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Bank transfer - Doesnt "Name on Account" matter?

  • 16-07-2018 8:06am
    #1
    arleitiss
    Registered Users, Registered Users 2 Posts: 3,515 ✭✭✭


    Hi, need to transfer sum from my account to another.

    Where it asks for BIC etc.. there is a field called: "Name on Account" but can't fit entire company name there, does it matter if it's spelt fully or shortened?


Comments

  • #2
    Victor
    Registered Users, Registered Users 2 Posts: 78,461 ✭✭✭✭Victor


    If it doesn't fit, that probably isn't the name on the account. Check with the account holder.


  • #3
    Jimjay
    Registered Users Posts: 800 ✭✭✭Jimjay


    Victor wrote: »
    If it doesn't fit, that probably isn't the name on the account. Check with the account holder.

    Lol. I do loads of bank transfers and the name more often than not doesnt fit (usually company names) and its never been a problem. I usually just type what does fit or abbreviate it. Maybe someone else can confirm but im fairly sure the name doesnt do anything.


  • #4
    dudara
    Registered Users, Registered Users 2 Posts: 33,518 ✭✭✭✭dudara


    From what I remember it’s BIC & IBAN that matter. The name is just a descriptor and not part of the validation.


  • #5
    arleitiss
    Registered Users, Registered Users 2 Posts: 3,515 ✭✭✭arleitiss


    Okay thank you, I will just shorten the Name and send it to BIC & IBAN.


  • #6
    Nermal
    Registered Users Posts: 2,683 ✭✭✭Nermal


    The name is not validated.


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  • #7
    Foweva Awone
    Registered Users, Registered Users 2 Posts: 1,740 ✭✭✭Foweva Awone


    Name doesn't matter, just put in an abbreviated version.


  • #8
    Bubbaclaus
    Registered Users, Registered Users 2 Posts: 4,461 ✭✭✭Bubbaclaus


    BIC no longer matters either.


  • #9
    homer911
    Registered Users, Registered Users 2 Posts: 5,129 ✭✭✭homer911


    Bubbaclaus wrote: »
    BIC no longer matters either.
    ..even though lots of companies still ask for it


  • #10
    coylemj
    Registered Users, Registered Users 2 Posts: 25,479 ✭✭✭✭coylemj


    Jimjay wrote: »
    Lol. I do loads of bank transfers and the name more often than not doesnt fit ....(usually company names) and its never been a problem.

    +1 but doesn't even have to be a long company name. EBS for example limits you to 12 characters when you're registering an electronic payee which means they can't fit common names like Fergus McCarthy or Mairead McNamara so it doesn't matter. Even a relatively short name like James Murphy just about makes it.


  • #11
    JTMan
    Registered Users, Registered Users 2 Posts: 5,541 ✭✭✭JTMan


    BIC does not matter. BIC should not be asked for but if it is it should be an optional field.

    Name of account is a mandatory field. It normally does not matter. However, if there is a problem with the payment or it goes missing or ends up in the wrong account or it needs to be traced, filling out this field can help those doing missing funds recs locate the payment. In short, you are best filling this in correctly where possible.


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