Confirmation of Payee - Opt Out/Opt In Form
This form is to be completed if you wish to opt out of Confirmation of Payee or opt back in.
We're excited to announce that Personal Savings is now live with Confirmation of Payee (CoP) to help protect you and your funds. Business Savings will be going live on 29 October. To learn more about CoP, please review the below.
Confirmation of Payee is a service between the largest UK banking groups (Barclays, HSBC, Lloyds Banking Group, Nationwide Building Society, Royal Bank of Scotland Group and Santander UK) for electronic payments. It’s been designed to help protect customers from scams and to make sure that payments are going to the right accounts by checking the beneficiary name in the payment instruction against the name of the account where the payment is to be sent. Other banks and building societies are likely to follow with the implementation of this service.
If you bank with one of the providers who have implemented the service, when you instruct an electronic payment your bank or building society will let you know whether the details match. There are several possible outcomes:
Match – the name on the account matches the name you’ve completed in the payment instruction
Partial match – the name is similar but slightly different. Your bank will confirm the correct name
No match – the name doesn’t match the name on the account
Confirmation of Payee Unavailable – if you’re sending a payment to a bank or building society where Confirmation of Payee hasn’t been implemented, your bank won’t be able to confirm whether the details match
Payments to your Aldermore Personal Savings account should show a match, as long as you make sure you quote the details that we've provided to you.
The service won’t stop you making a payment, but if you’re in any doubt about the payment details or you get any response other than a match, you should always take the time to make sure that the details are correct.
In line with financial regulations, we’ve automatically enrolled all eligible customers in our Confirmation of Payee (CoP) scheme. This means we can double-check that the name on your account matches the details you’ve shared with us, helping to keep your funds safe from fraud.
If you have special circumstances and wish to opt out, we can accommodate that. Just keep in mind that if you choose to opt out, payments made to your account won't be verified through the CoP service, which could lead to payment issues.
Want to opt out? No problem. Just print and send us the form, and we’ll get back to you within 30 days. Not all accounts are eligible to opt out, but we’ll let you know if yours is.
Changed your mind? No worries. You can easily opt back in anytime by ticking the opt-in option on the form.