From late November Banks will now cross check account names with account numbers.
This was something I knew banks were working on. It looks like they are starting to roll it out from next month. Kiwibank have advised me that they will begin in late November.
For Trade Me it means you will need to have your bank account name correctly noted on your payment instructions you send out. For many purchases I make, sellers don't have the account name mentioned at all.
I'm sure there will be plenty of teething problems, but overall I think it's going to be a really good extra safety net.
NOTE: It doesn't go as far as stopping a payment if the name and account doesn't match, but you should get a warning that they don't match before you confirm the payment.
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flossy63 Community SuperuserQuestion?, so do you know if it has to be your full spelt out name or first Initials with Surname accepted still?,
as I do not disclose my full name only initials and Surname, and I do not want to disclose my full name, for obvious reasons,
I think their maybe some out there who feel the same,
to many details and ???,
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Gary-NZStocked Community SuperuserKiwibank says "In the past, you may have entered initials or a nickname when making a payment. The new service requires you to enter the exact first and last name, or business name, registered to the account, into the Account owner field. So, be sure to ask the person or business you’re paying to share the exact name on their account - not just their account number. A business’ account name could be the legal name of the company, rather than its trading name."
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Callum Community Superuser
If you don't want to disclose your full name you could still use your Initials, as long as surname is correct. The person making the deposit will get a "partial match" warning. Whether that is enough to keep an extra paranoid depositor happy or not is the next question. A partial match (on kiwibank) will look like this. Probably wouldn't be the end of the world. You could add a sentence in your payment instructions that you don't want to disclose your full name. If buyers know in advance they are going to get the warning they can probably understand and accept that.
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S Community SuperuserThanks for the Heads up and your update Callum, - Much appreciated😊
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