Bank account name matching "coming soon" when making a payment?

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Forums › Finance and wealth management › Bank account name matching "coming soon" when making a payment?

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KiwiSurfer

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#3324532 26-Dec-2024 09:17

SirHumphreyAppleby:

Qazzy03: Only issue has been getting trademe sellers to give me their correct account details.

Why should they?

You're contractually obligated to complete the purchase. They aren't obligated to give you personal details simply because you desire some level of confirmation that the details are correct.

You seem to completly forget it is also for the seller's benefit that the buyer has the correct payment details. As a seller I think this system is a fantastic idea -- it will ensure buyers don't accidently pay the wrong account by accident. I have no issue giving my first and last name whatsoever if it helps to ensure the buyer's money comes into my account.

As a buyer, if a seller refuses to provide the details I require to complete the purchase I will take it as their refusal to complete the purchase. Simple as that.

Qazzy03

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#3324534 26-Dec-2024 09:49

SirHumphreyAppleby:

Why should they?

You're contractually obligated to complete the purchase. They aren't obligated to give you personal details simply because you desire some level of confirmation that the details are correct.

This comments reads as a bit aggressive but if you would like the answer, why.

I am following trademes own guidance.

This is a copy and paste from a winning trademe email

Important:
Banks now complete a Confirmation of Payee check to let you know if the account name and number match before you make a payment. If you get a partial or no match notification, reach out to the seller to check their bank details - Learn more.

https://help.trademe.co.nz/hc/en-us/articles/360007000532-Ways-to-pay-the-seller

And from the website.

https://help.trademe.co.nz/hc/en-us/community/posts/11343095690767-Confirmation-of-Payee-bank-changes

Info for buyers

The Confirmation of Payee check reduces the risk of making a mistake and paying the wrong person. While it doesn’t ensure a safe transaction, it can help to avoid scams.
Contact the seller if you need to confirm their bank account details for the Confirmation of Payee check.

I am happy to use ping if sellers don't want to provide personal details.

mudguard

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#3324541 26-Dec-2024 10:35

SirHumphreyAppleby:
Qazzy03: Only issue has been getting trademe sellers to give me their correct account details.

Why should they?

You're contractually obligated to complete the purchase. They aren't obligated to give you personal details simply because you desire some level of confirmation that the details are correct.

Yeah I'll only give an account number, if they can't cut and paste it, well, I guess they're not buying it.

What are the odds of someone fraudulently intercepting a trademe auction success email and giving another account number?

RunningMan

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#3324543 26-Dec-2024 10:43

Qazzy03:[snip]

This is a copy and paste from a winning trademe email

Important:
Banks now complete a Confirmation of Payee check to let you know if the account name and number match before you make a payment. If you get a partial or no match notification, reach out to the seller to check their bank details - Learn more.

There's the key information. Check the details are correct, there's still no mandatory requirement for them to be provided. It's an optional extra protection, but the way it is pitched is leading people to believe it is mandatory and the transaction cannot proceed without it.

MarkM536

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#3324547 26-Dec-2024 10:57

KiwiSurfer:

You seem to completly forget it is also for the seller's benefit that the buyer has the correct payment details. As a seller I think this system is a fantastic idea -- it will ensure buyers don't accidently pay the wrong account by accident.

And if it's a match, it will be harder for the seller to complain that money was not received and ask for more.

Qazzy03

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#3324551 26-Dec-2024 11:05

mudguard:

Yeah I'll only give an account number, if they can't cut and paste it, well, I guess they're not buying it.

What are the odds of someone fraudulently intercepting a trademe auction success email and giving another account number?

This isn't about not being able to copy and paste or an interpretation of an email.

This is about the protections I have as a buyer with my bank.

So refusal of providing bank account details is something a seller can do. However that is on the seller, I guess they aren't selling the item and I would let TradeMe decide if any action should be taken there. I would be happy to go on with my day.

I have been scammed before, so I am going to choose to follow the guidelines, yes I know they are not mandatory but having the bank being able to get money back, is really helpful.

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mudguard

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#3324553 26-Dec-2024 11:12

Qazzy03:
mudguard:

Yeah I'll only give an account number, if they can't cut and paste it, well, I guess they're not buying it.

What are the odds of someone fraudulently intercepting a trademe auction success email and giving another account number?

This isn't about not being able to copy and paste or an interpretation of an email.

This is about the protections I have as a buyer with my bank.

So refusal of providing bank account details is something a seller can do. However that is on the seller, I guess they aren't selling the item and I would let TradeMe decide if any action should be taken there. I would be happy to gone on my day.

I have been scammed before, so I am going to choose to follow the guidelines, yes I know they are not mandatory but having the bank being able to get money back, is really helpful.

And then it's simple, the seller can leave negative feedback saying buyer refused to pay.

