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Important changes to our services

As you will be aware, we have made some important changes to our services. These changes have been made to improve the service we offer to you and help us prevent financial crime. 

Faster Payment Withdrawals

All faster payment withdrawals from any Dudley Building Society account will be restricted to a nominated external account held by named parties on the account only. This means that members will no longer be permitted to send faster payments to a third party. 

When should I provide my nominated account details?

You will be required to provide us with your nominated account details the first time you request a faster payment after 12th October 2020. Our new nominated account form and updated faster payment form are now available and should be completed and returned to us the first time you request a faster payment. 

Faster Payment Deposits

As we have updated our payment processes, we have a new account number and sort code for you to use:

Account Number: 10001008

Sort Code: 60-83-18

Terms and Conditions

We have reviewed our Savings Terms and Conditions to reflect the changes detailed above and to make way for online savings accounts that we will be launching soon.

Confirmation of Payee

What is a Confirmation of Payee?

Confirmation of Payee (CoP) is a new service to help provide you with greater assurance that when you send an electronic payment, you are sending the funds to the intended recipient. The service has been designed to confirm if a payment is being sent to the correct person, helping to avoid making accidental, misdirected payments to the wrong account holder. It also provides another layer of protection in the fight against fraud and scams.

A payee is the term used to describe the person or business that you are sending your money to, even if this is another account in your own name. When you make electronic payments, you are now required to know the person’s name you are sending money to. For individuals this will usually be their first name and last name.

How does it work?

When you set up a new electronic payment, your bank will attempt to check that the name on the account you are sending a payment to, matches the name you have inputted for the payment. After the Confirmation of Payee check, you will receive one of four results from your bank:

• Payee details match – the account holder name and details are a match

• Payee details do not match – the account holder does not match the information provided. You will be advised to cancel the payment and contact the payee. You can still choose to continue with the payment, however you will be warned that this is at your own risk

• Payee details are a close match – some of the account information matches. For example, if the first name matches but the surname was spelled incorrectly or if the first name is Steve instead of Stephen. You can review the information, confirm that the name is correct and continue with the payment, or cancel the payment and contact the payee to check their details

• Confirmation of Payee is unavailable – it has not been possible to check the name on the account. This is usually because the receiving bank does not have access to the matching service, or the account holder details you have entered does not exist.

Currently the matching service can only complete this check for banks and building societies where a customer’s account can be identified from the sort code and account number, i.e. where there is no roll/reference number associated with the account. Our account at NatWest is known as a Head Office collection account and as a result the matching service is unable to verify that the account name matches the customer’s name for your payment.

When you set up a payment to come into your account with us you may receive a warning message from your bank or building society advising these details cannot be verified e.g. it may state the details “do not match” or are “unavailable”.

It is important to know that you are at no greater risk and can continue to make a payment successfully following receiving a warning message. The funds will be sent to the Dudley Building Society account number you have provided in your reference.

This service is in place to ensure your funds are safe. If you are unsure about making a payment or have any questions regarding Confirmation of Payee, please visit one of our branches or call our Customer Services Team on 01384 231414.

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