UK Bank changes 2019?

[Blighty]

Just saw this in yesterdays Daily Mail



I imagine this has already been mentioned, but thought I'd flag it up just in case

[Play]

A simple workaround would be a business PayPal account, and a business bank account, with a similar name. The bank will only see the business name on the PayPal account.

Usually business accounts have so many transactions going in and out, banks aren't ever bothered to go through them with a fine comb anyway. So I cant imagine this being a big deal.

This is just one of many solutions. I wouldn't be too worried about things like this, there are always ethical workarounds.

[JamesNorth101]

They are in theory always have meant to do this, but in reality they never have. I doubt it will change

If it does there are a dozen work arounds that can be used so I woudlnt worry about it that much

It's my understanding that when you are sending funds to a new bank account, it will simply pop up with a message telling you the person's name on the bank account. You can then choose to send funds or not. It's an additional security feature, so you know if your money is being sent to the right place.

I can't see how that would affect stealth withdrawals.

[s.crew.eb]

They try to do this for so many years. Some banks have this in place but not all of them. Some have this system, but choose to ignore it. Banks won't refuse your payment, ever. They want to take that payment to earn some %. In USA they have this with the majority of banks, have you seen someone complaining or not buying stealth accounts because the banks don't accept mismatched names?

[Freakzilla]

Originally Posted by s.crew.eb

They try to do this for so many years. Some banks have this in place but not all of them. Some have this system, but choose to ignore it. Banks won't refuse your payment, ever. They want to take that payment to earn some %. In USA they have this with the majority of banks, have you seen someone complaining or not buying stealth accounts because the banks don't accept mismatched names?

What you have stated is wrong. Loyds reject mismatched names for deposits and have done so for years.

[Arkham_Joker]

Originally Posted by Freakzilla

What you have stated is wrong. Loyds reject mismatched names for deposits and have done so for years.

Used Lloyds for years with stealth without any problems

[Arzay]

After reading all the information and google the stuff.

It says, when you send the payment to any one it will give you warning message that you are about to send the payment to someone who Name does not match with sort code and account.

However, this will be the message for your own safety which help you know that you are sending to the correct person, but you can still process with the payment.

This will not reject the payment received.

This will only apply for the Online bank transfer, but system like paypal and Amazon will not have such option and they will send the payment anyways.

Hope it clear the question

[Freakzilla]

Originally Posted by Arkham_Joker

Used Lloyds for years with stealth without any problems

So you receive payment with a mismatched name into a lloyds account from Paypal?

[Arkham_Joker]

Originally Posted by Freakzilla

So you receive payment with a mismatched name into a lloyds account from Paypal?

Correct, have done for years

[Freakzilla]

Originally Posted by Arkham_Joker

Correct, have done for years

You are in the minority who it has worked for then.

[JHerald]

Originally Posted by Arzay

After reading all the information and google the stuff.

It says, when you send the payment to any one it will give you warning message that you are about to send the payment to someone who Name does not match with sort code and account.

However, this will be the message for your own safety which help you know that you are sending to the correct person, but you can still process with the payment.

This will not reject the payment received.

This will only apply for the Online bank transfer, but system like paypal and Amazon will not have such option and they will send the payment anyways.

Hope it clear the question

PayPal use a mainstream bank to issue money to customers. If this security check is embraced, they can filter out mismatching transfers on an automatic basis by making some changes to their current API.

As they are a commercial customer, it may not apply to them or simply do not wish to include it in their current security checks for transfers.