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  #1  
Old 02-24-2020
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Default Uk banks are now matching names for withdrawl

Dear members

I have just received a message from barclays that like other banks we would be matching names from march and check who you are paying , You would also need to give these details to anyone making payments to you , what does it mean that from now on we cannot withdraw money from any stealth account to any bank if name wont match ?
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Old 02-25-2020
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Default Re: Uk banks are now matching names for withdrawl

https://www.yourmoney.com/saving-ban...ecking-system/
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Old 02-25-2020
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Default Re: Uk banks are now matching names for withdrawl

thank you for article
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Old 02-25-2020
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Default Re: Uk banks are now matching names for withdrawl

You can opt out of the Confirmation of Payee system by contacting your bank.

For example, from Santander

"Customers of the participating banks will automatically be included so that we can make these checks to help our customers pay the right account. However, if you’d rather opt out, you can let us know and we’ll make sure that your name won’t be validated and presented back to anyone sending you payments. If you’d like to discuss opting out, or understand the implications, please either call us or visit your local branch. "

It will bring scrutiny on your account, so better have a good excuse I would say

Last edited by RedPill; 02-25-2020 at 02:49 AM.
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Old 02-25-2020
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Default Re: Uk banks are now matching names for withdrawl

Quote:
Originally Posted by RedPill View Post
You can opt out of the Confirmation of Payee system by contacting your bank.

For example, from Santander

"Customers of the participating banks will automatically be included so that we can make these checks to help our customers pay the right account. However, if you’d rather opt out, you can let us know and we’ll make sure that your name won’t be validated and presented back to anyone sending you payments. If you’d like to discuss opting out, or understand the implications, please either call us or visit your local branch. "

It will bring scrutiny on your account, so better have a good excuse I would say
Most definitely. I wouldn't encourage anyone to phone up or visit a branch as it will definitely bring scrutiny to the account. You will definitely be asked why you are receiving funds with somebody elses name.

Having said that ...

What about mis matched or shorted names ?

i.e. Real name:- RUBEN - paypal stealth name: REUBEN
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Old 02-25-2020
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Default Re: Uk banks are now matching names for withdrawl

Quote:
Originally Posted by james_112233 View Post
What about mis matched or shorted names ?

i.e. Real name:- RUBEN - paypal stealth name: REUBEN
You're not trying to trick a tired office junior it's a computer which will easily pick up any and all anomalies.
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Old 02-25-2020
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Default Re: Uk banks are now matching names for withdrawl

Quote:
Originally Posted by tinsoldier View Post
You're not trying to trick a tired office junior it's a computer which will easily pick up any and all anomalies.
I guess we will just have to wait and see what happens.
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Old 02-25-2020
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Default Re: Uk banks are now matching names for withdrawl

I think it would be a good idea to open an account at a bank that you haven't been with before and then opt out from the outset, that way they won't rummage through your history and see all those payments to various names.

As well as the banks mentioned above, there are banks who have voluntarilly signed up for the system, like Starling bank for example. It's wise to Google your bank and "Confirmation of Payee" to see what their position is.
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Last edited by sax4; 02-25-2020 at 07:16 AM.
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Default Re: Uk banks are now matching names for withdrawl

So we can offically say goodbye for withdrawing money from stealth paypals to saving accounts?

Last edited by magram12; 02-25-2020 at 06:50 AM.
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Old 02-25-2020
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Default Re: Uk banks are now matching names for withdrawl

Quote:
Originally Posted by magram12 View Post
So we can offically say goodbye for withdrawing money from stealth paypals to saving accounts?
Unless you Opt out, or use a bank/building society that hasn't signed up for this, yet.
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Default Re: Uk banks are now matching names for withdrawl

Quote:
Originally Posted by sax4 View Post
Unless you Opt out, or use a bank/building society that hasn't signed up for this, yet.
I am/been using Barclays unfortunately...
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Old 02-25-2020
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Default Re: Uk banks are now matching names for withdrawl

only UK bank ?
Quote:
"Confirmation of Payee"
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Default Re: Uk banks are now matching names for withdrawl

Quote:
Originally Posted by magram12 View Post
I am/been using Barclays unfortunately...
As I understand, existing payments in a certain name are ok
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Default Re: Uk banks are now matching names for withdrawl

An informative PDF from the Payments System Regulator

https://www.psr.org.uk/sites/default...n-May-2019.pdf

Some key points

2.81 In the balancing test, Pay.UK considered whether it should be possible to allow
individuals to opt out. They identified that scammers could use an opt-out to get around
the protections offered by CoP by using UK accounts that have opted out of the service
so that no name check can occur on their account. However, we must make sure that
CoP does not unduly burden, disadvantage or exclude customers, particularly those
who are vulnerable.



