Quote:
Originally Posted by newjerseymax
(Post 335892)
Notification of Change (also known as a Correction) is now required when (new) when a transaction is rejected. It had always previously existed. However now it is Mandatory!
Definition: A NOC is created by the Receiver’s
financial institution to notify the originating company
(via its financial institution) that: 1) previously valid
information contained in an ACH entry (Direct
Deposit/Direct Payment) is now outdated, and needs
to be changed; or 2) information contained in an
ACH entry (Direct Deposit/Direct Payment) is
erroneous, and needs to be corrected.
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Thats all correct, but it does not affect the stealth or change anything.
Millions of transactions take place every day and the ACH, BACS ("A" stands for Automated) an all the other similar systems worldwide work using just 2 things:
1. the routing number
2.the account number....and thats about it!
*for international transactions its the same (just the codes are alphanumeric)
Nobody looks at the name unless:
1. something goes wrong ie. invalid account number
3. the bank is a "sub-bank", meaning it holds its accounts inside another bank. In this case a ref. number is needed to allocate the funds in a sub-account and the work is done manually. However these types of accounts do not work with paypal anyway, with only a few exeptions like E*trade.....because e*trade used to work with 111111111*22222(not sure if it still does) where 1111111=account number, and 22222 =ref number and this automated it.
The reason they don't use the name is because it would make a mess, and they will need a different system for business or client accounts which can accept third party funds, and this includes the "sub-bunks" I mentioned above...thousands of names in the same account number.
But lets say they notice it....and its a totally different name....what would the bank do?? Their first move is to call you and ask why is the different name. They not file a NOC for the name on their own, because there is no such requirement in the system.
The NOC code for change of name is C04 and it is used when the Customer has changed name.
The "tran number" whatever that is you referring to....plays no role in the transfer. It could only be a reference number for the customer and/or paypal record keeping.
How do I know???? I did some work for a company making customized software for financial institutions. I know these systems from the inside!
And the best proof is that nobody is reporting problems