Bank transfer - Do you require correct name?

[Deleted member 158641]

Hi,

Just wondered for a bank transfer from say Santander to Lloyds do you need the correct name of the recipient or is it ok to give another name such as their proposed company name?
Will a payment bounce, if sort code and account number are perfectly correct but name is not the same name as on their cheque book for instance.


Kind regards

 

[StevensOnln1]

It just works on sort code and account number, you can put any name you like.

Sent from my GT-P1000 using UK Business Forums

 

[andygambles]

Generally just source code and account number are needed. When we enter a name it is for our identification purposes only so we can reconcile the payment on he statements.

 

[Deleted member 158641]

Thats great, just so I can use my company name rather than my full name to make it seem a little more professional.

Cheers

 

[Lentinus]

I can vouch for this, lost 3.5k because a sort code was 1 digit out, unfortunately the acc actually existed and even though the name was completely different the transfer was done - and I never got it back. The banks just kept pointing the finger at each other, the ombudsman took 15 months to get back to me by which time it was too late.