Confirmation of Payee (CoP) helps to reduce misdirected payments by checking the name of the business or person you're sending money to.
What's the benefit to you?
CoP adds an extra layer of security when making payments by checking that the name of the person or business you're sending money to matches the one on the account.
This helps to protect your money, ensure fewer payments are misdirected, and reassure you the details you've entered are right.
What happens when you send money to a Newbury Building Society account from 10 May 2024?
When setting up a new standing order or making a one-off payment, you'll get an automated message letting you know if the details you've entered are either;
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a match,
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a close match, or,
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no match to the details we hold.
You might also receive an unavailable message. This could mean the account doesn't exist or your request has timed out. If you get a close match, no match, or unavailable message when making a payment, double-check the details and try again.
If you already have a standing order set up with the Society, you will not need to make any changes unless your bank asks you to do so. This does not affect direct debits.
What if I don't receive a message?
From 10 May to 17 May 2024, other banks will connect their Confirmation of Payee services with ours.
If you do not receive an automated message when making a payment to a Society account during this time, your bank hasn't connected with us yet. Please don't worry: this is not an issue and will be resolved by 17 May.
When making a Faster Payment, please use these details:
Faster Payments are electronic payments you can make online, over the phone, or in your local branch. Direct Debits are not Faster Payments.
- Account name: Payee's name as it appears on the Newbury Building Society account
- Account type: Select 'personal' unless you are paying into an account that is in a business name, in which case select 'business'
- Sort code: 62-28-74
- Account number: 00000000
- Reference: Your 10-digit Newbury Building Society mortgage or savings account number
Please note: it may take up to one working day for payments to appear in your account.
For CHAPS payments, please use these details:
- Account name: Payee's name as it appears on the Newbury Building Society account
- Sort code: 60-15-07
- Account number: 16270851
- Reference: Your 10-digit Newbury Building Society savings or mortgage account number
Please note: CHAPS payments are normally organised with your bank and not completed online. They may incur a charge with your bank or building society.
Can I opt out of Confirmation of Payee?
All customers are automatically opted-in to CoP.
If you want to opt out, the information provided on any incoming payments to your Society savings or mortgage account will not be checked - this could result in your payments going to the wrong account.
For this reason, we will only accept opt-out requests in exceptional circumstances.
To opt out, please ask for a Confirmation of Payee opt-out form in your local branch or call us on 01635 555700.
