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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#3313338 27-Nov-2024 08:52

eracode:

k1w1k1d:

Wondering if you will have to give your name to buyers on Trade Me?

I guess so - which is a worry - I don't want to do that.

You only need to do this if you want to have TradeMe buyers pay directly into your bank - the alternative would be to use their PING service, which won't require you to give your full name to buyers as far as I know.

wellygary

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#3313339 27-Nov-2024 08:53

eracode:

k1w1k1d:

Wondering if you will have to give your name to buyers on Trade Me?

I guess so - which is a worry - I don't want to do that.

There is no requirement for there to be a match and you can make a transfer if there is no match,

For small value trademe style purchases, I can't see why people couldn't continue as they do now...

I mean, its not like the seller is saying they are someone else, its not like they are saying they are briscoes.. you already know they are a small seller.

MurrayM

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#3313341 27-Nov-2024 08:57

snj:

ASB sent out their first (I think?) communication about the changes, one interesting thing I noticed was this:

When making a payment within New Zealand to a new payee, make sure you ask for their full first and last name or business account name, along with the correct account number.

If you’re expecting a payment, make sure you give your full first and last name, along with the correct account number. This might look different to what appears alongside your account details – John Smith rather than Mr J S Smith.

So looks like it's not based on the account name, but the name(s) of the holder(s) of the account. Based on their phrasing though it sounds like they believe the other banks will be doing the same. Based on this interpretation, looks like it may affect some people in annoying ways (people that use their second names instead of first for instance).

Yes I got this letter from the ASB too. When I log into their website I can see my transaction account is called "MR J A SMITH" but when I click on the copy button next to the account number I get the account number and "John SMITH" (capitalised just like that) copied to my clipboard.

On a shared account with the ASB the account name is shown as "MR J A SMITH AND MISS D F JONES", but when using the copy button it copies the account number and "John SMITH" (eg just my name).

So the ASB's advice in their letter to use your first name and surname is correct for both personal and shared accounts.

Moving on to the ANZ, I got a letter from them for a business account. They told me to use "XYZ LTD". Nice and direct, telling me exactly what to use so there's no ambiguity.

eracode

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#3313342 27-Nov-2024 08:57

eracode:

eracode: 18-May-2024

[snip]

In our case, we have a joint account. In various places BNZ themselves show it as:

AB & CD Smith
AB Smith and CD Smith
Alpha Bravo Smith and Charlene Delta Smith
Mr AB & Mrs CD Smith
SMITH, ALPHA BRAVO & CHARLENE DELTA
I don’t know which is the correct legal version of the account name - so I don’t know which version I would have to give to a payer. Banks may have to start making it clear to customers the exact form of their account name.

The new system has got to the point where correct payee account names are now being asked for by payers. FWIW today I contacted BNZ to ask what is the correct form of our joint account name.

They referred me to the section of their website and app called 'Documents > Proof of Account'.

It appears that in our case the correct form of the account name is: SMITH, ALPHA BRAVO & CHARLENE DELTA

Given what others have said here, BNZ's advice didn't look right to me.

So I messaged them back saying:

"What name(s) and/or initial(s), and in what order, do I give someone who wants to credit our joint current account - to satisfy the new Confirmation of Payee system."

They have changed their story - now saying:

"For your joint account: ALPHA SMITH & CHARLENE SMITH

However, to guarantee this also please log into your Internet Banking or BNZ app.

Navigate to the account that you would like the monies to be received to.

Click on SHARE details.

Select the sharing method.

You could even send your self a message using this format also to clarify."

There seems to still be a lot of confusion and inconsistency - as many have been saying here, this is likely to get very messy before it comes right.

Sometimes I just sit and think. Other times I just sit.

razor2000nz

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#3313385 27-Nov-2024 12:28

Just tried this in the BNZ app, when you select a joint account and then share details it asks you what owner of the account you want to share. You then click a name and then the message created is just that users name and acc number. Not both account holders.

eracode

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#3313447 27-Nov-2024 16:19

razor2000nz:

Just tried this in the BNZ app, when you select a joint account and then share details it asks you what owner of the account you want to share. You then click a name and then the message created is just that users name and acc number. Not both account holders.

