![]() Please see the diagram below for the possible outcomes that you may receive. 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 check you have entered the details correctly as stated above. Reference: Your 10 digit Newbury Building Society savings or mortgage account number WHAT WILL HAPPEN WHEN YOU SEND MONEY TO NEWBURY BUILDING SOCIETY 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.ĬHAPS payments may incur a cost with the customer’s bank/building society. Your bank will have a transaction/daily limit relating to the amount that you can transfer in this way. Reference: Your 10-digit Newbury Building Society mortgage or savings account number. The bank issues these cheques on behalf of an account holder to make a. 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. issued to or put simply, whose name is mentioned on the cheque is the drawee. PAYING IN DETAILSĬonfirmation 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. 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. Financial organisations are seeking to prevent fraud and payments being sent to the wrong account, keeping your money and accounts safe.Īll of the large banking groups have now implemented Confirmation of Payee. This applies for one-off payments and standing orders. ![]() It warns the collecting banker that the proceeds are to be credited only to the account of the payee, or the party named on the cheque, or his agent.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. Such crossing does, in practice, restrict negotiability of a cheque. Special Crossing:In case of special crossing, the paying banker needs to honour the cheque only when it is prescribed through the bank mentioned in the crossing or it’s agent bank. General Crossing: Where a cheque bears across its face, an addition of two parallel transverse lines and/or the addition of the words “and Co.” between them, or addition of “not negotiable”, it is a General Crossing. There are two types of crossing which may be used on cheque, namely: (i) General & (ii) Special. A crossed cheque cannot be paid across the counter but must be collected through a banker. ![]() An open cheque can be presented by the payee to the paying banker and is paid over the counter. Must Read – Hypothecation What is crossing of cheque?Ī cheque is either “open” or “crossed”.
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