2.89 Both individuals and businesses fall victim to APP scams and accidentally misdirected
payments, and fraudsters use both types of account for their scams. We have therefore
concluded that the direction should require sending and responding to CoP requests for
transactions initiated from both individual (including joint accounts) and business
accounts (excluding bulk/batch files, which are not in scope for phase one).


5.10 Under the CoP process, a payer will need to know a payee’s name and how to spell it.
Pay.UK’s rules and standards specify that, in the case of a close match, the actual name
associated with the proposed payee’s account will be returned to the payer. We
consider this an appropriate way to deal with close matches. This may also mitigate the
difficulty raised by the respondent. We encourage PSPs to ensure their approach to
identifying close matches accounts for this issue.
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Last edited by sax4; 02-25-2020 at 07:56 AM.
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Default Re: Uk banks are now matching names for withdrawl

So I dont undestand this.. is it just for making payments? withdrawing will be safe? to mismatch names?
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Old 02-25-2020
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Default Re: Uk banks are now matching names for withdrawl

Nobody knows exactly what will happen yet.

But there will be ways around it.

Hopefully any existing set ups won't be affected which will eliminate the need to create new stealths if you are already established.
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Default Re: Uk banks are now matching names for withdrawl

Reading further in to this it looks like this will affect fast payments only to check for fraud. Withdrawing will be fine
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Default Re: Uk banks are now matching names for withdrawl

Quote:
Originally Posted by sareen101 View Post
Reading further in to this it looks like this will affect fast payments only to check for fraud. Withdrawing will be fine
Your withdrawals to your bank will be name checked,if the name is not the same then then your bank will give PayPal your real name, and your withdrawal will not go through
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Old 02-26-2020
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Default Re: Uk banks are now matching names for withdrawl

Has anybody actually read the terms for being able to check names on accounts. I think you should read that before you all panic
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Old 02-27-2020
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Default Re: Uk banks are now matching names for withdrawl

Quote:
Originally Posted by sax4 View Post
Your withdrawals to your bank will be name checked,if the name is not the same then then your bank will give PayPal your real name, and your withdrawal will not go through
Only on new withdrawals though, not existing setups, as I understand?
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Default Re: Uk banks are now matching names for withdrawl

From the Pay website who run CoP:

To be eligible to enrol at this time, the following must be true:

You are an Account Servicing Payment Service Provider (ASPSP)
You have a sort code allocated to you with your own bank code in the EISCD
You are an FCA registered entity
You are registered with Open Banking*
* Please note: registering with Open Banking is a requirement, but can be undertaken in parallel with the Confirmation of Payee application process.

At this time, applications cannot be accepted from:

Organisations whose customers are addressed via a secondary reference
(i.e. an agency PSP that does not have a sort code allocated to them with their own bank code in the EISCD)
Organisations not registered with FCA
Non-ASPSPs e.g. Third Party Providers (TPPs) / Payment Initiation Service Providers (PISPs)/Account Information Service Providers (AISPs)
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Default Re: Uk banks are now matching names for withdrawl

Quote:
Originally Posted by SteveWest View Post
From the Pay website who run CoP:

To be eligible to enrol at this time, the following must be true:

You are an Account Servicing Payment Service Provider (ASPSP)
You have a sort code allocated to you with your own bank code in the EISCD
You are an FCA registered entity
You are registered with Open Banking*
* Please note: registering with Open Banking is a requirement, but can be undertaken in parallel with the Confirmation of Payee application process.

At this time, applications cannot be accepted from:

Organisations whose customers are addressed via a secondary reference
(i.e. an agency PSP that does not have a sort code allocated to them with their own bank code in the EISCD)
Organisations not registered with FCA
Non-ASPSPs e.g. Third Party Providers (TPPs) / Payment Initiation Service Providers (PISPs)/Account Information Service Providers (AISPs)
Which element of this are you referring to regarding mismatched names on withdrawals?
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