old 1 Week Ago
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Default Re: Name checks to begin on bank payments

Quote:
Originally Posted by James Brown View Post
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...
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...
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Old 1 Week Ago
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Default Re: Name checks to begin on bank payments

Quote:
Originally Posted by MathProfessor View Post
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...
Sounds a bit nefarious...bank account is always in real details...
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  #16  
Old 1 Week Ago
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Default Re: Name checks to begin on bank payments

what about subaccount?
Can you create sub account in different name?
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  #17  
Old 1 Week Ago
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Default Re: Name checks to begin on bank payments

Quote:
Originally Posted by MathProfessor View Post
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...
and how can he do that?
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