Bank transfers/building society transfers? Name/acct checks?

[Mr Whippy]

I know banks have a name and acct number and they’re cross referenced for added safety.
This is pretty clear in how it operates and should result in very low likelihood of errors.


Building societies often have a “name of BS + account owner name” and then a fixed acct number many users share, and then you use the BS acct number as the payment reference to make sure the money goes where required.


Does anyone know if this is a legislated or standardised, and robust, system?


I’m planning on utilising BS accts to receive some funds (solicitor for property sales) but given the number of transactions and relatively large sums, I’m weary of errors which may or may not be more prone.
Ie, if solicitor’s finger slips on a reference number might Doris Smith get £££ of my money?


Does anyone know the process that allows BS to operate this way robustly and safely?


Any advice greatly appreciated!

[Mr Pointy]

What type of account are you planing on using? My BS account is a current account with a standard sort code & unique account number. I can't make external transfers into the other savings accounts - it has to go via the current account.

[Mr Whippy]

Ah yes they’re ‘savings’ type accounts but AIUI they do allow external payments in via the BS generic acct/sort, and then BS name + account holder name, and actual acct number as reference.