What Confirmation of Payee is
Confirmation of Payee (CoP) is a service that checks the sort code and account number against the name of the organisation/or person you are electronically sending money to. This applies for one-off payments and standing orders. Financial organisations are seeking to prevent fraud and payments being sent to the wrong account, keeping your money and accounts safe.
All of the large banking groups have now implemented Confirmation of Payee. It will not affect you making payments from Newbury Building Society to your nominated bank account, but it will impact on making electronic payments to your Newbury Building Society savings or mortgage account if your bank account provider has implemented the service.
Paying in details
Confirmation of Payee will apply if you are electronically transferring funds into your Newbury Building Society savings or mortgage account from an account held with a bank that offers the service.
The Society uses NatWest bank to receive your funds and providing you have given us the correct reference (your 10-digit Newbury Building Society account number) they will be credited to your mortgage or savings account. When you make a payment to us, the following bank details should be quoted:
Account Name: Newbury Building Society
Sort code: 62-28-74
Account number: 00000000
Reference: Your 10-digit Newbury Building Society mortgage or savings account number.
Account type: Business
What will happen when you send money to Newbury Building Society
Please check you have entered the details correctly as stated above. If you get a response from your online banking service saying that the details are not a match or are unavailable, you should check again that you have entered the details correctly and amend them as necessary before proceeding.
Please see the diagram below for the possible outcomes that you may recieve.
If you are unsure about making a payment or have any questions regarding Confirmation of Payee, please visit your local branch or call our Customer Support Team on 01635 555700.