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 funds and providing the customer has given us the correct reference (their 10-digit Newbury Building Society account number) the funds will be credited to their mortgage or savings account. Please note, funds can take up to one working day to show in your Newbury Building Society account.
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
Your bank will have a transaction/daily limit relating to the amount that you can transfer in this way. If the amount is more than your bank limit allows please use the CHAPS details below which is a system that can be used for larger amounts.
CHAPS payments may incur a cost with the customer’s bank/building society.
Name: Newbury Building Society
Sort Code: 60 – 15 - 07
Account Number: 16 27 08 51
Reference: Your 10 digit Newbury Building Society savings or mortgage account number
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 receive.