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Bank Transfers and Security

Croker

Novice Member
I'm aware that, contrary to popular myth, paying for something, or receiving funds, via Bank Transfer is quite secure.

However, I was under the impression that to make a payment via Bank Transfer, you needed the Bank name, Sort code, and account number, and nothing else. Is this the case?

I have a buyer for an item who claims that he needs my surname because "they always ask for a surname". As I say, I thought no name was needed, only bank name, sort code, & account number.

Can any of you clarify? Whilst I know that bank transfers are secure, I'm not too happy about handing out all of the above details plus my name.

Cheers!

Croker
 

stevegreen

Well-known Member
When I carry out transfers online through my Abbey National account, all that is needed is sort code and account number, Can't see why any other bank should be different :confused:
 
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FoxyMulder

Guest
I work for a call centre and we require bank name, sort code, account number and full name when setting up bank transfers over the phone.

I should add due to the Data Protection Act we also require their address, date of birth etc to validate they really are who they say they are.
 

richjthorpe

Novice Member
At HSBC, you have to enter the Account Name. I suppose if anything went wrong with the transfer, they've got a backup of a name. Bank Name is not needed as it can be got from the Sort Code.

Richie.
 

Mr.D

Distinguished Member
I always ask for an address and landline telephone number and wherever possible try and link the two up prior to doing the deal.

If they refuse to give you the info they are dodgy 9 times out of 10.
 

Nick_UK

Banned
Croker said:
I'm aware that, contrary to popular myth, paying for something, or receiving funds, via Bank Transfer is quite secure.

However, I was under the impression that to make a payment via Bank Transfer, you needed the Bank name, Sort code, and account number, and nothing else. Is this the case?

I have a buyer for an item who claims that he needs my surname because "they always ask for a surname". As I say, I thought no name was needed, only bank name, sort code, & account number.

Can any of you clarify? Whilst I know that bank transfers are secure, I'm not too happy about handing out all of the above details plus my name.
Why the paranoia ? When you write a cheque, you are giving out all that information, and more !
 

Croker

Novice Member
Foxy - are you saying that the buyer needs my full name, as well as my bank name, sort code, and account number, before he can pay into my account? I know from my own online banking that they just ask for a sort code and account number, and a reference of your choosing, which is why I'm a bit thrown by this claim that my name's needed.

Also, are you saying that you would take the buyer's name, address and date of birth before you let them pay into my account?

Richie - you say "account name"; are you referring to my actual name? I assume you are!

Mr. D - I'm assuming you mean that you ask for an address and landline number from the buyer before going ahead. If that's the case, how do you "link the two up", exactly?

I should stress that my main concern is that with just my account number and sort code, no-one can apply for future credit in my name. However, surely they'd be further along the line to being able to do so if they've got my name as well?

I know a lot of people here accept and send Bank Transfers when buying and selling through the classifieds...I'd like to see more info and comments from these people, if possible!
 

Croker

Novice Member
Nick_UK said:
Why the paranoia ? When you write a cheque, you are giving out all that information, and more !
See my response immediately below yours for the reason!

I'm now obligated to point out that I don't use cheques, by the way :D
 
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FoxyMulder

Guest
Croker said:
Foxy - are you saying that the buyer needs my full name, as well as my bank name, sort code, and account number, before he can pay into my account?
Just saying we have rules and regulations in a call centre, dunno how it works for private sales but if it was me i would be happier knowing a person's name before doing this as for the other point i would imagine there are indeed risks and you make a valid point which is why if i was you i would probably pay by cheque or some other means.
 

krish

Distinguished Member
from my own online banking transactions I have always had to type in payee name in addition to sort code and a/c no - this has been with Halifax, HSBC, Cahoot, Nationwide, and Barclays
 

Mr.D

Distinguished Member
Streetmap to check the address , postcode and telephone number don't contradict each other. You can always phone them up if you are suspicious.

Bear in mind whilst this isn't fool proof it does give you a few more footprints to follow if anything goes wrong but the real point is that anyone remotely dodgey will more than likely find some excuse to break off the deal as soon as you ask for their details.
 
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FoxyMulder

Guest
Here's a good site with some nice tips regarding online transactions and stealing of personal data.

http://www.cifas.org.uk/identity_fraud_avoid_being_victim.asp

Personally i am more than happy to give out bank details online to companies which require it for transactions to take place and i pay for many goods online and tend to use sites which have a good record with customers but i wouldn't give out my bank details to any individual, i personally feel it isn't safe but you take your chances etc etc
 

mh123

Active Member
I transact frequently on various online marketplaces, and set up two additional current accounts with my online bank for this very reason. That way I can make payments from one of my 'online only' accounts, and receive payments into the other. Neither is linked in any way to my 'real' accounts but are reserved for the purposes of trading with dubious sources. By 'dubious' I mean people with whom I have no relationship.

To date I've well surpassed the 1,000 trades mark using bank transfer as the mechanism, and so far touch wood nothing bad has happened.

It pays to keep abreast of current and emerging scams and never enter into any dealing that is remotely suspicious.

btw - apart from sort code and account number the only reason for giving out additional information seems to be to satisfy the needs of various online banks. I see no problem declaring surname and postal address when buying but I'd be reluctant to give it out when selling.
 

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