We’ve heard that some customers are seeing a warning from their bank when they try to pay into their Zopa savings account. This is because of something new called ‘Confirmation of Payee’, which is designed to stop people accidently sending money to the wrong recipient.
Any new payee you set up in your online banking now involves an extra check to ensure the name you enter matches the name on the recipient account.
Sometimes warnings show even when all the details are correct. We use a partner to process faster payments, which means at the moment, Confirmation of Payee doesn’t work for a Zopa bank account and your bank may give you a warning to be careful. You can read more about this at Pay.uk, the UK’s leading authority on retail payments.
Despite these warnings, customers are successfully paying into Zopa bank accounts because the details are legitimate. Some customers send a smaller test payment first to make sure it arrives ok, then follow up with larger ones.