What name should I enter for a joint account or business account?
For joint accounts, enter the name of one account holder exactly as it appears at the receiving bank. For business accounts, use the full legal company name (e.g., “XYZ GmbH”).
- How secure is my data when Verification of Payee runs? Who sees the recipient’s name?
- Do I incur any fees for using Verification of Payee?
- What do Match, Close Match, No Match or ‘Check Unavailable’ mean?
- What exactly is Verification of Payee and why am I seeing it?
- Why did the VoP check say ‘Unavailable’? Does that mean the payee bank can’t verify?
- Is Verification of Payee mandatory for every payment or only when adding a new payee?
- Can I opt out or disable VoP for future payments?
- If it’s a Close Match, should I trust the name suggestion and update it?
- I double-checked the name and IBAN. Why is it still showing 'No Match'?