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Banking Verification When Sending Money Via Telephone Banking.

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Over the years there were many incidents of funds being transferred to the wrong payee. This was when the payer provided an incorrect account number. There were incidents where the customer lost their money.

When the banking verification process was introduced, it was a great improvement. The process is where  the  banks  use a system to  verify  that the account number and name of the payee matches.

I have transferred funds a few times over recent months   with no issues, and found it to be very good system . However, for whatever reason it seems that not every bank is signed up to this.

Yesterday I provided details of the potential payee to my bank. The payee banks with the Co-op bank. When the verification process was run, my bank said the details could not be verified. They explained that it is  not necessarily  that the details are incorrect, but possibly that  the Co-op bank  are not signed up to the verification system.

I checked the details again with the payee who confirmed they are correct.

I don't know if others  have encountered this. If the  information about the Co-op bank is correct, then I cannot understand why they would not subscribe to such a good system.

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