As I've mentioned before, my partner is from Scandinavia, uses her middle name as her first, all her accounts are in the full legal name, our joint accounts are some ungodly mess of both of ours. I can see someone going back and forth endlessly on a trademe transaction because they're not getting an account match because someone has forgotten they have individual account or vice versa with joint account.

How were you scammed before? Paid an account and they said they never received it? I mean what's to stop them saying the same thing? Sure you got a match but who knows where the money went?

Edit. Just had a look at my main bank accounts. Account name is the same for my personal account and joint. So assume that will work easily enough. First Name Last Name. No initials. No middle name.

Double edit. Second bank is First Name Last name only as well.

SirHumphreyAppleby

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#3324554 26-Dec-2024 11:15

Trade Me is a terrible example of what account matching is intended to address. While there are large traders on Trade Me who also have their own stores, I expect the majority of sellers are individuals using their personal bank accounts. They have a right to privacy, and while it sadly didn't make it into the Privacy Act 2020, the right to anonymity online is a principle the [former?] Privacy Commissioner stated should be a right.

In most cases, you don't know in advance who you are buying from on Trade Me. It's a very different scenario from, for example, receiving an e-mail from a business saying their bank details have changed and asking for future payments to be directed elsewhere, or some random person in accounts receivable deciding they'd like you to pay a legitimate invoice into their personal bank account instead of their employers.

If the buyer does not complete the transaction, they are in breach of contract. No Trade Me policies or otherwise can change that. The onus is on the buyer to ensure terms are acceptable before committing to the purchase.

Qazzy03

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#3324557 26-Dec-2024 11:40

I agree with the right to privacy, that is why I will not be offering internet banking as an option when I sell on trademe

I will be offering ping only on any listings i choose to put up. That is the choice I am making when I set the options for the auction listing.

If I encounter a seller that does not wish to provide an agreeable payment method that works for both of us.

Then I think the best bet would be to raise it to tradme to get a refund on any fees.

I think sellers should be thinking about what offering internet banking as a payment option means these days. As I will not be the only one who will want the payee confirmation match.

Stu

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#3324742 26-Dec-2024 16:15

If anyone goes by their middle name, this should be able to be listed as your 'preferred' name with your bank. This seems to provide a match against the account number when someone deposits into your bank account. I received a full match confirmation when validating someone's account with the BNZ, using their middle name (that they go by and is registered as 'preferred' with the bank) and surname. Maybe it's just a BNZ thing, but it worked.

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#3340222 7-Feb-2025 17:26

I’m getting a lot of requests for payment (invoices etc) where no bank account name is given and even one from a bank that doesn’t match.

implementation could be better…!

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#3340245 7-Feb-2025 18:50

I find it very useful when trading goods in exchange for money, to be able to verify before pressing pay.

Senecio

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#3348680 28-Feb-2025 11:24

I've just encountered my first issue with this.

The ANZ app offers a feature to share your bank account details from within the app. Which is a feature that I like as it reduces the chance that I will make a mistake when sharing my bank account details. It also shares the official account name which in our case is a shared account along the lines of "Mr J A and Mrs J Doe". However if someone uses that account name it will fail the name match as we have been issued aliases for our joint account as either "John Doe" or "Jane Doe". If that is the case then the app should share the alias and not the official account name which will flag a non-match.

cddt

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#3348725 28-Feb-2025 14:29

Stu: If anyone goes by their middle name, this should be able to be listed as your 'preferred' name with your bank. This seems to provide a match against the account number when someone deposits into your bank account. I received a full match confirmation when validating someone's account with the BNZ, using their middle name (that they go by and is registered as 'preferred' with the bank) and surname. Maybe it's just a BNZ thing, but it worked.

At one bank unfortunately branch staff used the "preferred name" field as a generic information field to notify each other about customers for a while. E.g. "transgender", "smells bad", "difficult customer", "crazy"... I am pretty sure they just threw away every bit of data in that attribute and started again...

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jamesrt

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#3348728 28-Feb-2025 14:49

Senecio:

I've just encountered my first issue with this.

The ANZ app offers a feature to share your bank account details from within the app. Which is a feature that I like as it reduces the chance that I will make a mistake when sharing my bank account details. It also shares the official account name which in our case is a shared account along the lines of "Mr J A and Mrs J Doe". However if someone uses that account name it will fail the name match as we have been issued aliases for our joint account as either "John Doe" or "Jane Doe". If that is the case then the app should share the alias and not the official account name which will flag a non-match.

I got an email today from ANZ, advising about the confirmation of payee system.

This email also stated/confirmed what name I need to supply to others, which was my first name and surname [i.e. my legal name].

This is *not* the same as the 'account name' which is displayed on the goMoney app - what you've described above as being like 'Mr X & Mrs X Smith'.

Confirmation of Payee should be using legal names of people and/or full registered names of businesses.

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