Accidentally mixed up bank account types when I sent an EFT

[Sweetibility]

When sending money via my banking app, I selected a savings account type instead of a a cheque account, but the account number and the account holder's name was correct. Will this affect the transaction in any way?

 

[Aharon]

Shouldn't affect the transaction in any way whatsoever

 

[TheChamp]

No.

 

[saor]

Banks still with all this archaic nonsense.
Surely an account number is sufficient, why even bother with branch codes and account types?

 

[diapason]

When sending money via my banking app, I selected a savings account type instead of a a cheque account, but the account number and the account holder's name was correct. Will this affect the transaction in any way?

The account holder's name hasn't been checked for decades! That check goes back to the days when things were done manually.

 

[supersunbird]

Banks still with all this archaic nonsense.
Surely an account number is sufficient, why even both with branch codes and account types?

A modern bank like Capitec isn't bothered about such nonsense. Any bank that even has such fields, as if they are relevant, should best be avoided.

 

[supersunbird]

The account holder's name hasn't been checked for decades!

Indeed, you can call the account holder field whatever you want and the transaction will succeed.

 

[Willie Trombone]

Banks still with all this archaic nonsense.
Surely an account number is sufficient, why even bother with branch codes and account types?

Account number plus matching name should be required for 2 factor confirmation IMO.

 

[supersunbird]

Account number plus matching name should be required for 2 factor confirmation IMO.

Yes, but some people want to type supersunbird, some SuperSunBird, some Super Sunbird, so should it keep rejecting the input until one types it right?

 

[midnightcaller]

Just curious about branch codes:

Was there ever a time in the past when two different individuals could have the same bank account number but at different branches?

 

[Speedster]

Just curious about branch codes:

Was there ever a time in the past when two different individuals could have the same bank account number but at different branches?

Slightly off topic, but still interesting, I made a payment to my brother in Canada couple of weeks ago. FNB autofilled the branch code to the Canadian banks head office and they wouldn't release the funds until I amended the payment instruction. Apparently branch codes are still a thing in some parts of the world

 

[Lupus]

Slightly off topic, but still interesting, I made a payment to my brother in Canada couple of weeks ago. FNB autofilled the branch code to the Canadian banks head office and they wouldn't release the funds until I amended the payment instruction. Apparently branch codes are still a thing in some parts of the world

Well cheques are still a thing in the US so I'm guessing a few places have some archaic systems in place.

 

[Aghori]

Shouldn't affect it in any ways as long as the Account Number is correct.