Electronic payments and status of Account Title

Jul 13, 2005 3 Replies

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Matti Lamprhey 21 years ago

Sorry if this isn't the best group to ask this.

The context is online banking, and setting up a new payee. I've operated online accounts with several banks, and they all seem to require account title, account number and sort code. Fine.

Someone on another group has said that the account title is effectively ignored, and that only the other two fields are actually used. Does anyone know how the account title is used? Is it just used to check that the other two fields have been entered correctly, perhaps?

Some banks allow the first payment to be made immediately, whilst others take several hours before a new payee is useable. Are the latter ones checking that the title matches the number, presumably using human judgement?

Matti

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john boyle 21 years ago

In message , Matti Lamprhey writes

Thats right.

Only to help aid reconciling accounts and as an indication of the remitters intention.

No.

Not as far as I am aware, they could just be checking the sort code or the acceptability of the account number at that sort code (which isnt the same thing as checking that the account number actually exists or that it relates to a particular account name).

It would be very hard to tie in an account name to a particular account number because the on line bank customer's ability to input the account name in such a fashion as to exactly replicate the real account name is virtually nil. In view of the loads of similarly spelled names 'fuzzy' logic wouldnt work, it would need a human to do it and banks dont employ humans any more.

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Tim 21 years ago

"john boyle" wrote

Tee hee. "Robo-cashiers" ??!

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Jonathan Bryce 21 years ago

Unlikely. I expect they do this to make phishing attacks a bit more difficult.

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