Yes - saw that too. That’s very good. Things are starting to become clearer.

Sometimes I just sit and think. Other times I just sit.

RunningMan

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#3313461 27-Nov-2024 16:56

k1w1k1d:

Wondering if you will have to give your name to buyers on Trade Me?

If you have payment instrructions set up, they are sending out an email saying to put your full name registered to the bank account.

They then say to use ping or afterpay if you don't want to give out details.

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eracode

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#3313944 28-Nov-2024 20:44

This NZH story today helps clarify the implementation a little.

Sometimes I just sit and think. Other times I just sit.

MadEngineer

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#3313960 28-Nov-2024 21:43

^ thanks, that does help clarify, especially this line: "In other words, John Smith is acceptable while Mr J S Smith is not."

My bank account is under both mine and my wife's names.

Statements are addressed to "Mr A B C and Mrs D E F Lastname"

The "Account name" is listed as our full names in entirety

Clicking the "Share" link that Westpac have provided for this purpose gives "Firstname Lastname" followed by the bank account number.

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MartinGZ

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#3324390 25-Dec-2024 13:19

Kiwibank name matching is now active. I tried it out and seems to work OK. Entering either signatory of a joint account was good. Entering obviously wrong name gave Not a Match. Entering an abbreviated first name gave a message of partial match and check for typos. At last!

Qazzy03

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#3324400 25-Dec-2024 14:09

I have been using this with kiwibank for the past wee while.
Only issue has been getting trademe sellers to give me their correct account details.
People who just trade occasionally didn't seem to know about the payee confirmation service.
However we got the there in the end, even if it was mostly partial matches.

mattwnz

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#3324514 25-Dec-2024 23:40

I just tried to pay a company and their company name didn't match the account number at all, not even a partial match. I went back to them to say they needed to fix this with their bank. But they said the account number was correct, so I just paid anyway. But I have to wonder why it didn't even get a partial match, as I have always got at least a partial match. Suspect the bank account is in the name of the owner or something or maybe an old company name and they never changed it with their bank.

richms

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#3324516 26-Dec-2024 01:26

mattwnz:

I just tried to pay a company and their company name didn't match the account number at all, not even a partial match. I went back to them to say they needed to fix this with their bank. But they said the account number was correct, so I just paid anyway. But I have to wonder why it didn't even get a partial match, as I have always got at least a partial match. Suspect the bank account is in the name of the owner or something or maybe an old company name and they never changed it with their bank.

Are you sure the company exists? Surprising number of places are just trading as and the company has a totally different name.

Richard rich.ms

mudguard

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#3324522 26-Dec-2024 07:26

richms:
mattwnz:

I just tried to pay a company and their company name didn't match the account number at all, not even a partial match. I went back to them to say they needed to fix this with their bank. But they said the account number was correct, so I just paid anyway. But I have to wonder why it didn't even get a partial match, as I have always got at least a partial match. Suspect the bank account is in the name of the owner or something or maybe an old company name and they never changed it with their bank.

Are you sure the company exists? Surprising number of places are just trading as and the company has a totally different name.

This is very common. I see it everyday in my work. I audit machinery so the info I have is the limited liability name whereas the sign on the door could be completely different. In fact I'd say in 90% of them are different. And it makes sense. You might start off in business selling, I don't know, Case tractors, but you're more likely to call your company something personal like Mary Jane Ag Supplies instead of Case Tractor Limited. That way if you switch brands you're not stuck with a company name that is at odds with what you may sell or do.
And that's where the account thing will catch the odd person out. I'm not sure what happens if the customer doesn't want to pay an account called Mary Jane.

SirHumphreyAppleby

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#3324531 26-Dec-2024 09:07

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.

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