Account Name in EFT

[goocreations]

If you do an EFT with SA banks, does the account name matter, or is this simply used as reference? Hence, if the account is in the name "Peter Smith" and it is entered as "PETER SMITH" or "P. Smith" or "Mr Peter Smith", does that make any difference?

Standard Bank switched my first and middle name around, and that hasn't affected any payments for years. So do banks still look at the account name?

 

[Fulcrum29]

If you do an EFT with SA banks, does the account name matter, or is this simply used as reference? Hence, if the account is in the name "Peter Smith" and it is entered as "PETER SMITH" or "P. Smith" or "Mr Peter Smith", does that make any difference?

Standard Bank switched my first and middle name around, and that hasn't affected any payments for years. So do banks still look at the account name?

Uhm no... But it surely helps when adding beneficiaries.

 

[HavocXphere]

Doesn't matter. I usually go with P. Smith though.

 

[froot]

Nope, it doesn't matter.
Some banks do check the account names, but this isn't used for EFT's. In fact, I only know of one ACB that actually does validate on account name.

 

[GreGorGy]

As far as I know, we have two kinds of account number checking - validation and verification. The former involves assessing the account number fits the BankServ CDV algorithm and takes a second while verification incorporates the former and then verifies that the account actually exists and belongs to the payee in question. That takes longer - and IIRC, requires submitting the details (Holder, Account No, IBT, Type, Bank) to some centralised service and receiving a reply some time later. I stand corrected though.

 

[goocreations]

Thanks guys for the replies.

Does that mean I can have a personal account and use my company name as account holder name if I send my banking details to my clients?