Wrong Account Name - bank transfer

M

MarkLeonard

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6
Hi folks,

I was just wondering if you give the correct IBAN and sort code but the wrong account name will the receiving bank (AIB) accept the funds? I provided by IBAN and sort code to a client in the Netherlands but not the correct account name (i gave the name on my personal account rather than the name on the company account).

I'm assuming as the IBAN is correct, the funds should transfer?

Thanks in advance
 
I worked in HR and had to set up bank details for payroll. The name didn't matter, it was iban details that we doubled checked. You could put batman on the account name. Can't say for sure if it's the same for your transaction but I'd be confident.

Let us know. Hope I'm right.
 
beautfan said:
I worked in HR and had to set up bank details for payroll. The name didn't matter, it was iban details that we doubled checked. You could put batman on the account name. Can't say for sure if it's the same for your transaction but I'd be confident.

Let us know. Hope I'm right.
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This is only partially correct. For Irish accounts, name field is not a matching criteria.

@MarkLeonard while i guess the transaction went through fine at this stage, there is a possibility that the receiving bank do check the name & IBAN and raise a query. If the name is somewhat similar they may just ignore it.

For Chinese bank payments (for those who need to pay there), chinese company names are usually longer than the name field and you then need to continue the name into the first line of the address. Otherwise the payment will be rejected.
 
daheff said:
This is only partially correct. For Irish accounts, name field is not a matching criteria.

@MarkLeonard while i guess the transaction went through fine at this stage, there is a possibility that the receiving bank do check the name & IBAN and raise a query. If the name is somewhat similar they may just ignore it.

For Chinese bank payments (for those who need to pay there), chinese company names are usually longer than the name field and you then need to continue the name into the first line of the address. Otherwise the payment will be rejected.
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Thanks for the reply.

What do you mean when you say "For Irish accounts, name field is not a matching criteria"?
 
MarkLeonard said:
Thanks for the reply.

What do you mean when you say "For Irish accounts, name field is not a matching criteria"?
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I mean when the payment information is transmitted to an Irish bank they dont need the name on this information to match 100% (or even closely) with the name on the account that they hold on file.
 
It would create total chaos given the irregular use of maiden names, variant spellings, Irish versions, middle initials, etc, that you find in Ireland.

Address fields are also impossible to even try matching with unless you have an eircode.
 
Dr Strangelove said:
It would create total chaos given the irregular use of maiden names, variant spellings, Irish versions, middle initials, etc, that you find in Ireland.
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My name is Brendan Burgess
If you are sending me a payment, it's easy enough. If you send it to Brendán Brugha, it would be rejected.

If you are sending a payment to Darragh O'Brien , you would need to check the spelling. The Comedian might get it instead of the Minister for Housing.

I have a sterling account and name matching works very well. It usually confirms that the names match up. When it doesn't I email the payee and ask them to confirm the payee details.
 
daheff said:
I mean when the payment information is transmitted to an Irish bank they dont need the name on this information to match 100% (or even closely) with the name on the account that they hold on file.
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Ah ok - so what you are saying is that the account name doesn't matter. As long as the other details (IBAN ./ BIC ) are correct the payment should be processed without query?
 
MarkLeonard said:
Ah ok - so what you are saying is that the account name doesn't matter. As long as the other details (IBAN ./ BIC ) are correct the payment should be processed without query?
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I have a continental account and have to deal in different languages. When I'm paying the government here for something in their 'foreign name' say Tax Office, I write it in that language, but if it's car tax, versus income tax, I'd write
Tax office Car Tax, or
Tax office Income tax.
For say a utility/bill that the name is weird to me, I might add in Water in English for my own records in the bank transfer with their official name first.

The names make no difference. For transfers from Ireland to here and vice versa, because we have a joint accounts it can often not be exactly correct

So Bronte might be

Mary Bronte and Paddy Murphy in reality, but for the transfers it might be

Bronte Murphy or Murphy Bronte.

One of the Irish banks sent us both a letter recently. Separately. So to Paddy Murphy, and then on the second line they had Bronte Murph (I think they didn't have enough space.)

The most important thing to get correct is the IBAN. Any time I have to fill in an IBAN for something official, I always send a copy of the part of the bank statement with it typed, so there can be no errors with my horrendous writing. one versus i, or i v j, or 1 v 7 etc.

I don't think BIC's matter either. That seems to be a very big thing in Ireland.
 
Brendan Burgess said:
My name is Brendan Burgess
If you are sending me a payment, it's easy enough. If you send it to Brendán Brugha, it would be rejected.

If you are sending a payment to Darragh O'Brien , you would need to check the spelling. The Comedian might get it instead of the Minister for Housing.

I have a sterling account and name matching works very well. It usually confirms that the names match up. When it doesn't I email the payee and ask them to confirm the payee details.
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Not to get too technical Brendan :p but you would not be able to send a payment with the fada in the details as its not part of the latin script character set. Your bank, if they allow it in the interface, would have to convert it to an agreed character. Which then would not match with the character in the receiving bank (assuming they have a fada on their local system)


 
As someone who sent a payment to a total stranger's account (used correct account number but wrong sort code) in an Irish bank the name doesn't matter a toss, it's the sort code/account number combination i.e. IBAN that determines where the money goes, no human is matching up the name quoted and the computer doesn't do it either.
 
Dr Strangelove said:
It would create total chaos given the irregular use of maiden names, variant spellings, Irish versions, middle initials, etc, that you find in Ireland.

Address fields are also impossible to even try matching with unless you have an eircode.
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Chaos is on the way so. Payee verification will be mandatory from October 2025 for all SEPA credit transfers.

It should have been implemented when SEPA was first introduced. The UK implemented it years ago, and it almost eliminated APP fraud.
 
Nermal said:
Chaos is on the way so. Payee verification will be mandatory from October 2025 for all SEPA credit transfers.
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It’s a bit more subtle than that:

The new Regulation requires payers to be informed of any discrepancies between the payment account number and the intended payee’s name. The payer can then decide whether or not to initiate the payment, depending on the result: “match”, “close match”, “no match” or “other”.
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I suspect that Irish banks will have more problems than most when this is introduced.
 
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