What Confirmation of Payee is
Confirmation of Payee is a service that checks the sort code and account number against the name of the organisation/person you are electronically sending money to. This applies for one-off payments and standing orders. Financial organisations are looking to prevent fraud and payments being sent to the wrong account, keeping your money and accounts safe.
When Confirmation of Payee will start
Bank of Scotland, Barclays, HSBC, Lloyds, Natwest, Nationwide, RBS, Santander and Ulster Bank will be introducing this service by 31 March 2020. More banks are expected to join this service during 2020. Confirmation of Payee will not affect you making payments from Newbury Building Society to your bank, but it will impact on making electronic payments to your Newbury Building Society savings or mortgage account.
Paying in details
Confirmation of Payee will apply when you are paying into your Newbury Building Society savings or mortgage account. We use NatWest bank to collect your funds and correctly pay them into your mortgage or savings account, providing you have given us the correct reference (your 10-digit Newbury Building Society account number). When you make a payment to us, the following bank details will need to be used:
Bank Name: Natwest
Sort code: 62-28-74
Account number: 00000000
Reference: Your 10-digit Newbury Building Society mortgage or savings account number.
What will happen when you send money to Newbury Building Society
Please check you have entered the right name, sort code, account number, and reference. Our account at NatWest is known as a Head Office collection account and as a result you will get a warning message from your bank or building society advising these details cannot be verified. It may say the details are “not a match” or are “unavailable”. Please see the diagram below for the possible outcomes that you may receive.
You can continue with the payment following the warning message and the funds will be sent to the Newbury Building Society account number you have provided in your reference.
This service is in place to keep your funds safe. You will receive a warning message as Confirmation of Payee is unable to verify collection accounts but please be reassured that you are still able to make a payment successfully.
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.