Bank Transfers

[Bazile]

Do the banks and buildings societies now check that the third party account - name / account number / sort code all matches ; when you instruct them to transfer money from your account into a third party account ?

[ToraToraTora]

no, if it's valid SC + ACC it'll go.

[Cloverjo]

I don’t think they do yet. I believe there are plans for extra checks, but they haven’t sorted it out yet.

[Peter Pedant]

they said they would

https://www.theguardian.com/money/2018/oct/18/banks-to-check-account-names-to-beat-transfer

but I dont know if they have started yet

[fiction-factory]

Yes, but I can imagine the complications- you could get payments made out to Baz Ile, Mr Baz Ile. B. Ile, Mr Ile., Barry Ile, Mister B Ile, etc.
And would be even more difficult where joint accounts are involved. I can imagine there being a lot of disgruntled people when payments are rejected because of a very small difference

[THECORBYLOON]

Barclays will be using Confirmation of Payee by the start of this April.

https://www.barclays.co.uk/help/confirmation-of-payee/what-confirmation-of-payee-is/

[-SharonA-]

No as I once put an incorrect number and I had whole lotta trouble getting my money back.

[ToraToraTora]

....which is why I always test with a small amount first.