SEPA Name Check issue

[modzo]

Amazon sent a legitimate payout to my IBAN, but after the SEPA name-check rollout the bank said amazon is asking to return the funds I suspect that its because of name mismatch(company name matches, owner name doesn’t).

The bank asked me to approve a return of the funds, even though the payment is clearly from Amazon.

Has anyone had Amazon EUROPE payouts returned because of SEPA name checks?
Any issues later with the bank or Amazon?

Appreciate any real experiences. IS IT THE END FOR EUROPEAN SELLERS?

[SaiJin]

Hold on, so You disbursed from Amazon and the funds cleared.

But now Amazon is asking you to return the funds?
I'd pull that money out of your bank right away if that's the case and AZ can seriously F themselves.

LOL no.... it's really almost never the end. We have this question asked by doom and gloomers every month

[modzo]

Originally Posted by SaiJin

Hold on, so You disbursed from Amazon and the funds cleared.

But now Amazon is asking you to return the funds?
I'd pull that money out of your bank right away if that's the case and AZ can seriously F themselves.

LOL no.... it's really almost never the end. We have this question asked by doom and gloomers every month

Yeah I said no of course, will see how amazon will react to that.

[agent006140]

Did you link a credit card to your account?

[modzo]

Originally Posted by agent006140

Did you link a credit card to your account?

What does a credit card have to do with that?

[agent006140]

Why does AMZN want the money back?

[modzo]

Originally Posted by agent006140

Why does AMZN want the money back?

Because the sepa payment shows that the name does not match with whats on amazon vs bank

[rsot]

Originally Posted by modzo

Because the sepa payment shows that the name does not match with whats on amazon vs bank

This is quite odd given the nature of stealth and banks accepting deposits in different names...

Just to be clear, you don't have pending returns or negative balance?

[modzo]

Originally Posted by rsot

This is quite odd given the nature of stealth and banks accepting deposits in different names...

Just to be clear, you don't have pending returns or negative balance?

No negative balance. Its a new EU law. Came out recently.
Maybe the workaround are the UK bank accounts?

[rsot]

Originally Posted by modzo

No negative balance. Its a new EU law. Came out recently.
Maybe the workaround are the UK bank accounts?

Ah k EU law I am not familiar with.

[agent006140]

I know US banks would not accept endorsed checks,so depositing payment not in the name of the account holder is like accepting an endorsed check.
These days a thief would steal a check and wash it-name and $$ amount.

[SaiJin]

Originally Posted by modzo

Because the sepa payment shows that the name does not match with whats on amazon vs bank

for USA accounts I haven't seen the name issue yet.

Perhaps it's a UK and europe thing?

[modzo]

Its a new Europe thing.

[rsot]

Originally Posted by agent006140

I know US banks would not accept endorsed checks,so depositing payment not in the name of the account holder is like accepting an endorsed check.
These days a thief would steal a check and wash it-name and $$ amount.

Just as a side note, the particular US banks I have been dealing with, haven't had an issue with accepting endorsed checks in a different name.

But I do have strong relationships with them and have not had credit issues, chargebacks or other account problems.

[SaiJin]

Originally Posted by modzo

Its a new Europe thing.

EU sounds like a total pain for doing anything it seems.......

I wonder how EU guys manage to make their accounts, banks etc