Confirmation of Payee
What is Confirmation of Payee?
Confirmation of Payee (CoP) is a service designed to help ensure that when you make an electronic payment, it goes to the correct recipient. When you transfer funds from another bank or building society, they’ll verify the payee’s name against the information on your Stafford Building Society account.
This additional layer of security helps protect you against fraud and ensures that your money reaches the intended person or business. CoP plays a vital role in preventing errors and fraudulent activities, such as Authorised Push Payment (APP) scams.
CoP will only apply to those setting up a brand new electronic payment into The Stafford. If you have existing payments into your savings and/or mortgage accounts with us, you won’t need to make any changes.
How Does It Work?
When you make a payment, you will get a response/result similar to the below (the wording may vary between different financial institutions):
Match: The name and account details you entered match the recipient’s information.
Close Match/Partial Match: Some of the details match (for instance, the surname matches, but the first name is different). You can decide whether to proceed, but we recommend double-checking with the recipient before proceeding. This helps avoid sending money to the wrong person.
No Match: The details don’t match, and the payment is unlikely to reach the intended account. You will be advised to either correct the information or cancel the payment.
Unable to Check: If the recipient’s bank is not part of the CoP scheme, a confirmation cannot be provided.
Sending Money to Your Account with The Stafford Building Society
When you’re setting up a new payment, the Payee Details are checked. So, when you send money electronically to your savings or mortgage account with us, it’s important that you include the following account details:
| Personal/Business account: | Please select the appropriate account type with us. |
| Payee: | This is the name on the account with us, i.e. the First name & Surname of the person or the full business name you are trying to pay. |
| Sort code: | 40-05-30 |
| Account Number: | 24575962 |
| Roll/Reference Number: |
Stafford Building Society reference number (10-digit number including any capital letters. Don’t include any dashes.) |
Will CoP apply to all banks?
Not all banks and building societies are part of the CoP scheme yet. If the receiving bank is not a member, we may not be able to verify the recipient’s details.
What should I do if there is a close match but not an exact match?
If the details are close but not an exact match, we recommend double-checking with the recipient before proceeding. This helps avoid sending money to the wrong person.
How can I update my account details with The Stafford?
If your details have changed (e.g., name change after marriage), please contact us. You can also update your information by visiting us in branch or cotacting us through our online banking portal.
Who should I contact in the event I have a complaint relating to CoP?
We always strive to provide the best for our members. However, if you feel we haven’t met your expectations, you can find our complaints procedure here: Complaints
What if I’m paying into a joint account?
You’ll only need to enter the full name of one of the account holders on the account.
Why am I seeing HSBC name and/or logo displayed?
You may see HSBC name and/or logo displayed when you input your details, this is because all payments are processed through our clearing account with HSBC.
Can I opt out of Confirmation of Payee?
Opting out of CoP is possible in exceptional circumstances. If you would like to opt out, please complete this form and follow the instructions within. You can also opt back in at any time with the same form.
You can also call our members service team or pop into branch to request a paper version of this form to be posted/delivered back to us in branch.
We’ll review your request and notify you of the outcome within 14 working days.