Linking a Joint Bank Account to Building Society Account
Discussion
I've just opened a building society savings account that I'd like to be linked to our joint bank account for making withdrawals.
When I tried to type in the name on our joint bank account (e.g. Mr A Smith and Mrs B A Smith) there wasn't enough room to type in such a long name so I just put the equivalent of 'A and Mrs BA Smith'. I've logged into the building society account and I see that the named account is now down as 'A & Ba Smith' with the 'a' incorrectly in lower case.
I'm now concerned that transfers won't reach the account as the shortened bank account name does not match the names of the bank account as printed on the cheque book with the Mr and Mrs.
Given the transfers will be going to a joint account, am I right in thinking only one correct name needs to be specified, i.e would I be best to change the details of the named account to just 'Mrs B A Smith'?
I know that account numbers are automatically matched to the correct name when making a transfer so I'm concerned that at the moment I may not be able to transfer funds out of this account.
Much appreciate any advice / experience of anyone linking a joint bank account to a savings account.
When I tried to type in the name on our joint bank account (e.g. Mr A Smith and Mrs B A Smith) there wasn't enough room to type in such a long name so I just put the equivalent of 'A and Mrs BA Smith'. I've logged into the building society account and I see that the named account is now down as 'A & Ba Smith' with the 'a' incorrectly in lower case.
I'm now concerned that transfers won't reach the account as the shortened bank account name does not match the names of the bank account as printed on the cheque book with the Mr and Mrs.
Given the transfers will be going to a joint account, am I right in thinking only one correct name needs to be specified, i.e would I be best to change the details of the named account to just 'Mrs B A Smith'?
I know that account numbers are automatically matched to the correct name when making a transfer so I'm concerned that at the moment I may not be able to transfer funds out of this account.
Much appreciate any advice / experience of anyone linking a joint bank account to a savings account.
As I understand it, the account holder’s name is only used as a check during the setup of the transfer mandate.
If the name doesn’t match during setup, the bank’s website will give you a warning and ask if you’re sure you’re not being scammed. You can say “yes” to proceed anyway, and the mandate will be created.
This check of the account holder’s name is relatively new; in the past you could set up a transfer mandate using just the account number and sort code.
When you then use that mandate to actually transfer money, it no longer matters whether the name matches: only the account number and sort code matter.
This is how it works with the banks I deal with anyway.
If I’m at all unsure, or if I’m going to be making large transfers, I usually do a couple of test transactions of small amounts like a pound or two in each direction to verify that it’s working before I send larger sums.
Edited to add: And I just use my own name; I don’t try to include both my initials and Mrs Oxgreen’s.
If the name doesn’t match during setup, the bank’s website will give you a warning and ask if you’re sure you’re not being scammed. You can say “yes” to proceed anyway, and the mandate will be created.
This check of the account holder’s name is relatively new; in the past you could set up a transfer mandate using just the account number and sort code.
When you then use that mandate to actually transfer money, it no longer matters whether the name matches: only the account number and sort code matter.
This is how it works with the banks I deal with anyway.
If I’m at all unsure, or if I’m going to be making large transfers, I usually do a couple of test transactions of small amounts like a pound or two in each direction to verify that it’s working before I send larger sums.
Edited to add: And I just use my own name; I don’t try to include both my initials and Mrs Oxgreen’s.
Edited by Dr Mike Oxgreen on Sunday 15th October 08:22
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