I just sent a payment over online banking. I got the sort code and account number fine - but realised just now that I put the wrong name down ('payee') - does it matter?
Think it depends on the bank that you're sending it to and their strictness in validating the details you've sent... I'd have thought you'd be okay though... but worth checking your account over the next day just to be sure
No, it doesn't matter at all. It is only so that you know where it has went to when it shows up on your statement. You could have put any name you wanted.
question how safe is online banking? & if i didcided to use it would it be a very good idea to change password everyday or everytime i logged on to online banking?
question how safe is online banking? & if i didcided to use it would it be a very good idea to change password everyday or everytime i logged on to online banking?
It is as safe or unsafe as anything you do over the interweb. No body can guarantee with 100% certainty that it is completely safe.
If your bank offers it use what Barclays call a PINSentry machine.
This generates a one off 8 digit code that you enter in to the website as part of the log on process. In theory it should prevent anyone accessing your account without using your card.
So in effect it is a disposable password generator.
This generates a one off 8 digit code that you enter in to the website as part of the log on process. In theory it should prevent anyone accessing your account without using your card.
So in effect it is a disposable password generator.
I just sent a payment over online banking. I got the sort code and account number fine - but realised just now that I put the wrong name down ('payee') - does it matter?
Banks usually do a fraud check when sending/receiving significant amounts online. The name will be looked at if it falls within their own criteria for doing a check.
In my bank's online banking, the name is purely for inclusion in my statement as a reference. The name is NOT passed on to the receiving bank, otherwise funds would never reach my wife's account, as her name is down as SWMBO, and that's what shows up on my statement. I also have other payments set up for people called Mick and Crafty and they always get their money OK
In my bank's online banking, the name is purely for inclusion in my statement as a reference. The name is NOT passed on to the receiving bank, otherwise funds would never reach my wife's account, as her name is down as SWMBO, and that's what shows up on my statement. I also have other payments set up for people called Mick and Crafty and they always get their money OK
Not true.
The Beneficiary name is passed onto the receiving bank within the 18 characters sent at Field position 83 of the BACS file.
The field tends to be used only for repairing payments sent to closed or invalid accounts.
(It is the responsibility of the remitter to ensure that they quote the correct details.)
The Beneficiary name is passed onto the receiving bank within the 18 characters sent at Field position 83 of the BACS file.
The field tends to be used only for repairing payments sent to closed or invalid accounts.
(It is the responsibility of the remitter to ensure that they quote the correct details.)
Funny then how one of the payments I have set up have the proper beneficiaries name on it - including payments to credit cards, other accounts, utility companies etc. And every one goes through.
Funny then how one of the payments I have set up have the proper beneficiaries name on it - including payments to credit cards, other accounts, utility companies etc. And every one goes through.
Maybe your bank operates differently to mine.
It's not funny at all really. They'd only need to use field 83 if the transaction needed repaired.
question how safe is online banking? & if i didcided to use it would it be a very good idea to change password everyday or everytime i logged on to online banking?
I've used online banking for years without any problems, I couldn't live without it now. Changing your password every day is pointless, just make sure you are sensible about the password you set. As mentioned above with Barclays you can choose to use PIN Sentry, meaning your debit card is needed to log in. You can still choose to log in with a memorable word and password if you like though.
Don't know what you mean by repaired, but all mine go through first time every time.
Repaired is when the beneficiary sort-code or account number is invalid and the system is unable to automatically credit the beneficiary account.
The funds are then credited to a BACS non-captured suspense account for repair or return.
The repair process is to look at BACS field 83 (the one that you claimed is not transmitted to the receiving bank) and attempt to allocate it to the correct beneficiary.
Comments
Your lesson has been learned so your query wasn't all in vain. We all learn from our mistakes.
So you could try Harold Shipman, Bugs Bunny, God and it will still go through
If your bank offers it use what Barclays call a PINSentry machine.
http://www.barclays.co.uk/Helpsupport/AboutthePINsentrycardreader/P1242560253440
This generates a one off 8 digit code that you enter in to the website as part of the log on process. In theory it should prevent anyone accessing your account without using your card.
So in effect it is a disposable password generator.
oh interesting
Not true.
The Beneficiary name is passed onto the receiving bank within the 18 characters sent at Field position 83 of the BACS file.
The field tends to be used only for repairing payments sent to closed or invalid accounts.
(It is the responsibility of the remitter to ensure that they quote the correct details.)
Funny then how one of the payments I have set up have the proper beneficiaries name on it - including payments to credit cards, other accounts, utility companies etc. And every one goes through.
Maybe your bank operates differently to mine.
It's not funny at all really. They'd only need to use field 83 if the transaction needed repaired.
Do your transactions normally need repaired?
I've used online banking for years without any problems, I couldn't live without it now. Changing your password every day is pointless, just make sure you are sensible about the password you set. As mentioned above with Barclays you can choose to use PIN Sentry, meaning your debit card is needed to log in. You can still choose to log in with a memorable word and password if you like though.
Don't know what you mean by repaired, but all mine go through first time every time.
Repaired is when the beneficiary sort-code or account number is invalid and the system is unable to automatically credit the beneficiary account.
The funds are then credited to a BACS non-captured suspense account for repair or return.
The repair process is to look at BACS field 83 (the one that you claimed is not transmitted to the receiving bank) and attempt to allocate it to the correct beneficiary.